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Level 1

Can I enter a deposit without creating an invoice?

I have been entering a deposit from Home Page>Banking>Make Deposits. I choose an account from the “Receive From” drop-down,  and then choose an appropriate income account from the “From Account” drop-down.  These deposits show on my Profit and Loss and Transaction Rprts. Do I need more?


Solved
Best answer 12-10-2018

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Anonymous
Not applicable

Can I enter a deposit without creating an invoice?

It's up to you.  Do you want to track your income in any more detail than that?  If not, then you're fine.

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12 Comments
Highlighted
Anonymous
Not applicable

Can I enter a deposit without creating an invoice?

It's up to you.  Do you want to track your income in any more detail than that?  If not, then you're fine.

View solution in original post

Highlighted
Level 1

Can I enter a deposit without creating an invoice?

First, thank you very much for your responses. It is very nice :)...

Olga and Big Red -

I could not find "Sales Receipt" or "Bank Deposit" on my interface, though I have an idea what you mean, if I can find those buttons. I have not had a problem with time lag, I do not think. I don't even use Undeposited Funds, because I usually make my deposits at the bank, about the same time that I do the accounting. Also, I check the bank records for proof of deposit, before I start drawing against it.


So, "(in) that case you can track this pmt and match it with bank feeds." I am not sure what bank feeds are, but I assume that they on-line balances, from the bank. I guess I am tracking that by 1) check register, 2) Transaction Reports, and 3) Profit and Loss Report. Do I also need a Sales Receipt to track them? Is there a way to "track your income in any more detail than that?" Big Red, I think that I am fine, just not sure.

Thank you guys so much for the replies!
Highlighted
Level 15

Can I enter a deposit without creating an invoice?

Putting a name in the details of the Deposit screen is sort of meaningless to QB reporting. You bypassed Customer Transactions entirely; you just did Banking and not Sales. Prove it: Try using Reports menu > Sales, Sales by Customer Summary; Sales by Item reporting, too. Open Customer Center to see the transactions for each name.

I recommend taking the video tutorials for how to use the program:

Desktop PC program video tutorials


Highlighted
Level 1

Can I enter a deposit without creating an invoice?

That is a great answer, thank you!  Meaningless is a bit harsh, since I have made entries that I can track in my  1) check register, 2) Transaction Reports, and 3) Profit and Loss Report, at least, I think.

I run two main companies, now, a Real Estate Owner, and a Construction Contractor. Right now, all of my sales, as a Construction Contractor, come from my Real Estate Owner company. Would it do me any good to track those sales? I can see that if the Owners were going to hire my Construction Contractor business, then maybe I should set up for this? Also, thank you for the link. I should look at that Sales Reporting video.

Thanks for your input!
Highlighted
Level 15

Can I enter a deposit without creating an invoice?

"Meaningless is a bit harsh"

Look at Customer Center; run Customer-name-based reporting. Try Sales Reporting.

Deposits bypass all of this. You can use Sales Receipts; you don't need to use Invoicing unless You Need to manage unpaid amounts.

Here is what I teach: You cannot Report what you did not Track.

"Right now, all of my sales, as a Construction Contractor, come from my Real Estate Owner company."

Okay.

"Would it do me any good to track those sales?"

Only if you want to see any sort of Meaningful details. I will attach some Report examples from a Construction/Remodel sample file. You can decide if they are meaningful to you, or not.

"I can see that if the Owners were going to hire my Construction Contractor business, then maybe I should set up for this?"

This is Your data. You would like to manage your own operations, track what you buy and sell, manage planning, see if people paid, or paid on time, etc. All of this is more than Checking Account deposits.

It is not unusual to confuse Financial data management with Operations and Activity tracking and reporting.

Highlighted
Level 1

Can I enter a deposit without creating an invoice?

Great answers. Thank you for your time in explaining that to me. It will take me some days to try to digest this, as I have some other fires that I am fighting, as well. Thank you for the resources. I will make another comment, if I think that I have the brain power to do so. Once again, thank you very much!
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Level 15

Can I enter a deposit without creating an invoice?

I used the word "meaningless" as a Sliding Scale. Even though you are your own customer, you might like to use Estimates to plan projects and manage cost control, for instance.


Highlighted
Level 1

Can I enter a deposit without creating an invoice?

Hello,
I would create "Sales Receipt" before "Bank Deposit".
At that case you can track this pmt and match it with bank feeds.
Highlighted
Anonymous
Not applicable

Can I enter a deposit without creating an invoice?

How is this better?

The deposit works the same way with bank feeds no matter what its contents, no matter if it contains sales receipt or payments or direct income.
Highlighted
Level 1

Can I enter a deposit without creating an invoice?

It is better because at the most cases the moment you received pmt and moment it deposited to your account may have a time lag.
Highlighted
Level 1

Can I enter a deposit without creating an invoice?

First, thank you very much for your responses. It is very nice :)...

Olga and Big Red -

I could not find "Sales Receipt" or "Bank Deposit" on my interface, though I have an idea what you mean, if I can find those buttons. I have not had a problem with time lag, I do not think. I don't even use Undeposited Funds, because I usually make my deposits at the bank, about the same time that I do the accounting. Also, I check the bank records for proof of deposit, before I start drawing against it.


So, "(in) that case you can track this pmt and match it with bank feeds." I am not sure what bank feeds are, but I assume that they on-line balances, from the bank. I guess I am tracking that by 1) check register, 2) Transaction Reports, and 3) Profit and Loss Report. Do I also need a Sales Receipt to track them? Is there a way to "track your income in any more detail than that?" Big Red, I think that I am fine, just not sure.

Thank you guys so much for the replies!
Highlighted
Moderator

Can I enter a deposit without creating an invoice?

Greetings BookieDog,

 

Let me join in this thread to share some details about sales receipts and bank deposits.

 

Sales receipts are used when receiving a full payment at the time of the sale. It includes payments by cash, check or credit card. You can access it by clicking the Customer menu at the top, then selecting Enter Sales Receipts.

 

On the other hand, when you receive payments from customers, you can either deposit each payment directly into a QuickBooks bank account, or you can group payments together to be moved to that account later.

 

As for your other question, Bank Feeds is the online banking feature in QuickBooks Desktop that allows you to connect to your financial institution to download transactions and use other online services.

 

Once Bank Feeds has been successfully set up, QuickBooks will try to match downloaded transactions to any entries in your Register automatically. 

 

Here's a relevant article for more details: Get started with Bank Feeds for QuickBooks Desktop.

 

Feel free to let me know if you have other questions about QuickBooks, and I'll be happy to clear them up for you. Have a good day.

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