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Anonymous
Not applicable

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

 
10 Comments
AlexV
QuickBooks Team

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

Good day, duy1.

 

Nice to see you here! Let me show you how to make a partial bank deposit in QuickBooks Online.

 

We're unable to do a partial deposit if you recorded the $10,000 as one transaction. For us to do this, we'll create at least two invoice payments for the 5 invoices.

 

The first one should worth $1,000 and we can deposit it directly to the bank or to Undeposited Bank, then create a bank deposit. You can follow these steps:

  1. Go to the +New button and select Receive Payment.
  2. Select the Customer and enter all details needed.
  3. From the Outstanding Transactions, choose an invoice you want to apply the payment to.
  4. Enter an Amount received and choose a Deposit to account.
  5. Click Save and close.

You can do the same process for the remaining $9,000. Here are the articles for more details about the deposit:

Comment below if you have more questions. Stay safe and healthy!

Anonymous
Not applicable

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

So the 5 invoices can be like this:

(2118, 845, 4503, 602, 3090)

When we received the money, i assigned the payment type as PayPal and then set it to "Undeposit Funds".   When I deposit into paypal, it might be in multiple deposits that do not match the invoice neatly.  I just can't figure out how to create "deposit slip" into my bank so those invoices don't just show up as "Paid (not deposit)"

 

 

CharleneMae_F
QuickBooks Team

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

Allow me to share more details in creating a partial deposit, duy1.

 

When receiving payments in QuickBooks Online, you don't have to use Undeposited Funds if you already select your PayPal bank account. Doing so will duplicate the process and entries.

 

If the sales are from PayPal, you'll have to directly deposit the amount to the bank. Then, make a bank transfer once you'd like to move the funds to your business bank. I'll guide you how.

 

  1. Go to the + New icon and then select Transfer.
  2. On the Transfer Funds From the drop-down list, select the bank account that the funds are coming out of.
  3. From the Transfer Funds To drop-down list, select the bank account the funds are being deposited into.
  4. In the Transfer Amount field, enter the amount being transferred.
  5. Edit the Date.
  6. Once done, click on Save and close.

 

I've included an article that will guide in using Undeposited Funds in your future task. This is to ensure your records are accurate: Undeposited Funds Account in QuickBooks Online.

 

We're always here to assist. For other QuickBooks related concerns, let us know.

Anonymous
Not applicable

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

So what about Venmo or Cash App where we are importing the transactions and it doesn't have a "bank"? Should I create a Venmo bank?

Anonymous
Not applicable

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

"If the sales are from PayPal, you'll have to directly deposit the amount to the bank. "

Which bank? My actually business Bank or PayPal Bank? Would this be the same for Venmo or Cash App (which QB didnt create a "bank" account for them).

MaryLurleenM
Moderator

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

Hello there, duy1,

 

You can use whichever bank you deposit the money into. If you use your Paypal bank, then deposit the amount. The same goes for your Venmo and Cash App, make sure to use the bank you deposit the amounts into.

 

Check out these articles to help you categorize and match transactions easily:

I'll be here if you have additional questions.

Anonymous
Not applicable

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

So if I deposit PayPal payment into PayPal bank and Venmo payment into my Business Bank. Then do a bank transfer from Paypal bank to biz bank whenever I do the transfer. So for Venmo, which in QB is already in my biz bank so when i transfer venmo money into my biz bank, what do I do? Thank you so much for your help!

 

MaryLandT
QuickBooks Team

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

Hi there, duy1,

 

You can keep transferring PayPal bank and Venmo payments to your Business Bank until you receive the full amount.

 

Then, you'll want to individually record each invoice payment, assigned the payment type (PayPal and Venmo), and set it to the Undeposited Funds account.

 

Once invoices are fully paid, you'll just have to combine all payments you've made in the Undeposited Funds. Then, deposit them to your business bank in QuickBooks. For the actual steps, you can refer to this page: Record and make bank deposits in QuickBooks Online. Then, proceed to Step 2:  Record a bank deposit in QuickBooks to combine payments.

 

Let me know if you have follow-up questions. Just tag my name and I'll get back to you.

Anonymous
Not applicable

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

@MaryLandT - I'm getting 2 different answers here.  I've been doing what you suggested but then we run into the partial deposit issue.

 These invoices are dollar amount.  ($2118, $845, $4503, $602, $3090)

Then i only deposit $1000.  i can't do a partial deposit.   

KlentB
QuickBooks Team

How do i do a partial deposit? For example, i have about 5 invoices paid via PayPal for $10,000. I only deposit $1000 of that. How do i asssign invoices to deposit slip?

I'm here to clear things out for you, duy1.

 

After depositing the $1000 to your bank, we'll have to link the bank deposit to your invoice. This way, the invoice will show as partially paid in your records. Before diving in, we'll have to follow these procedures to avoid discrepancies in your records :

 

  • Make sure that you'vee already crated the invoice for the customer,
  • Payment hasn't been entered and linked to the invoice yet.
  • The payment was entered through Bank Deposit instead of Receive Payment.

To successfully link the partial deposit, we'll have to change its account to Account's Receivable. Here's how:

 

  1. Select Accounting from the sidebar menu.
  2. Go to Chart of Accounts.
  3. Find the account you deposited the payment to, then select View Register.
  4. Locate the bank deposit, then click Edit.
  5. On the Bank Deposit screen, scroll down to Add funds to this deposit, then find the fund you need to edit.
  6. In the Received From column, search and choose the appropriate Customer name.
  7. In the Account column, search and select Account's Receivable.
  8. Click Save and Close.

Once done. It's time to assign the deposit to your invoice. Let me guide you how:

 

  1. Click the + New button.
  2. Under Customers, select Receive Payment.
  3. Select the Customer's name. You should now see all open customer invoices and outstanding credits.
  4. Add the Payment date.
  5. Under Outstanding Transactions, select the Invoice you need to mark as partially paid.
  6. Under Credits, select the deposit entry,
  7. Click Save and Close to complete the process.

I also included an article that will guide you in locating the missing payments you want to deposit in the Bank Deposit window: Find Missing Payments.

 

If I can be of any additional assistance, please don't hesitate to insert a comment below. Have a great rest of the day.

 

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