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:
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!
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)"
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.
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.
"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).
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.
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!
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.
@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.
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 :
To successfully link the partial deposit, we'll have to change its account to Account's Receivable. Here's how:
Once done. It's time to assign the deposit to your invoice. Let me guide you how:
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.