I’m trying to figure out bank deposits. Does every deposit need a journal entry? If I’m receiving a payment, I want to put the money in the bank. Does that not mean I would credit the bank? And debit the other account?
Hi there, jjbrown84.
No, you don't need to create a journal entry when recording a bank deposit. Since you're only receiving payment, directly create a deposit.
You can also check this article for more details about the process: Record and make bank deposits in QuickBooks Desktop.
I've also added this article that you can use for future guidance in effectively reconciling your accounts in QBDT: Reconcile an account in QuickBooks Desktop.
Keep me posted if you have other questions about managing your bank deposits in QuickBooks. Stay safe and have a good day.
Unfortunately, when quickbooks is linked to Clio, all Trust Funds received are entered under Journal Entry. Is there a way to create " Bank Deposit" even if funds are recorded in Journal entry?
Hi there, NNicsner.
Let me share further details about fixing your deposit transactions in QuickBooks Desktop (QBDT).
QuickBooks depends on the information shared by your third-party application. This means QuickBooks depends on what Clio shares.
You can delete the Journal entries and deposit the payment to your desired bank to avoid duplicate transactions. I recommend backing up your company file before making any changes since the process can’t be reversed.
To delete the journal entries:
1. Go to the Lists menu.
2. Select Chart of Accounts.
3. Double-click Undeposited Funds.
4. Double-click the JE to open it, one at a time.
5. Press Ctrl + D on the keyboard to delete.
Now let’s deposit the payments. Here’s how:
1. Go to the Banking menu.
2. Select Make Deposits.
3. Select the payment in the Payments to Deposit window.
4. Select the bank where you want to deposit the funds.
5. Click Save and Close.
For more information about deposits, check out this guide: Record and make bank deposits in QuickBooks Desktop.
I'm also adding this link in case you need help with managing bank-related tasks. It has our general banking topics with articles: Find help with bank feeds and reconciling accounts.
Let me know in the comments how it goes. If you have other concerns about bank deposits and managing transactions in QBDT. I'm always around to help. Keep safe, and I wish you continued success.