we use a third party software to bill our customers, as well as receive payments into that same software. i record each deposit as a lump sum into QB and later reconcile it my bank statements. i would like to also record the amount billed (as a lump sum) each month into QB so that my boss can have easier access to what has been billed vs what has been paid each month. is there a way to do so or do we have to use QB for invoicing in order for that to work?
So you can track all sales billed to your customers, you have the option to create invoices and payments in QuickBooks Desktop. Then, deposit them to the Undeposited Funds account and make a lump sum deposit to the actual bank.
When using Undeposited Funds, QuickBooks automatically adds all payments from an invoice or a sales receipt and uses this to hold money you've collected until you deposit it in a bank account.
Follow these steps to make Undeposited Funds as the default deposit account:
Go to Edit and choose Preferences.
In the Payments section, select the Company Preferences tab.
Mark to select the Use Undeposited Funds as a default deposit to account checkbox.
Click on OK.
So when you're ready to deposit all the payments, just go to Banking and select Make Deposits. This creates separate transactions for payments and deposits, making it easier to look up transactions later.