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Megamedia
Level 1

What do I do with Counter Deposits if I've received my invoices into my bank account already?

 
Solved
Best answer February 14, 2020

Best Answers
MaryGraceS
Moderator

What do I do with Counter Deposits if I've received my invoices into my bank account already?

Hi there, @Megamedia.

 

If you're referring to the deposits or payments you entered in the bank, and you want to match them to the downloaded transaction (counter deposit), you can accept this matched transaction on the For Review tab. 

 

Let me show you how:

  1. On the Banking page, select the For Review tab.
  2. If one match was found, the matching transaction appears in the Category or Match column.
  3. If the match is correct, from the Action column, select Match to accept it.
  4. The transactions you matched are moved from the For Review tab to the In QuickBooks tab and marked as matched.

However, if you receive a deposit from customers before services are performed, you can create a retainer in QuickBooks Online. I recommend the following article as it walks you through all the steps of the process, such as setting up a liability account, retainer item, and a liability bank account if necessary: How to record a retainer or deposit.

 

For additional reference, I've attached some articles you can use to manage downloaded transactions and to learn more about bank deposits in QuickBooks: 

If you're referring to something else, please let me know by clicking the Reply button below. Additional details or screenshots of the problem will help us narrow things down. Have a great day ahead. 

View solution in original post

4 Comments
MaryGraceS
Moderator

What do I do with Counter Deposits if I've received my invoices into my bank account already?

Hi there, @Megamedia.

 

If you're referring to the deposits or payments you entered in the bank, and you want to match them to the downloaded transaction (counter deposit), you can accept this matched transaction on the For Review tab. 

 

Let me show you how:

  1. On the Banking page, select the For Review tab.
  2. If one match was found, the matching transaction appears in the Category or Match column.
  3. If the match is correct, from the Action column, select Match to accept it.
  4. The transactions you matched are moved from the For Review tab to the In QuickBooks tab and marked as matched.

However, if you receive a deposit from customers before services are performed, you can create a retainer in QuickBooks Online. I recommend the following article as it walks you through all the steps of the process, such as setting up a liability account, retainer item, and a liability bank account if necessary: How to record a retainer or deposit.

 

For additional reference, I've attached some articles you can use to manage downloaded transactions and to learn more about bank deposits in QuickBooks: 

If you're referring to something else, please let me know by clicking the Reply button below. Additional details or screenshots of the problem will help us narrow things down. Have a great day ahead. 

View solution in original post

Megamedia
Level 1

What do I do with Counter Deposits if I've received my invoices into my bank account already?

We make our bank deposits and then I receive invoices into our checking account.  What do I do with the counter deposits that I’m prompted to “add”?  If I add them, I’ll be doubling my income.   😟

MadelynC
QuickBooks Team

What do I do with Counter Deposits if I've received my invoices into my bank account already?

I will help you, @Megamedia,

 

If you already had created an Invoice Payment to your invoices, you can use the "Find Match" functionality and look for the payment.

 

Here’s how:

 

  1. In your left navigation pane, select Banking.
  2. In the Banking page, find the amount of the transaction and hit.
  3. Click Find match.
  4. Filter the date.
  5. Once located, hit Save.

 

However, if the Invoice is still unpaid. You can "Add" that deposit to your "Accounts Receivable" for you to apply this on the open invoices. I can show you how:

 

  1. Go to Banking.
  2. Search for the transaction, the click.
  3. Select the necessary information.
  4. Click the drop-down arrow under Category then select Accounts Receivable.
  5. Hit Add.

 

For your future reference, you can visit this link to get some information about managing QuickBooks: Help articles. Select each topic to view them.

 

I’m always here if you need additional help.

Megamedia
Level 1

What do I do with Counter Deposits if I've received my invoices into my bank account already?

Thanks for your instructions.  I believe this is just what I needed.  👍

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