How to Enter Bank Deposits in QuickBooks

Published 02/23/2010 |

It's me again. Hope you don't mind if I ask you a simple question. In BANKING and "Record Deposits" I am asumming "received from" is the person, vendor or company writting us a check? Am I write? Now what am I looking for in "From account"? Thanks so much for your help.

You normally don't enter anything directly into the Record Deposits. You should either use Customers > Receive Payments (if there's an invoice) or Customers > Enter Sales Receipts (if there isn't an invoice). This will group the payments into Undeposited Funds. When you're ready to actually go to the bank and make the deposit, go to Banking > Make Deposits and select the payments you're depositing.

You can enter additional lines to the Make Deposits screen, but this would normally only occur if you received a non-customer check like a refund from a vendor. In this case, you'd use the expense account you used on the bill, check or credit card charge you previously entered (since a refund check reduces your expenses).

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Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman, CMA, CFE, CFM, MBA

Ruth is the president of The QB Specialists, Inc. and has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.

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