How To Enter Bank Deposits in QuickBooks Online
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- čas přidán 6. 08. 2024
- This video describes how to manage bank deposits within QuickBooks Online and why doing so correctly is vital for accurate reconciliations.
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Timestamps:
0:00 Intro
2:18 General explanation of daily sales receipts w/ clearing accounts
3:12 How to enter the bank deposit
5:27 Bank deposits for businesses that are invoicing vs enter daily sales
I have a question on bank deposits and square. Does square reflect your cash bank deposit. I think they are already separated.
Please correct on this.
Thank You
Why does my Payee Account column not have the name of the Payee in the Bank Statement Deposits?
Great video. how I am in the process of of catching up on previous years using quickbooks online - longer than the linked download of my bank or Paypal allow. Ive entered all the bank statements including deposits, (as deposits), but they are not showing up on my accounts, only the opening bank equity. The previous years of statements only show the amounts I transferred every month from paypal, not individual sales. How can I get these deposits to show up in my statements, so I can do P&L reports? I have tried everything and cant figure it out...(I'm a newbie to quickbooks- so this is frustrating). Everything else is categorized and shows up. Just none of the deposits into my Operating account...what am I doing wrong?
It's hard to say without a deeper dive, but what it sounds like is that you may need to change the Account selection in those bank deposits entered into QBO. Open up these Bank Deposits in QBO and look in the bottom section, to the right of the "Received From" box, and see what account is chosen under "Account" here, it sounds like it will be the Opening Balance Equity account. Sounds like you may want to change this to your Sales Income account.
Hi there, I’m recording a deposit from my bank on Quick books. Would it be daily sales? I have a rental business and it gets deposited to my bank directly. Thank you Dianne
Yes, recording sales receipts would work best and then clear when the deposit hits would work best as the actual sales made month to month would be reflected accordingly. However, if you have strictly “cash” basis needs in your accounting and don’t mind a few days difference, a sale is made at end of one month but isn’t counted until the next month when the bank deposit is cleared then you could just categorize the actual bank deposits as the sales income in that case
I followed your video for setting up a"Daily Receipts" - using "Cash on Hand" for cash received. following this video I am attempting to record the deposit and have selected the sales receipt but nothing shows up. I went back and checked the
"product and Services " item and confirmed the income account to "Cash on Hand" The funds appear in this account but do not appear when I select this daily receipt. I understand i can add it at the bottom - but why is it not appearing so that I can select it?
Selecting the associated Sales Receipt isn't appearing any cash amounts because in the sales receipt method I show in the video for daily sales, that method creates a $0 net total sales receipt. So, even though there is a cash amount within the sales receipt, when it comes to deposits, QBO just reads that as a $0 receipt. Sometimes checks entered in the method above will show on the deposit screen to add but unfortunately, the cash lines do not so they will need to be added at the bottom like you mentioned using that sales entry method. The way to be able to choose these in the deposits would be from moving away from the daily sales method shown in my other video, if you just enter a sales receipt with sales items and the deposit to to petty cash only, then it will show up on the deposit screen to be selected. But then of course you lose the flexibility of entering all the sales at once with different payment methods
What is the easiest way to fix an error and receive payment/record deposit? I’ve had two invoices that I received payment from however I clicked the wrong invoice for one of them. Then I recorded the deposit And now I’m not sure how to go back and fix that error.
I’m using the quick books desktop version- 2021. Thanks in advance for your help!
I can't be too much help here as I don't do anything with QuickBooks Desktop, only QuickBooks Online. If it helps, in QB Online, I would first find the "Receive Payment" transaction and delete it. You can find this transaction in a number of ways but probably the easiest is to go to one of the invoices and in the top right there will be a link for linked transactions and the Receive Payment should be there, click on it and delete it. Then, I would delete the Bank Deposit. At that point, you should be good to start over and correctly apply the Receive Payment and Bank Deposit. Again, not sure if any of this applies to QB Desktop though.
What if I get multiple invoices from one company throughout the month. and they pay them all at end of each month on one check.
how would I do that? Seems like QuickBooks is charging twice because looks like each month Im making way more
When entering the Bank Deposit in QBO for the one check, you would need to make sure that all the associated invoices are checked in the "Select the payments included in this deposit" section, this will close out the open invoices. If you did not or could not select the associated invoices, then the sales can be recorded in the "Add funds to this deposit" section, the important part here is that if this is done then the old invoices in QBO must then be deleted. At the end of the day, one of these two methods or a combination of both will work. The essential thing is that when the check is put in, the sales are not recorded and the invoices remain open in QBO. If this happens, then yes, you will show more revenue than what you are actually making, at least when running accrual reports.
so why can we not make a check payment that is paying off multiple invoices (10-15) and deposit it directly into our account?
For that, it may be worth it for you to check out the "Receive Payment" feature. I don't believe I currently have a video on this but essentially what you would do it select "Receive Payment" which is under the "+ New" button under "Customers". Once that is chosen, select the customer and check date, then the most important part is choosing the correct "Deposit To" option. You can also put in the check # here for reference if you want and then select the associated Invoices. When this is closed, this transaction, if the correct "Deposit To" option is selected will then create a debit to the bank account for the total check amount which can then be matched on the Bank Feed to clear that deposit. Hope this helps! I do agree they should give the option to clear invoices in the bank deposit option but they separated into bank deposits and the receive payment option, I should have explained that in the video but I do think this workflow will work for you in this situation assuming the invoices being paid by the checks are all for the same customer.