{"id":177,"date":"2015-01-21T00:49:43","date_gmt":"2015-01-21T08:49:43","guid":{"rendered":"http:\/\/www.acctbusol.com\/blog\/?p=177"},"modified":"2015-01-21T00:49:43","modified_gmt":"2015-01-21T08:49:43","slug":"depositing-payments-in-quickbooks-the-basics","status":"publish","type":"post","link":"https:\/\/www.acctbusol.com\/blog\/depositing-payments-in-quickbooks-the-basics\/","title":{"rendered":"Depositing Payments in QuickBooks: The Basics"},"content":{"rendered":"

Creating bank deposits manually can be a huge chore. QuickBooks simplifies this task.<\/em><\/strong><\/p>\n

Satisfying though it may be to enter all of those customer payments manually on a paper deposit slip, it can also be tedious and time-consuming. The more successful in business you are, the more time and care it takes.<\/p>\n

Whether you accept cash, checks, or credit\/debit cards, QuickBooks has tools that help you streamline the process of moving the funds into your physical bank accounts. In fact, part of your job is done when you enter the payments on the Receive Payments or Sales Receipt screens.<\/p>\n

An Important Decision<\/strong><\/p>\n

When you record a payment in QuickBooks, you can enter it in one of two ways. Ask us if you\u2019re not certain which one best suits your business. Payments can be deposited:<\/p>\n

\u2022 In a specific bank account.<\/strong> QuickBooks lets you specify an individual account for each transaction. If you select this option, a box labeled DEPOSIT TO will appear on the Sales Receipt and Receive Payment screens. Select an account from the drop-down list, and your payment will be automatically deposited into it.<\/p>\n

\u2022 In Undeposited Funds.<\/strong> This is an asset account that can hold multiple payments, but they are not automatically deposited.<\/p>\n

If you decide to have all payments sent to the Undeposited Funds account, you can establish that as your default and use it for both.<\/p>\n

Other Deposits<\/strong><\/p>\n

What about money you receive that is neither payment on an invoice you sent or payment for an item or service received immediately? There are many situations where this might be the case and a bit confusing includes:<\/p>\n

\u2022 Vendor<\/strong> refunds, rebates, etc.,
\n\u2022 Unsolicited donations<\/strong> [for non-profits], or
\n\u2022 An owner\u2019s investment<\/strong> in the business.
\n\u2022 Loan<\/strong> from shareholders etc.<\/p>\n

To record incoming funds like these, you may want to go through the banking or company menu depending upon the particular transaction. The process of identifying and recording such transactions at times can be challenging in particular when repayment will be processed. You can consult with us for a specific direction and will be glad to offer help or training as necessary.<\/p>\n

If you\u2019re planning to open a merchant account so you can accept debit and credit cards, the process is similar, but there are additional steps you must take to ensure that your books balance.<\/p>\n

We can show you the ropes and answer any other questions you have about depositing payments. You work hard for your money, so make sure you see it in your bank accounts as well.<\/p>\n

Thank you and we look forward to working with you,<\/p>\n

Ben Derebie, MBA, CMA
\nCertified Management Accountant<\/strong><\/em>
\nAdvanced Certified in QuickBooks <\/strong><\/em>
\n& Enterprise Solutions ProAdvisor<\/strong><\/em><\/p>\n

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