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Deposit customer payments (procedure)

make deposit

enter deposit

deposits

What can I deposit?

You can record a deposit in QuickBooks made up of any or all of these:

  • Payments you've received from customers that are held in the Undeposited Funds account. This account is used to group multiple payments in a single deposit.

    When you receive payments from customers, you can either deposit each payment directly into a QuickBooks bank account or you can group payments together in Undeposited Funds (to be deposited to a bank account later).

    How do I choose a deposit method?

    You choose a deposit method at the time you receive the payment, either in the Receive Payments window or in the Enter Sales Receipts window.

    • If you choose to deposit to a specific bank account from the Deposit To list, QuickBooks deposits the payment in the account you selected. You don't need to make a separate deposit; QuickBooks automatically records a deposit for you on the date you received the payment.

      Note: If you selected Undeposited Funds as the default Deposit To account in Sales & Customers Preferences (Company Preferences tab), the Deposit To list won't appear.

    • If you choose to group payments with other undeposited funds, QuickBooks holds the payments in an other current asset account called Undeposited Funds until you make a deposit.

  • Deposits that do not come from customer payments (that is, payments not associated with an invoice or sales receipt).

  • Cash.

To do this task

  1. Go to the Banking menu and click Make Deposits.

  2. If the Payments to Deposit window opens, select the payments from Undeposited Funds you want to deposit now, click OK, then continue with step 3.

    or

    If the Payments to Deposit window doesn't open automatically, you don't currently have any payments in the Undeposited Funds account. Continue with step 3.

    To reopen the Payments to Deposit window at any time you have undeposited payments, click Payments in the Make Deposits window.

  3. In the Make Deposits window, click the Deposit To list and choose the bank account you want to deposit into.

  4. Enter the date and an optional memo.

  5. The Currency field matches the currency of the account selected in the Deposit To field and determines the currency of the deposit.
    Learn more about making foreign deposits.

  6. Enter an exchange rate for foreign deposits. Home currency deposits always use an exchange rate of 1.

  7. Add any additional payments to deposit.

    • Enter any deposits that did not come from customer payments.

      Examples of deposits that are not customer payments include refunds or rebates from vendors, or money an owner is investing in the company.

      To do this task

      1. In the Make Deposits window, click anywhere below the last payment listed in the detail area.

      2. Enter the name of the person or organization from whom you received the money.

      3. Enter the account where you want to track the money.

      4. Enter the amount.

    • Enter any cash amounts that you want to deposit. The cash amounts will be totaled and entered as one amount on the deposit slip.

    • (Optional) If depositing a payment made by credit card, enter the credit card fees as a negative amount and change them to an expense account by listing the fees on a separate line here. You cannot deposit credit card payments when using a printable deposit slip.

    Note: To return to the list of payments to deposit, click Payments on the window menu bar.

  8. (Optional) If you are getting cash back from your deposit, fill in the cash back fields.

    When you get cash back from a deposit, you need to account for that cash by specifying the account that you're moving the cash into. Just make sure the account that's receiving the cash is not the same one for which you're making the deposit.

    What if I need to increase or decrease the base amount in a cash drawer?

    As you receive cash from your daily sales, the transactions you record will increase the Undeposited Funds account. You can increase or decrease the balance (base amount) in the cash drawer account, but you must be sure to record a transaction when you make the deposit.

    • If you're increasing the base amount of cash in the cash drawer, enter an additional line on your daily deposit that includes the cash drawer account and the amount of the increase to the cash drawer's base amount. Since your deposit transaction is going into your bank account, enter this amount as a negative number indicating that you are holding back cash from the bank deposit and putting it into the cash drawer account.

    • If you're decreasing the base amount of cash in the cash drawer, you'll have additional cash to deposit. When you record your deposit, enter an additional line on the deposit that includes the cash drawer account and the amount of the decrease in your base amount. Enter the amount as a positive number.

    To get cash back from a deposit

    1. Set up your deposit.

    2. At the bottom of the Make Deposits window, click the Cash back goes to drop-down list, and then choose the account (such as petty cash or a cash drawer) where you want the cash back amount to go.

    3. (Optional) Enter a memo about the cash-back amount.

    4. Enter the amount you want to get back from this deposit.

    5. Save the deposit.

      or

      You can both save and print the deposit by clicking Print on the toolbar.

  9. (Optional) Print a record of the deposit

    You can print a deposit slip, a summary of your deposit, or both.

    Important: If you want to print a deposit slip, you must use Intuit Printable Deposit Slips on a page-oriented printer. You can order the slips from Intuit. If you want to print only a deposit summary, you can print it on regular printer paper on any type of printer.

    1. Click Print at the top of the Make Deposits window.

    2. In the Print Deposit window, select what you'd like to print and click OK.

      Note: If you print a deposit slip, all deposits must have a payment method of either Cash or Check.

    3. Choose your printing options in the Print Deposit Slips or Print Lists window.

      If you need additional assistance with these options, click Help in the Print window.

      Note: Some banks require duplicate deposit slips. If you want to print more than one copy, enter the number of copies you need.

    4. Click Print.

  10. Save the deposit.

See also

KB ID# H_DEPOSIT_TASK
10/31/2014 8:37:20 AM
PPRDQSSWS403 9102 Pro 2013 a3d919