Businesses often receive cash payments instead of checks, debit or credit payments, electronic transfers, etc. These are generally small businesses that offer domestic services to the customers directly. In order to keep the company accounts updated and precise, it is imperative to record cash deposits in the QuickBooks accounting software.
In this article, we will guide you on how to record the cash deposits in QuickBooks Online and Desktop too. But before that we will learn in detail why it is imperative to record a deposit in QuickBooks:
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Why do You need to Record a Deposit in QuickBooks?
When you are depositing cash in a bank, you may deposit multiple payments at once. Banks register these several deposits as one with the overall total. If you add the same payments like a single entry in QuickBooks, it will not be the same as the way the deposit has been entered into your bank.
In such cases, QuickBooks offers unparalleled assistance. It enables you to mix all the transactions. This will help the transactions to match with the actual bank deposits. To know how to record deposits in QuickBooks please keep reading.
How to Record Deposits in QuickBooks Online?
In order to record a deposit in QuickBooks Online, you must add the transactions that are required to be combined into the Undeposited Funds account. After that, you can utilize a bank deposit approach to combine them.
1. Add Transaction into a Specific Undeposited Funds Account
To begin with, you will need to add the sales receipts along with the invoice payments in a specific undeposited funds account that you want to mix. The particular Undeposited Funds account stores everything prior to the beginning of recording the deposits.
2. Mixing Transactions in QuickBooks with the help of Bank Deposit
Every bank deposit issues a different account in your particular QuickBooks account. Here, it is possible to make your deposits after one another for every deposit slip. Take a look at the steps:
Step 1: Press on the +New menu.
Step 2: Now press on the option named Bank Deposit.
Step 3: Post this, choose the Account from the given drop-down to choose the account where you want to store your money.
Step 4: Once it is completed, mark the checkboxes for all the transactions that you want to combine.
Step 5: Now, you need to make sure that all the marked transactions must be the same as the deposit slip. You can also use the deposit slip for your reference.
Step 6: Finally, press the button Save and Close.
How to Record Your Particular Deposits in Your QuickBooks Desktop?
To record deposits, QuickBooks Desktop users need to add the payments in the particular undeposited funds account. After that, you can mix the payment to record the particular bank deposits.
1. Adding the Transactions into a Particular Account for Undeposited funds
In case you have not already added the transactions into the undeposited funds accounts that you want to combine, you need to do it immediately.
2. Mix the Bank Deposits with the Payments in QuickBooks
With banks offering the deposit slip, you can begin recording the deposits into your particular QuickBooks Desktop.
Let’s learn more about how to record deposits in QuickBooks Desktop:
Step 1: Press on the option Record Deposits that are displayed on the homepage.
Step 2: Now shift to the screen Payment to Deposit. Here, you can choose the payments that must be combined.
Step 3: Press the OK button.
Step 4: Navigate to the screen Make Deposits and select an account where you wish to add your particular deposit. It can be done by using the option from the drop-down menu, Deposit.
Step 5: Post that, you can take a look at the deposit total. You will also need to make sure that the chosen accounts and payments must match the deposit slip offered by the bank. You can use the deposit slip for your reference.
Step 6: If needed, you can enter the date where you wish to make the bank deposit.
Step 7: Post that, enter a memo if needed.
Step 8: Press the button Save and Close.
Note: In this way, a user can record the deposits in QuickBooks Desktop. Also, the deposit payments can be added into several bank accounts or other bank accounts.
QuickBooks enables you to check the bank deposits, eliminate the particular payments from the bank deposit and also delete the deposit in the bank.
How to Record Cash Deposit in QuickBooks Desktop?
In QuickBooks, loans are registered in two distinct ways. The first way is to register the cash loans along with the non-cash asset loans. In case you wish to record the particular cash deposits, please follow the steps provided here:
Step 1: Go to the Banking menu.
Step 2: Now, press the option Make Deposits.
Step 3: Post this, select the Cancel button if you witness the Payment to Deposit screen.
Step 4: Navigate to the Make Deposit window and you can enter the required details in the given fields:
- Date: Select the date
- Amount: You can add the loan amount
- Deposit to: Select the account where you wish to deposit your particular loan
- Account: Press on the liability account you have designed to monitor the loan payment
Step 5: Press the button, Save and Close.
Did you learn how to record cash deposits in QuickBooks?
If you follow the steps given above very minutely, you can not only record cash deposits in QuickBooks Online but Desktop too.
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How to Record the Deposit of the Owner in QuickBooks?
To record the deposit of the Owner in QuickBooks, follow the steps provided below:
Step 1: Press on the Accounting menu.
Step 2: Now, select the option Chart of Accounts.
Step 3: Click on the button new.
Step 4: From the particular Account type, select the Equity option.
Step 5: Press on the Owner’s equity option by pressing the section Detail type.
Step 6: Now, navigate to the Name field and enter the Owner’s contribution.
Step 7: Once completed, move to the Balance field and enter the contribution amount.
Step 8: Finally, press the Save and Close button.
How to Register Credit Card Deposits in QuickBooks?
Step 1: Press on the + New menu.
Step 2: Now choose the option Pay down credit card.
Step 3: Select the credit card and add the amount, date and bank account.
Step 4: Navigate to the Memo and attachments option. Add file attachments.
Step 5: Follow the instructions given on the screen.
Step 6: Press the Save and Close option.