Making Deposits in QuickBooks Online

We want to ensure that you are managing your finances like a pro, so this simple guide will help walk you through the ‘Making Deposits in QuickBooks’ process.

Receiving Payments in QuickBooks Online

When you receive payments in QuickBooks, please make sure that the “Deposit To” account is “Undeposited Funds”. This will allow you to batch payments in QuickBooks and hold them until you are ready to make a deposit.

Making Deposits in QuickBooks Online

When you are ready to make a deposit at the bank, either physically or on your phone, you will need to make a corresponding deposit in QuickBooks. It is important that the deposited amount in QuickBooks matches what was deposited in the bank, so you are able to match downloaded transactions and reconcile your account at the end of the month.

To create a Deposit transaction

1. Click the Create button (“+” sign) and select Bank Deposit.
2. Make sure that you select the correct bank account you are depositing to at the top of the Deposit screen.
3. Enter the Date you made or will make the deposit.
4. Select the Payments being included in the deposit from the list of payments received.
5. Add any other deposit items on the Add New Deposits lines below the list of payments.
6. Confirm that the total amount of the deposit equals the amount you took, or will take, to the bank
7. Click Save and New, or Save and Close.

Congratulations! You now know how to properly record deposits in QuickBooks Online.