Deposits in QuickBooks
Deposits in QuickBooks simply mean payments. To clarify, when customers make payments, QuickBooks records the payments as ‘Deposits’. These deposits are the record of the payments that are deposited by your customers. But, QuickBooks automatically doesn’t record the deposits. You need to enter deposits in QuickBooks manually. Recording deposits from customers is an essential part of a business. It is recommended to regularly record the deposits or record the deposits as soon as you get them. This will avoid the situation of confusion and chaos in the books of records. Additionally, you can also remain well-informed about the outstanding payments and paid payments. Keep reading this blog to understand how to enter deposits in QuickBooks.
Steps to Enter Customer Deposits in QuickBooks
Below are the detailed steps that help you in entering deposits in QuickBooks:
- You are required to create an account for deposits first.
- For doing that, go to the ‘Lists’ menu from the top of the menu bar.
- Choose the ‘Charts of Accounts’ option.
- You can create a liability account in place of a deposit account.
- From the bottom of the screen, click on the ‘Account’ option.
- Select the ‘New’ option.
- After that, choose the ‘Other Current Types’ and then click on the ‘Other Current Liabilities’ option.
- Click on the ‘Continue’ option.
- Enter the name of the customer and click on the ‘Save and Close’ option.
- Create an item list.
- Connect the item list to the liability or deposit account.
- Click on the ‘Lists’ option.
- Choose the ‘Item Lists’ option.
- In the bottom menu, choose the ‘Item’ option and click on the ‘New’ option to create a new item list.
- In the ‘Item Type’ option, click on the ‘Service’ tab.
- Leave the ‘Rate’ column blank as customer’s payments vary.
- Choose the liability account that you just created.
- Click on the ‘Ok and Close’ button to save the recently made changes.
- After that, you are required to create invoices.
- From the top menu bar, click on the ‘Customers’ option.
- Click on the ‘Create Invoices’ option.
- In the drop-down list of customers, choose the customer’s name.
- Enter the item code and the amount of that customer.
- Click on the ‘Save and Close’ option.
Entering Cash Deposits in QuickBooks
Sometimes, your customers make the payments in the form of cash. To record cash deposits, follow the below-given steps:
- Open your QuickBooks application.
- From the main menu, click on the ‘Banking’ menu.
- In the drop-down menu, choose the ‘Make Deposits’ option.
- Your screen will display the ‘Payments to Deposits’ window.
- Click and choose the cash payment or deposit that you want to add in the list.
- Select the ‘Ok’ option.
- In case, the ‘Payments to Deposits’ window doesn’t appear automatically, then click on the ‘Make Deposits’ window and choose the ‘Payments’ option.
- Select the list of ‘Deposit To’, and choose the bank account in which you want the cash deposits.
- Fill out the name, date, amount in the appropriate fields.
- Review all the details that you have entered
- Choose the ‘Save’ button.
- Click on the ‘Print’ button.
- Select the ‘Save and Close’ option.
Also Read: How to Enter Loan in QuickBooks?
Bank Deposits in QuickBooks Online
The following are the steps to enter a bank deposit in QuickBooks Online:
- Open your QuickBooks.
- Record your deposits in the Undeposited funds first. As it will be easy to read your bank statement register.
- Click on the ‘New’ option to create a new deposit.
- From the right column, click on the ‘Bank Deposits’ menu.
- Select a bank account and enter the date of deposit.
- Your screen will display you the list of all the checks that you received from your customers.
- Add the checks to the deposits. You can also add the other checks too.
- Choose the customer name and amount.
- Click on the ‘Save’ button.
- Print the deposit by clicking on the ‘Print’ option.
- After that, choose the ‘Save and Close’ button.
The above blog covers the information about entering deposits in QuickBooks. With the help of these steps, you can easily record the deposits. In case, you are not able to record the deposits or face any QuickBooks error, contact the QuickBooks Customer Service experts on Toll-free Number or you may also Chat with them. They are available 24*7.
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