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January 28, 2022
Question

How do I deposit a check for my business in my QuickBooks account

  • January 28, 2022
  • 1 reply
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1 reply

January 28, 2022

Hello, Jasmine. 

 

I'll show the steps and details on how you can deposit and handle a check for your business in QuickBooks. 

 

You can use the Bank deposit function to deposit the check. This works for regular customer deposits. Here's how to do it: 

 

  1. Click the + New button, then select Bank deposit. 
  2. From the Account drop-down menu, select the bank account you're depositing the money into.
  3. Enter the Date you deposited the money.
  4. Go to the Add funds to this deposit section, then enter the customer's name in the Received from field.
  5. Enter the account where you want to track the funds under the Account field.
  6. Set the Payment method as Check
  7. Enter the amount in the Amount field.
  8. Hit Save and close.

 

 

However if this is your own contribution to your business, then you'll want to set up an equity account and use the Bank deposit function to deposit the funds. Here's how: 

 

Creating an equity account: 

 

  1. Go to your Chart of Accounts
  2. Click the New button.
  3. Set the Account Type to Equity
  4. Select Owner's Equity for the Detail Type.
  5. Set a name such as "Contribution" or "investment."
  6. Click Save and Close

 

Using the Bank deposit function: 

 

  1. Click the + New button, then select Bank deposit. 
  2. From the Account drop-down menu, select the bank account you're depositing the money into.
  3. Enter the Date you deposited the money.
  4. Under the Add funds to this deposit section, enter a name in the Received from field (add yourself as a customer if you haven't done it yet). 
  5. Add the equity account you created from the drop-down list in the Account field.
  6. Set the Payment method as Check
  7. Enter the amount in the Amount field.
  8. Hit Save and close.

 

More details can be found here: Record an owner's contribution or capital investment in your business.

 

Though, if this is a kind of a retainer, then there's a special way of handling it in QuickBooks Online. Generally, this involves creating a liability account and a retainer item.

 

Check this article for the full steps and details: Record a retainer or deposit.

 

Need to connect your bank account to categorize and take care of your bank transactions within QuickBooks? This article will help you with the steps: Connect bank and credit card accounts to QuickBooks Online.

 

Do you have any other transactions you want to record or do you need help with a specific process? Please let me know and I'll guide you through the steps and details again.