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T
TGO
November 16, 2022
Question

How to match bank deposit with both sales AND expense

  • November 16, 2022
  • 1 reply
  • 0 views

We receive a check from a customer which equals our sales for the month less the monthly rent that we pay for space there. I want to create a sales receipt for the TOTAL sales and an expense for the rent. How can I do this and still be able to match the bank deposit?

1 reply

Rubielyn_J
Rubielyn_J
November 16, 2022

Let me share some information on how to match bank deposits with both sales and expenses in QuickBooks, @TGO.

 

Put payments into the Undeposited Funds account until you're ready to combine them. When you have your deposit slip, you can combine payments from Undeposited Funds into a single record. This way, QuickBooks always matches your bank records.

 

Here's how:

 

  1. Click + New button.
  2. Select Sales receipt.
  3. Choose the customer from the Customer dropdown.
  4. From the Deposit to dropdown, select Undeposited Funds.
  5. Fill out the rest of the sales receipt.
  6. Once done, click Save and close.

 

Then create a bank deposit to combine them all. Add the expense as a negative and ensure the deposit amount is equal to the bank transaction. This way, it will match accordingly.

 

Additionally, I've attached relevant articles you can utilize to manage bank transactions in QuickBooks:

 

 

Keep me posted if you have other questions about matching bank deposit. I'm down to answer any other questions you might have for QuickBooks Online. Stay safe!

T
TGOAuthor
November 17, 2022

Thank you!

 

I am now able to create and match Bank Deposits which include both Sales Receipts and Expenses. One issue remains. I created a vendor account called "TRF rent" to record the monthly rent expenses for our customer "TRF."

When I view the Rent Expense account, I can see the (negative) amounts from the Bank Deposits, but they do not show a vendor name. Also, no transactions appear when I view the "TRF rent" vendor account. 

 

So the matching process works now, but the expenses are not being recorded to the vendor.

 

Thoughts?

KlentB
KlentB
November 17, 2022

Thanks for keeping us updated, TGO.

 

I can share some tips on how you can link the expense to the vendor. You'll want to edit the deposit and then select "TRF rent" in the Receive From column along with the negative amount. Here's how:

 

  1. Click the Magnifying glass icon.
  2. Select the deposit under Recent Transactions.
  3. Go to the Add funds to this deposit section.
  4. Select the vendor name in the Receive From column.
  5. Click Save and close. Take a look at my screenshot below.

 

 

For more resources while working with your vendor transactions, feel free to browse some topics on this page: Expenses and suppliers.

 

Don't hesitate to stop by with more questions about managing your books. The Community is open 24/7 and always ready to assist.

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