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dealguy7
March 30, 2022
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Reoccurring bank deposits

  • March 30, 2022
  • 1 reply
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I collect monthly fees from 20 people.  It's the same payment from the same people each month.  Is there a way to create a reoccurring transaction or deposit of those 20 individual payments so I don't have to enter receive payments from each person every month to create the bank deposit?

Best answer by BigRedConsulting

So what is a bank deposit that can be memorized?

 

Thanks

 


@dealguy7 wrote:

So what is a bank deposit that can be memorized?

 

One that doesn't include AR payments/ that isn't 'linked' to anything else, such as a deposit where you enter the income line items directly.

1 reply

BigRedConsulting
BigRedConsulting
March 30, 2022

Yes, depending on how you record the money you receive and how you receive it.

 

If you depend on the customers sending you the money, then I don't see how you could automate it as you don't know when you'll receive it.

 

However, if you control the receipt of the money, such as by issuing money transfers, then you can memorize most types of transactions that you'd use to record the receipt/income and have them automatically recorded (an option for memorized transactions) as of the date(s) that these transfers will take effect. For example, you could memorize sales receipts or deposits. If sales receipts, you'll still need to record the deposits, but it'll be as simple as selecting the receipts to be included (not typing them in.)

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dealguy7Author
March 30, 2022

Thanks for the response.  I do control when the payments come into the bank account.  How do I create a memorized deposit of the multiple items? 

S
ShiellaGraceA
March 30, 2022

Thanks for getting back to us, @dealguy7.

 

I'll share the steps on how you can create a recurring deposits in QuickBooks Desktop. This way, QuickBooks will automatically record your deposits.

 

Here's how:

 

  1. Go to the Banking menu and then Use Register.
  2. Search for and open an existing deposit.
  3. Right-click the deposit and tap Memorize Deposit.
  4. Select Automate Transaction Entry if you want QuickBooks to record the deposit automatically. Otherwise, press Add to my Reminders List to get a notification to create the deposit.
  5. In the How Often dropdown, choose the frequency (monthly, weekly, daily, etc).
  6. In the Next Date field, set the start date for the recurring deposits. The first recurring deposit will start on the first day.
  7. In the Number Remaining field, enter how many deposits you want to QuickBooks to create.
  8. In the Days In Advance To Enter field, you can set how many days in advance QuickBooks will record the deposit. Enter 0 if you want to record the deposit on the day you choose.
  9. When you're done, Click OK.

 

 

 

For more information about deposits, check out this guide: Record and make bank deposits in QuickBooks Desktop.

 

I'm also adding this link in case you need help with managing bank-related tasks. It has our general banking topics with articles: Find help with bank feeds and reconciling accounts.

 

Drop a reply anytime if you have follow-up questions or concerns with deposits. I'm more than happy to assist you. Take care and have a great day ahead.

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