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dbuswell
February 13, 2025
Question

Understanding correct way to enter funds in a deposit

  • February 13, 2025
  • 1 reply
  • 0 views

Hello,

I am new to QB Online. I am part of a very small non-profit. I am trying to set up QB Online. 

I have set up new accounts to the chart, tags, products.  I also entered cash receipts, expenditures and bills.

Now I am entering the deposits  and checks from the bank statements.   (Note: We are not able to use any interfaces, this is all manual).  

 

When I enter a deposit, I do not understand what account to enter for each customer.  When I enter the same account as the cash receipt, the payment detail report doubles up the amount.  If I use the cash account, that decreases the cash balance.

 

What should the offset account be for a deposit?

Thank you for your help.

1 reply

G
GenmarieM
February 13, 2025

Welcome to QuickBooks, dbuswell. Let me provide you with details on when to create a bank deposit in QuickBooks Online (QBO).

 

To begin with, the reason why your report shows a duplicate income amount is because you entered your cash receipts (sales receipts) deposited them directly into a bank account and then created a bank deposit afterward.

 

To correctly create a deposit, ensure that your cash receipt (sales receipt) is deposited into the Undeposited Funds account. This account holds invoice payments and sales receipts that you want to combine.

 

Once your receipts are in Undeposited Funds, you can create a bank deposit and select the specific payments you want to record into the appropriate bank account.

 

Moreover, if your bank account is already connected to QuickBooks, you can match the downloaded transactions to your created cash receipts (sales receipts) to avoid duplicates.

 

Additionally, you can use this article for your future reference in reconciling your bank transactions to ensure your accounts are balanced and matched: Reconcile an account in QuickBooks Online.

 

Please let us know if you have clarifications or questions regarding creating bank deposits in QuickBooks Online. We are always here to help.

D
dbuswellAuthor
February 15, 2025

GenmarieM,

Thank you!

This worked great.

I appreciate your help.

Debbie 

JoesemM
JoesemM
February 15, 2025

On behalf of my colleague, I want to extend a warm welcome to you, Dbuswell.

 

I am pleased to hear that my colleague effectively addressed your concerns. Your positive feedback is highly valued, and we remain committed to providing exceptional support.

 

If there's anything else you need help with regarding QuickBooks, just let me know. I'm here to help and will get back to you soon. Take care and have an awesome day!

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