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1398 4476 60
October 21, 2019
Question

Does anyone know which account the Deposit amount from invoices goes to? I turned it on in settings (gear, accounts and settings, sales, “Deposit” set to “On”.

  • October 21, 2019
  • 1 reply
  • 0 views
When this feature is turned on, a deposit field appears on the invoice screen.  When an amount is entered in this field, the receivable is reduced by the amount deposit amount entered and the entire sales amount flows to sales.  However, I cannot see where the deposit amount goes.  I expected it to reduce a liability account (customer deposits or something like that) but I can’t find the amount on the balance sheet after saving the invoice.

1 reply

AddieC
AddieC
October 21, 2019

Hello, 

 

Thanks for reaching out here in the Community. 

 

I'm glad to hear you've set up the Deposits feature in your QuickBooks Online account. I'll help you figure out which account your deposits are going to. 

 

When you record a deposit on your invoice, the system will prompt you to select an account to track it from. You'll enter this account in the drop-down menu that says "Deposit to". 

 

If you can't recall which account you've selected to receive your deposit, you can take a look at your Transaction Journal to find out. To view the transaction journal, open the transaction and click More at the bottom of the page. From there, choose Transaction Journal. You'll see the deposit on the journal and where it's been recorded to. 

 

For more information about recording a deposit in QuickBooks Online, follow along with this helpful Community article: Record a retainer or deposit.

 

If you have any other questions, please let me know.


Cheers!

 

1
1398 4476 60Author
October 21, 2019

Hi Addie,

I appreciate your reply.  Just to be sure the we are talking about the same thing, I have included a  screen capture of the deposit field on the invoice.  When saving this invoice, I was not prompted for an account.  

Thanks!

AddieC
AddieC
October 21, 2019

Hi there. Yes, we're on the same page. Thanks for confirming that and sending a screenshot! Here's where the system should have prompted you to select an account. Whichever account you choose here is where your deposit will be recorded.

 

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