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OgnjenZec
September 19, 2022
Question

Bank Deposit from Undeposited Funds to another Asset Account different than Bank

  • September 19, 2022
  • 1 reply
  • 0 views

Is it possible to pick in dropdown menu in Bank Deposit different account than Bank, for example Reserve Account which belongs to Other Current Assets? I only see in dropdown menu Bank Accounts, but I would need to see any other Asset Account, how to do this?

 

Thank you

1 reply

katherinejoyceO
katherinejoyceO
September 20, 2022

Thanks for posting your bank deposit concern in the Community, @OgnjenZec. 

 

You can click the +Add new to add another account (Other Current Asset) when in the Add deposit screen. Here's how: 

 

  1. Go to the + New menu, then select Bank Deposit.
  2. From the Account dropdown, click the +Add new button. 
  3. Select Other Current Asset in the Account type drop-down.
  4. Select the Detail type in the drop-down menu, then enter a name in the Name field.
  5. Click Save and close when done. 

 

For additional reference, you can check out this article to learn more about recording and making bank deposits in QuickBooks Online.

 

You can also visit this article to get more ideas on how to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online. 

 

Feel free to message again if you depositing your transactions. I'll be there to e your guide again. Take care!

 

O
OgnjenZecAuthor
September 20, 2022

Katherine, thank you for your reply.

Try to do this several times, but in 3. step 

Select Other Current Asset in the Account type drop-down

I cannot choose anything but the Bank.

I know that I can do this through Journal Entry. But in Undeposited Funds I have two types of payment, one must go in Bank Account (and that is not a problem) but the other should be collected in other current assets (Reserve) which eventually will be paid and transferred to Bank Account. And it would be easier for me to send directly from Bank Deposit to Reserve account.

 

Thank you

M
mv32
September 20, 2022

Thanks for your prompt response, @OgnjenZec.

 

I can share some information about using bank deposits in QuickBooks Online. Currently, we're unable to deposit the funds into other current asset since it only uses bank account. I know this is more convenient if we're able to deposit the funds to a different asset account.

 

For now, you're correct that this can be done by journal entry. You'll want to use this feature moving forward to separate and record the funds to both bank and other asset account.

 

In addition, I'd like to share this guide in case you need small time adjustments in your accounts. You can reference this article for more details: Enter an adjusting entry for a reconciliation in QuickBooks Online.

 

Let me know if you have other QuickBooks concerns. I'm always here to lend a hand. Keep well.

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