Skip to main content
foxy88
September 23, 2022
Question

How do I categorize intuit deposits?

  • September 23, 2022
  • 1 reply
  • 0 views

Hi, for the past few months I've been categorizing all my deposits from intuit into my sales account. This has created an issue when generating my profit and loss report because my sales are doubled. How should I be categorizing deposits from intuit to my business checking account? 

1 reply

MadelynC
September 24, 2022

Thanks for reaching out to the Community for assistance, @foxy88. I've got some info so you can categorize your deposits in QuickBooks.


Intuit deposits are handled by QuickBooks automatically. Batch deposits are directly matched, and once they are settled into your checking account, the amounts will automatically be recorded. To categorize these transactions, make sure the deposit account selected is the same account where received payments get posted. This prevents you from doubling your income and helps generate financial reports accurately.


Here’s an article that provides insights into how QuickBooks Payments deposits work in QuickBooks Online: Common questions about payments deposits in QuickBooks Online.


I’ve also added this video reference to bring you up to speed in managing downloaded online transactions in the program: Categorize and match online bank transactions in QuickBooks Online. It has a reconciliation guide at the bottom to ensure amounts are balanced and moved into the right accounts.


If you have other banking concerns or something else, please don’t hesitate to tag me. I’ll get back to you as soon as I can. Take care always!

Terms & ConditionsAccessibility statement