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Barkersfurniturellc
August 13, 2022
Question

How to record order deposits recieved ouitside quickbooks.

  • August 13, 2022
  • 1 reply
  • 0 views

I currently use an outside system for recording sales and inventory. I use quick books for book keeping. When i record daily sales i use the template setup as shown here.

The problem i am having is when I receive a deposit from a customer for an order  my outside system doesn't count it as a sale and doesn't count sales tax yet as it shouldn't. But when i put the info into my daily sales transaction in quick books and make my bank deposit. The amount quick books think is deposited vs what actually gets deposited is different.

I have been keeping order deposits made in cash out of my bank but I don't like holding the cash physically. And this method doesn't work if the customer makes an order deposit using a card (these get deposited automatically into my bank)

Example :

total order amount: 200.00

customer pays 100.00 down using a card or cash

my daily sales total: 0.00

so my deposit in quick books based of my daily sales should be: 0.00

Actual bank deposit: 100.00

now my bank and quick books transactions don't match up.

 

How should i record these in quick books so my bank matches up to quick books.

1 reply

G
GlinetteC
August 13, 2022

I'm here with all the information you need on recording deposits received outside QuickBooks Online, Barkersfurniturellc.

 

First, you'll have to create an invoice amounting to 200 for the total order amount. Second, create a partial payment of 100, and deposit it to Undeposited Funds. Let me show you how.

 

To create an invoice:

 

  1. Click +New and select Invoice.
  2. Enter the required fields.
  3. Click on Save, Save and close, or Save and send.

 

To record a partial payment:

 

  1. Click + New and select Receive payment.
  2. Choose the customer from the Customer dropdown.
  3. From the Payment method dropdown, select the payment method.
  4. Select Undeposited Funds if you need to group the payment with others from the Payment method dropdown.
  5. In the Amount received field, enter the partial 100 amount your customer paid.
  6. In the Outstanding Transactions section, select the checkbox for the invoice you're recording the payment for.
  7. Select Save and close.

 

Finally, create a bank deposit of 100 and link it to the partial payment of 100. This way, the amount matches your bank and QuickBooks. You can use this article for detailed steps: Record and make bank deposits in QuickBooks Online.

 

Once done, you can go back to the Banking page to match and categorize the transactions.

 

Moreover, you can reconcile your account to ensure your books are updated.

 

The Community is open 24/7 whenever you need help doing tasks in your account.

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