Skip to main content
A
albenj
January 7, 2022
Question

PMT vs DEP

  • January 7, 2022
  • 1 reply
  • 0 views

It seems when I receive a hard copy check, mark the invoice paid via receive payments, deposit it in the bank personally, QB Desktop 2021 enters the register as PMT. When a check is direct deposited to my account, it enters the register as DEP. However, it doesn't mark the invoice paid. What am I doing wrong? I'm new to this so please use layman's terms. Thanks.

1 reply

AlexV
AlexV
January 7, 2022

Hello albenj!

 

How it posts on your register depends on how you recorded the payment. Allow me to help you in fixing this.

 

You're right. It'll appear as the PMT (Payment) when you selected a bank account instead of the Undeposited Funds account when you receive payment. 

 

The most possible reason why it shows DEP (Deposit) and won't mark the invoice as paid is that you directly went to Banking > Make Deposits, instead of the Receive Payments. Note that it'll not link automatically to the invoice when making a deposit.

 

If you recorded it that way, you'll want to edit the deposit so we can convert it into credit and apply it to the invoice. Follow these steps:

  1. Find and open the deposit from your register.
  2. Under From Account drop-down, change it to Accounts Receivable.
  3. Tap Save & Close.
  4. Go to the Customers menu and select Receive Payments.
  5. Select the invoice and click the Apply Credits. 
  6. From the Credits section, select the credits, then Done.
  7. Click Save & Close.

 

I added this link if you need a detailed guide on how to balance your accounts: Reconcile an account in QuickBooks Desktop.

 

Get back to me any time if you have any more questions I can help. Take care!

Terms & ConditionsAccessibility statement