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TerryGH
June 20, 2021
Question

QB Payment Deposit vs Payment

  • June 20, 2021
  • 1 reply
  • 0 views

My company uses QB Payments and things have worked well except recently some payments are marked as "deposits" in the For Review tab and for the transaction detail.  However in the transaction list for the affected clients the correct use of "payments" is shown so am guessing this is a temp error/misuse of terms and nothing to be concerned about?  Similarly the term "expense" vs "bill payment" is used on occasion  -- again everything seems to be treated ok for reports, but want to make sure there is nothing to be concerned about.   Thoughts?

1 reply

S
ShiellaGraceA
June 20, 2021

Thanks for reaching out to us here today, @TerryGH.

 

I'll share some information about QB Payments in your Bank Feeds. QuickBooks groups all your customer payments process each day and then deposits them as a single bank deposit into your bank account. That said, you'll see the term "deposit" in the Bank Feed Center. Just make sure to match your QuickBooks transactions with your bank statements.

 

Learn more about QB Payments in this article: Automatically record QuickBooks Payments bank deposits.

 

If you need help with other payment tasks, click this link to go to our payment topics with articles. 

 

I'll be here if you still have questions or concerns with QB Payments. Drop them in the reply section below and I'll be happy to answer them for you. Take care and have a lovely day ahead.

T
TerryGHAuthor
June 20, 2021

Thanks for the reply, Shiella  but I am familiar with QB Payments in terms of every-day use.  But per my original question the terms used (deposit vs payment) was unusual so my basic question is this to be concerned about or just an anomaly?

Angelyn_T
Angelyn_T
June 20, 2021

Thank you for getting back, and I've read your original post, Terry.

 

It's my pleasure to share with you some insights about payments and deposits from the For Review tab.

 

If you're referring to payments coming from your customers, the funds will post as income or deposits to your business. Similar to expense and bill payments as expenditures. Since your reports are all correct, then there must be no issues with the posting of your entries.

 

If these transactions are coming from your bank, you can request your financial institution to modify the terms used to avoid confusion and identify them easily. QuickBooks is only dependent on whatever information is recorded or added into it. 

 

On the other hand, you can also upload your transactions manually using an Excel CSV file. From there, edit or enter a unique description for each of your transactions. For your guide, you can check out this article: Format CSV files in Excel to get bank transactions into QuickBooks.

 

Once you're done categorizing your entries, you're now ready to reconcile your account to get accurate calculations and avoid duplicate records. I'm adding this link as your reference: Learn the reconcile workflow in QuickBooks.

 

If you have any other banking questions, please let me know by adding a comment below. I'm more than happy to help. Cheers for more success!

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