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N
Nhi
October 15, 2020
Question

What is the different between Received Payment and Bank Deposit?

  • October 15, 2020
  • 2 replies
  • 0 views

When I received payments from customers, I always put them under the Receive Payments function, but today I'm a little confused between it and the Make Deposit function. Can you help me explain what are the differences between those functions? Thanks in advance

2 replies

BigRedConsulting
BigRedConsulting
October 15, 2020

Use the receive payments feature when a customer pays you for an invoice you previously recorded.

 

Use the deposits feature to record the deposit of those payments to your bank account.  Also use it to record cash/income not recorded using a sales form like an invoice or sales receipt.

S
Spring79
March 8, 2021

Please help!
How do you correct if customer has deposit and payment for same transaction?  

J
JonpriL
March 8, 2021

Hello @Spring79,

 

Let me help share how you can enter payments from your customers in QuickBooks Desktop.

 

Normally, you'll have to create a receive payment transaction if you need to close out an existing invoice. Otherwise, enter a sales receipt if the payment if the sale happens within the day you receive the payment.

 

That said, here's a couple of articles you can read to learn more about recording a payment from your customers:

Since you receive the payment and deposit for the same transaction, consider creating a credit memo and decide how you wish to let your customer know about the overpayment.

 

Additionally, I've got you his helpful reference for a compilation of articles you can use while working with us: Sales and Customers for QuickBooks Desktop.

 

If you have any other questions, please let me know by leaving any comments below. I'll be here to lend a hand. Stay safe!

D
DebSheenD
April 25, 2023

Welcome to the Community, @Maezee. I appreciate you for joining the thread. 

 

Our primary concern is getting your issue resolved. But I need more information about it, May I know what version of QuickBooks you are using and the type of transaction that need to edit?  You can also add a screenshot to provide us with additional details about your issue. This will help us provide the most suitable resolution for you.

 

Don't hesitate to click the Reply button below. I'm looking forward to your response. Have a nice day.

I'll be keeping an eye on your response on this and will take it from there. Have a good one.

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