DON'T Do This When You Make a Deposit in Quickbooks Online

DON'T do this when you make a deposit in Quickbooks Online. Trust me, by following the advice in this video, you will not only know how to correctly make a deposit in Quickbooks Online, but you will make your life a whole lot easier when it comes to reconciling at month-end.

Most people make deposits in Quickbooks Online incorrectly, but this video shows you exactly what NOT to do when you make a deposit in Quickbooks Online. Save yourself time and frustration by watching this video!

Give it a thumbs up if it helps!

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[mamabear]

I made invoices for a list of transactions, received payments for each of them, and recorded each of them as “undeposited funds”. When I start a bank deposit, though, only a few payments from that list automatically show. Do I manually fill in the rest or will that cause problems?

[hooklineandinker]

As we move to QBO online next week this is good to know but I do deposit (mobile) one check at a time so thanks for the clarification! 😄 I think because I deposit it right when I enter into QB I will just choose Deposit to: checking right at receive payment.

[MaeA.-djul]

how about if it's foreign currency? why it is not showing in the find match after amending the exhange rate

[jtepsr]

I just moved from desktop to online and I am having trouble with some issues. This was helpful. My other problem is setting up bills. I have two types of bills, one from expenses I want to pay later and the other is payables from vendors. I am an insurance agency who collects premiums and later pays companies less my commission. The desktop worked fine but I am missing something on the online side.

[midlife_minimalist]

I’m taking over the bookkeeping for a non-profit and learning QBO on the fly with limited help from the former person who only used QBD and is very anti QBO. We do sales receipts for our donations but when I match them to the bank deposit (auto-feed) I have to account for payment processing fees we prefer not to have on the sales receipt. I use the reconcile in the match process and add the line for the payment processing fee. My entries don’t end up looking like her old QBD entries which were all manual and she said she used the “add funds” option which I now understand after this video. Is the way I’m doing it a correct approach? It does make the reconcile challenging because they show as separate expenses from in the reconciliation process.

[colleenbarber]

I have a client that did all the "dont do that" with his deposits. I have spent hours trying to figure his deposits out. I have a couple of deposits that I thought I matched but it comes into the register as "split". When I click edit it shows to customers plus paypal fees I had to put in the bottom part of the deposit screen. Is this ok?

[donnacalabrese]

How do I record a deposit that is not income. I received $200 as income - I withdrew the $200 and then deposited the $200. How do I recognize this transaction?

[kimbercollins]

I’m transitioning a company from paper records to QBO. So, deposits paying invoices that were not created in QBO are just going to “job income”.

I’m having trouble with the deposits that have some invoices that were created in QBO (and need the deposit applied to them) and some that were not and need to be classified as job income-

[kellyoverend]

If we are importing transactions by connecting the bank account, should we still do this step? Will it match the transaction?

[MWPandD]

Thank you for the learnin'... muy helpful.

[JM-wubh]

I have a renter on auto-pay. Do i need to create an invoice for them to show in outstanding transactions?

[libertynow]

How can I correct invoices that were paid in cash and posted that way, but now shows it in cash on hand and is skewing the balance between the cash account and our bank account? It has screwed up the balance sheet too. Am I making sense?

[grant]

When you make a mobile deposit does it make an invoice too or do you have to make the invoice separate?