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Record and make bank deposits in QuickBooks Online

qbo quickbooks online Jul 18, 2022

Learn how to combine multiple transactions into a single record so QuickBooks matches your real-life bank deposits.

When you deposit money at the bank, you often deposit multiple payments from sources all at once. The bank usually records everything as a single record with one total. If you enter the same payments as individual records in QuickBooks, they won’t match the way your bank recorded the deposit.

In these cases, QuickBooks has a special way for you to combine transactions so your records match your real-life bank deposit. Here’s how to record bank deposits in QuickBooks Online.

  1. Put transactions you need to combine into your Undeposited Funds account. 
  2. Then use the bank deposit feature to combine them.

Or learn more about bank deposits in QuickBooks

To watch more how-to videos, visit our video section.

Step 1: Put transactions into the Undeposited Funds account

If you haven’t already, put invoice payments and sales receipts you want to combine into the Undeposited Funds account. This account holds everything before you record a deposit.

  Do you use QuickBooks Payments? If you do, QuickBooks takes care of everything for you. It automatically processes and moves transactions into your accounts. You don't need to use the Undeposited Funds account.

However, if you ever need to combine payments received outside of QuickBooks Payments, you’ll need to follow the steps in this article.

Step 2: Combine transactions in QuickBooks with a bank deposit

Each bank deposit creates a separate record in QuickBooks. Make deposits one at a time for each of your deposit slips.

  1. Select + New.
  2. Select Bank Deposit.
  3. From the Account ▼ dropdown, choose the account you want to put the money into.This image shows a normal bank deposit screen with a number of deposits on the page.
  4. Select the checkbox for each transaction you want to combine.
  5. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
  6. Select Save and close or Save and new.
  Important: All transactions in your Undeposited Funds account appear in the bank deposit window. If you don’t see one you need to add, put it in the Undeposited Funds account.


Include bank or processing fees

Next steps: Manage bank deposits

Review past bank deposits

  1. Go to the Business overview then select Reports (Take me there), or go to Reports (Take me there).
  2. Scroll down to the Sales and customers section.
  3. Select the Deposit Detail report.

The report lists all your completed bank deposits. Select individual deposits to get more details.

Remove a payment from a bank deposit

Added a payment by mistake? No problem. If you want to remove a specific payment from a deposit:

  1. Go to Bookkeeping then Transactions then select All Sales (Take me there), or go to Sales then select All Sales (Take me there).
  2. Find and open the payment you want to remove. The status should be “Closed.”
  3. Select the date link near the customer name. This opens the bank deposit.This image shows a blue link under the customer name. This is how you can find the deposit a transaction is attached to.
  4. Uncheck the checkbox for the payment you want to remove.
  5. Select Save and new or Save and close.

The payment will go back to the Undeposited Funds account. You can add it to another deposit.

Delete a bank deposit

If you need to start over and delete a bank deposit:

  1. Go to Bookkeeping or Accounting, then select Chart of accounts (Take me there).
  2. Find the bank account you put the deposit into and select View register.
  3. Search for the bank deposit and select it to get more details.
  4. Select Delete.

All payments on the deposit go back to the Undeposited Funds account. You can start over and create a brand new deposit.

If you want to improve your business situation, get assistance now. Schedule your free consultation today or give us a call at (218) 491-4002. We're here to help!

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