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!

[@QbuniversityOrg]

www.QBUniversity.org/Masterclass - Discover all you can do with Quickbooks!

[@MWPandD]

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

[@QbuniversityOrg]

You’re welcome!

[@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.

[@QbuniversityOrg]

You’re welcome!

[@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.

[@QbuniversityOrg]

Can you be more specific of the issue you are having? Sounds like those are the same type of bills?

[@jtepsr]

sure, okay i have regular office expense bills i have to pay each month so i want to enter them so i know how much they are and when they are due. now let me remind you that i own a insurance agency so there are times when i collect premiums and i have to pay the insurance company less my commission. you will find this interesting, i am on accrued basis so when i invoice a premium to my customer QB treats the entire premium as my income, that is not the case. so in the desktop version, i set up an item called insurance which subtracts what i owe to the company which then reduces the income. an example, i bill a premium for $1,000 but i only earn 10% or $100. each insurance company is setup in my ledger as a company payable and i enter the net premium due as a bill. when the customer pays me, i pay the company in bill pay and now QB has calculated the correct income. does that make sense? regards jim

[@kimbercollins6982]

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-

[@mamabear090]

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?

[@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.

[@QbuniversityOrg]

Yeah it’s not wrong how you do it. It does make more work in theory. Are you able to link the payment processor directly to the QBO?

[@midlife_minimalist]

@@QbuniversityOrg Thanks for replying. Possibly. I’m working on leveraging the technology available. Former person who is still involved is very resistant and thinks it’s easier to enter everything manually :-)

[@QbuniversityOrg]

Not fun!

[@donnacalabrese2688]

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?

[@QbuniversityOrg]

Code it back against the account you recorded it to when you withdrew it

[@MaeA.-dj7ul]

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

[@QbuniversityOrg]

Not sure. Is the total the exact same?

[@MaeA.-dj7ul]

@QbuniversityOrg hi, the invoice is cad $, then the payment was deposited in usd. I have amended the exhange rate to matched and deducted the stripe fees in the bank deposit tab, but after saving, it doesn't appear in the find match of foreign currency.

[@libertynow4047]

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?

[@QbuniversityOrg]

You would have to change the account deposited to in the payment. So instead of cash on hand change it to the bank account

[@libertynow4047]

@@QbuniversityOrg Thanks for the quick response! Much appreciated

[@QbuniversityOrg]

@@libertynow4047 you’re welcome!

[@colleenbarber4539]

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?

[@QbuniversityOrg]

Yes this should be fine as long as the deposit amounts match the bank

[@kellyoverend8471]

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

[@QbuniversityOrg]

You can still do it but you will just have to ensure you match it correctly to the bank feed

[@kloverend]

Do you have a video on matched transactions?

[@JM-wu8bh]

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

[@QbuniversityOrg]

In theory that would be great but I wouldn’t. Not really worth the effort if you don’t have to collect it

[@JM-wu8bh]

@@QbuniversityOrg Thanks for the response! I thought it would show up as free money rather than fulfillment of a "debt." (I am dumb on this and will watch your videos.)

[@JM-wu8bh]

How can I link a payment to a specific property without creating an invoice? (I am dumb on this) If someone has 3 properties rented from you and pays 80% of the total rent, which property can you put a lien against? This stuff is just too much fun for a newbie

[@grant1109]

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

[@QbuniversityOrg]

If you mean, just a mobile deposit through your bank, then you would have to create the invoice separately

[@grant1109]

@@QbuniversityOrg I mean a mobile deposit through quickbooks to your quickbook checking account

[@QbuniversityOrg]

@@grant1109 it won’t make an invoice but it’ll show just as a deposit

[@noway4388]

V

[@QbuniversityOrg]

What?