Quickbooks 2019 Tutorial for Beginners - How to Make Deposits Correctly

QBUniversity.org - In this Quickbooks 2019 tutorial for beginners I walk through how to make deposits correctly in Quickbooks 2019.
In some cases you have to make a deposit from Undeposited Funds and in some cases you don't. Discover how and when to make each type of deposit and how each arises.
To find out the top 3 mistakes Quickbooks Desktop users make and how to avoid them, get my 3 free videos at QBUniversity.org

[@carolokon7208]

I can't believe that in 2019 The Quickbooks University is showing the older desktop and not the QB online!!!

[@QbuniversityOrg]

Carol O'Kon I do have many, many Quickbooks Online videos on my channel as well as on my website. Thanks

[@accountingoceangroup1779]

what about tax? do i credit the entire refund amount or after-tax amount?

[@jennifergiordano2382]

How do I apply a deposit that is received from serveral csutomer but isn't applied to the customers just depositied in 1 lump amount? I need the GL account it would apply to

[@user-jy2pg8gf2j]

None of my deposits are showing up in my bank reconciliation, what did I do wrong?

[@QbuniversityOrg]

Go to Banking and Make Deposits. They are probably sitting in Undeposited Funds

[@user-ml9lw5uq7w]

Hi, what if I combined all the deposits in one when i took it to the bank, the ones in undeposited funds and also the ones from the vendors refunds? Once the mistake has been made, is there a way to repair it in order to reconcile?

[@QbuniversityOrg]

You would have to delete the deposit and redeposit it correctly in QB

[@fs3870]

Why didn't you or how could you included the $55 refundable check with the larger deposit and make just one deposit? You could still drill down on the expense account to see where or who it came from because it would offset expenses. This is a non-profit related question as we receive lots of "refundable" checks from individuals who reimburse us for T-shirts and we record that "income" against the expense account. Don't want to deposits those checks separately.

[@QbuniversityOrg]

F S when you make the deposit in QB of other payments simply add the refund as another line item deposit.

[@KeriESmith-tt9tw]

If i have 1000 dollars on my quick books and my account got closed. But i have another account can i take the 1000 off the my old quick books and put it on my new one

[@Popojuju17]

After you deposit the undeposited check to the bank in quickbooks, how does it affect your profit and loss statement? I have a bunch of undeposited funds balances and I feel like my profit is very overstated. Please Help !

[@QbuniversityOrg]

It doesn’t affect it. What could be causing you problems though is if somehow the deposits were entered twice. This most definitely could overstate your profit

[@321cuda]

how do you list a transfer in the register since there is no invoice or customer.

[@QbuniversityOrg]

Jim Barra you simply put in the account you are transferring to and the amount.

[@bellaudall8823]

After i physically make the deposit do I need to change anything in quickbooks on the deposit screen. Do I change from undeposited in the from account to anything??

[@QbuniversityOrg]

Nope just make sure it shows as deposited in you bank account in QB

[@AllThingsCynthia]

Is there a way to edit what I made in recording the deposit? We had some donations that were made online. The had some money pulled out when it went to the bank. So I recorded the deposit as a $50 donation, but in the bank it showed only $49.19 was deposited. I thought I put $50 then subtracted to show the actual amount deposited. However I didn't "tab" for the correct amount to show through so it posted as $50. Is there a way I can go back to edit it for the correct amount?

[@QbuniversityOrg]

All Things Cynthia you generally can go back and edit a deposit if you have not reconciled the bank account already. Just go to Banking, Make Deposits, then hit the previous button to find your deposit and edit it.

[@AllThingsCynthia]

The Quickbooks University I did reconcile my bank account already 🤦‍♀️ is there a way to change it after I reconciled?

[@AllThingsCynthia]

The Quickbooks University I’m new to this. I changed it while recording the deposit in reconciliation. However I didn’t push “tab” so it would change it completely. I didn’t realize till after the 3rd one when I did push “tab” and seen it change the deposit to match what was entered in the bank.

[@QbuniversityOrg]

All Things Cynthia yeah what you’ll have to do is go to Banking and Reconcile. On that screen you can select Undo Previous Reconciliation. Choose this to undo it, change the deposit then rereconcile it and you should be good to go

[@QbuniversityOrg]

All Things Cynthia no worries!

[@leepapadeas69]

If I deposit manually on Desktop to my checking account, instead of to undeposited funds, will QB show as a duplicate deposit when I download banking?

[@QbuniversityOrg]

Lee Papadeas it could, but when you download the bank transactions you review them before you accept and have them entered in the register. So if you already made the deposit you can just “match” the downloaded deposit to it

[@leepapadeas69]

@@QbuniversityOrg Thank you for your guidance and great information.

[@QbuniversityOrg]

Lee Papadeas you’re welcome!

[@clintoncountyvet2313]

how do you deposit a credit card payment into the register? I have three outstanding credit card/debit card deposits that need to be moved to the check register.

[@QbuniversityOrg]

Were they paid on an invoice?

[@clintoncountyvet2313]

@@QbuniversityOrg yes

[@QbuniversityOrg]

@@clintoncountyvet2313 if they are sitting in Undeposited Funds, then you would go to Banking and Make Deposits. Then choose the payments to deposit and deposit them.

[@wendyn.619]

How do I change it in my preferences please?

[@QbuniversityOrg]

Wendy N. Edit and Preferences then go to the Banking tab

[@wendyn.619]

Thank you

[@QbuniversityOrg]

Wendy N. You’re welcome!

[@nanoglee7786]

If i have a deposit slip that shows a deposit for a cheque of $1,000 into the Bank but this it's not a cheque refund and is not a cheque from undeposited funds. How do I deposit these funds? and show them in Quickbooks pro. Do I simply make a journal entry, Debit Bank and Credit Cash?

[@QbuniversityOrg]

Nano Glee just go to Banking and Make Deposits and record it as a deposit. The account it would go to depends on what it is for - revenue, owner contribution, etc

[@nanoglee7786]

@@QbuniversityOrg So if it's like "owner's contribution" and in the deposit window I will put a deposit to "bank", receive from "leave it blank or put owner's name?" and then from the account "owner's contribution" is that correct?

[@QbuniversityOrg]

Nano Glee yep that’s correct! And you can put the owners name in there

[@nanoglee7786]

@@QbuniversityOrg Thank you so much! I'm new to QB and I appreciate this a lot!

[@QbuniversityOrg]

Nano Glee you’re welcome!

[@lindadempsey1243]

How do I deposit a paycheck How do I account for tax I paid from this ck

[@QbuniversityOrg]

Is this for using QuickBooks for your personal finances?

[@lindadempsey1243]

I work three different jobs and receive a paycheck which they hav deducted income tax social security tax and Medicare tax. Do I just deposit the net income or do I put the whole check in. Gross pay and minus the taxes

[@QbuniversityOrg]

@@lindadempsey1243 if you are using for personal use I would just show the net check as a deposit

[@qayyummughal831]

how we can make deposits of more than 100 different sales invoices automatically. is there any software / extension for quick book with import feature.

[@QbuniversityOrg]

There a few of them out there. On of the more popular ones is Transaction Pro Importer