How to Record Bank Deposits with QuickBooks 2012 - dummies

How to Record Bank Deposits with QuickBooks 2012

By Stephen L. Nelson

QuickBooks 2012 also supplies a command and window for recording bank deposits. If you’ve used QuickBooks’ little brother product, Quicken, much of the information that you see here will be familiar. The QuickBooks banking tools look like the popular Quicken checkbook program.

To record bank deposits, follow these steps:

1Choose the Banking→Make Deposits command.

QuickBooks displays the Payments to Deposit dialog box. The dialog box shows any payments previously recorded using the Receive Payments and Enter Sales Receipts commands, which appear on the Customers menu.

2Use the Payments to Deposit dialog box to select the payments you want to deposit.

You can select all the payments listed by clicking the Select All button. You can select individual payments by clicking them. QuickBooks marks selected payments with a check mark.

3Click OK.

QuickBooks displays the Make Deposits window.

4Use the Deposit To box to identify the bank account into which you’re depositing the funds and the Date box to identify the deposit date.

You can enter the date in mm/dd/yyyy fashion or you can click the small calendar button to the right of the Date field. On the calendar that appears, click the day that you want the Date field to show.

5Record any additional deposit amounts.

If you also want to include as part of the deposit some other payment that’s not listed initially in the Make Deposits window, you can use the next empty row of the list to describe this payment. To describe the payment, use the Received From column to identify the customer, vendor, or other individual or business making the payment.

Use the From Account column to identify the account that should be credited for this payment. In the case of a customer payment that’s a sale, for example, your sales revenue account should be the one recorded in the From Account column. Use the other columns of the Make Deposits window — Memo, Chk No., Pmt Meth., Class, and Amount — to provide the other details of the payment.

6Identify any cash back amount.

If you’re making a $1,000 deposit but want to hold $100 of the deposit back as cash, you record a cash back amount. To record a cash back amount, use the Cash Back Goes To box to identify the account that should be adjusted for the cash back. Use the Cash Back Memo field to describe the reason for the cash back transaction.

Finally, enter the cash back amount into the cleverly titled Cash Back Amount box. For example, if you wanted to hold $100 of cash back for employee bonuses, you may enter employee bonuses (suppose this is an expense account) into the Cash Back Goes To box. Then you may use the Cash Back Memo field to describe the occasion for these employee bonuses.

Finally, you would enter the cash back amount, $100, into the Cash Back Amount box.

7Save the deposit transaction.

As is the case with other QuickBooks transaction-entry windows, click either the Save & Close or the Save & New button to save your deposit transaction. Note that after you’ve saved the deposit transaction, QuickBooks records the deposit into the appropriate bank account.

This deposit transaction total — which shows at the bottom of the window in the Deposit Total field — is the amount that appears on your bank statement. It is also the amount that appears on the bank account register.

The Make Deposits window also provides Previous and Next buttons that enable you to page back and forth through your deposit transactions. The Print button in the Make Deposits window lets you print a deposit list. The Payments button lets you redisplay the Payments to Deposit dialog box.