and now we will learn how to record basic deposits
believe it or not this is not the recommended way to input them
when would we record a basic deposit well when the payment we receive for a service goes immediately
into the bank account we would also use the window I'm about to show you only when we do not need to
track the quantity for example if we give a service and we need to know how many hours we
sacrificed to get that money we should not record it in the deposit window because there is no field
for quantity also when you record a deposit from a customer we will not see them in the
customer center or on the customer reports so if you don't need to see the results in the customer
center and you don't need to see the result of the deposit on the customer related reports then
you can record it in the way that I'm about to show you for example let's imagine on February
20 we received two thousand from candy for an editing service and it was directly deposited into
the chase bank account confirmation number zero nine eight seven six now let's think about what
the result in the trial balance will be before we record this deposit well cash in Chase Bank now if
we click reports and we click my trial balance we can see that before we record this cash in Chase
Bank is fourteen thousand seven hundred seventy so what will it be after we record this two thousand
the Chase Bank becomes 16 thousand seven hundred seventy thats the number to expect after we record
this what will edit an income become well right now editing income is uh what is that fifteen
thousand nine 60 so it would make sense that it would become 17900 60 after we record this $2000
editing income job for candy or that was done for candy now to make the deposit it's very simple
click the plus sign and all the way to the right on the top click bank deposit now this is your
basic deposit window the date of the deposit was February 20 now leave the bank account that you're
depositing the money into and notice it's showing you the balance where it says received from click
directly under there and choose the customer you received it from let me double check that that was
actually that was candy excuse me so we want to make sure see it's warning you that you shouldn't
do it the right way and we're going to talk about what this warning means in a future video but
really we said that the customer is candy now the account is the income that was earned and in this
case the income that was earned is editing income and then you just put the amount in this case the
amount was 2,000 push tab notice there is no feel to record the quantity so instead of save and new
I like to click Save and close if I'm finished now when we look at the result cash and Chase
Bank sixteen thousand seven hundred 70s exactly what we expected and editing income seventeen
thousand nine hundred sixty and guess what that's exactly what we expected now let's record a second
example and then I'll show you the right way to do it let's imagine on February 21 we receive
three thousand from Allen for a video service and that money was directly deposited into the
chase bank account and here's the confirmation number what will the result be in the trial
balance well cash and bank becomes three thousand dollars more then this number so therefore cash
and bank becomes nineteen thousand seven hundred seventy video income increases by three thousand
so video income will be three thousand more than this number which means video income will become
34800 let's go ahead and record it and this time I won't forget to put in the confirmation number
on the top right by the plus sign we click and then we go down to click bank deposit now we know
the date was February 21 and we know we received the money from Allen RV we know the accountancy
is just warning us about something we're going to learn in a future video now the account is
video income because that's the income we earned the reference number is really the confirmation
number that I forgot to put last time five four three two one zero so we'll make sure we put it
in this time five four three two one zero now the amount is three thousand so now we have all
the information we need or at least we have all the information that we think we need and it's
everything we're going to get from this basic deposit window after I click Save and close I
can see my trial balance numbers are exactly what we predicted cash and Chase Bank nineteen thousand
seven hundred seventy and video income 34800 now let me show you why this is not the best way to
record this type of circumstance number one if I click sales and I go to the customer center for
and I click all sales notice neither of the two deposits that we just made are showing up in the
sales list so in the customer center in fact even if we click customers and we click on the specific
customer here in the customer center in this case Allen we would get every transaction that
we ever made with Alan except for the deposits so if you make that transaction in the window that I
just showed it will not show up here you should also know when I click reports and I go to all
reports and I click sales by customer detail so the sales related reports of course I'm going
to go all dates you can see by this report that we learned about before will show every invoice
and every sale receipt that you recorded in the invoice window and the sale receipt window but
it is not showing any of the deposits that we just made even though those two deposits that
we just made were actually sales of a service so what would be a better way to record these two
transactions well we already learned about sales receipts we already learned that we can record
sales receipts directly into the bank account that's the way that we did it we learned that
sales receipts give us the ability to track the quantity of the hours given we were not able to
put that in the deposit window and sales receipts will show in the customer center deposits will not
sales receipts will also actually show up on the sales by customer detail report and deposits with