welcome to the fit small business QuickBooks Online training course in
this lesson we're going to cover how to record deposits in QuickBooks Online to
follow along with me login to your QuickBooks Online account now or click
the link below for a free 30-day trial of QuickBooks Online you can also click
this link to access our full QuickBooks Online course and other helpful
resources let's get started you need to record a deposit in QuickBooks if you
receive a cheque from someone other than a customer as we discussed in the how to
receive payments lesson customer payments are not entered as deposits
click this link to access this course now some examples of the types of
cheques you might need to record as deposits are a refund check from a tax
authority a rebate check from a vendor or an insurance claim check to begin
from the home page click on the plus sign at the top and select bank deposit
right below the other column this is the screen that we need to complete to enter
a deposit into QuickBooks in the first field we need to select the bank account
from the drop-down so this will be the bank account that we want to make the
deposit to the date in this next field is the date that you will make the
deposit the date that appears here affects how the transaction shows up on
your financial statements be sure to enter the date as close as possible to
the actual deposit date the balance here is the current balance in the bank
account that we selected in the received from area we want to go ahead and select
from the drop down the person or business that you receive the check from
if you have not set up this person in QuickBooks you can do so here by
clicking the drop down and selecting add new in the account field we want to
select from the drop down the account that we want to track this deposit in in
the setting of the chart of accounts lesson we walk through step by step how
to set up accounts click here to watch this lesson now in the description field
we want to type a description that will help you to identify what this check was
for in the next field we want to go ahead and reflect the payment method in
this example it'll be a check and the reference number field you want to enter
the check number if the payment method was a check otherwise you
can leave this field blank and then we'll go ahead and put in our deposit
amount you also have the ability to record cashback from a deposit so here
in this field typically cashback you will just put that to the petty cash
account you have the option to put a memo here if the petty cash was for a
specific purpose and then we can go ahead and enter the actual cashback
amount that we plan to receive from this deposit once we do that QuickBooks will
reduce the deposit by the cashback amount to get our net deposit amount
once you've completed all of the fields we can go ahead and save and close this
deposit the next thing we want to do is review the deposit in the check register
to make sure that everything was entered correctly so back on the home page we
want to go ahead and select transactions on the left hand menu bar and then
banking we want to go ahead and click the go to register link on the right and
at the top the most recent transactions will appear here so the very top here is
our deposit that we just entered from the IRS for the $75 if we needed to make
any changes to this all we would have to do is click here in any of the fields
for this transaction make our changes here and then save them refer to the
step-by-step written lesson to learn more about how your accounts and
financial statements are affected when a deposit is recorded in QuickBooks that
wraps up the lesson on how to record deposits in quickbooks online to access
our full quickbooks online course or any of the other lessons in this series
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