and now we will learn how to record depositing money from another bank account you could also
call this bank account transfers a deposit can be only one of three things income from a customer or
client from the normal operation of business or what we learned about in the prior video
investment from the owner but in this video a deposit will be a transfer in from another
business bank account for example if we want to take money from our Chase Bank and transfer it
into our T&M Bank from the point of view of Chase Bank this is a payment and it will be recorded in
the payment column but from the point of view of the TNM bank this is a deposit and that very
same transaction will be recorded in the deposit column so when you record transfers from one bank
account to another you have two options if the money's coming from Chase to TNM you could record
it as a cheque or payment from the Chase Bank register where the money is coming from or you
could record it as a deposit in the TNM register where the money is going to it doesn't matter as
long as you properly record the transaction in one of the registers and put the proper
information QuickBooks will automatically copy that same transaction into the other register
and it will be correct for example let's imagine on July 6 Holden transferred $300 from Chase Bank
account into the TNM bank account and they gave him this transaction number well you could record
it in the Chase register as payment or you could record it in the TNM register as a deposit that's
the way we'll do it in this video we open the TNM register from the icon bar and we'll put in
the date July 6 then of course we'll put in the transaction number that the bank gave him which
is 1 1 2 3 3 1 1 2 3 3 now because it's a deposit we don't need a payee however the most important
field in this transaction is the account if the money is coming into TNM from another account
then that's the account you choose right here in the account field click the arrow scroll all the
way up and choose Chase Bank so the money is coming into the TNM bank from the chase bank
account and again because the money's coming in to TNM we would put that 300 in the deposit column
now at the moment I record this deposit you will notice the balance of TNM will go up to 1700 but
if you look at the balance of Chase at the moment I record this the balance of Chase Bank will go
down to 2400 let's take a look I click record now notice the balance of TNM went up to 1700
and when I go over to Chase Bank not only did the balance go down to 2400 but the transaction that
I just recorded a moment ago in the TNM register QuickBooks automatically copied to the Chase Bank
register notice that in the TNM register for this July 6 transaction we chose Chase Bank as
the account and when QuickBooks copied it to the chase register it put tienen as the other account
the transaction that's why there's no difference between which register you record the transfer
in let's try one more example just to be sure see if you can predict what the results will be
after you record the transaction July 7 Holden transferred $400 from the Chase Bank account to
his PayPal account and this is the transaction number that they gave him well you could record
it as a check from the Chase Bank register but in this video instead we will record it as a deposit
into the PayPal account so from the we can close out the other two registers and from the icon bar
we can click the PayPal register this is our first PayPal example and it says July 7 so on July 7
transaction number one nine one nine one nine now again because there's a deposit we do not have to
put a payee can you guess which account we will put in this field well the money is coming into
the PayPal account from the chase bank account and of course from the point of view of PayPal
this is a deposit because this transaction increases the PayPal bank account the amount
was four hundred now at the moment we click record PayPal's balance will become four hundred but the
chase bank account will go down to two thousand so in the PayPal register we click record and
notice PayPal now has a balance of four hundred dollars and the Chase Bank account only has a
balance of two thousand you can see the balance of all your accounts in the trial balance and now
PayPal showed up for the first time in the trial balance with a balance of four hundred dollars