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Quickbooks Tip: How To Record Deposits (Using Undeposited Funds)

You may already be doing this, but there are a few different reasons why you should be using the Record Deposits feature function in Quickbooks.

# 1 - It will make your bank reconciliations so much easier to do - because the amount of the deposit on your bank statement will match the amount of the deposit in Quickbooks.

#2 - It's a double-check that the bank has not made any errors on the deposit.

#3 - Your bank balance will not be overstated if you record undeposited cheques at the end of the month, but don't make it to the bank before the beginning of the next month.

So - if you haven't used this feature before, here is a quick step by step tutorial on how to record your deposits in Quickbooks!

1.  Enter your deposits the usual way, but select "Undeposited Funds" as your "Deposit to" account.

2.  When all deposits are entered, and you have deposited the funds at the bank (you have a deposit slip), you can now "Record Deposits".

Home Screen - Click on Record Deposits Icon in the Banking Field OR Go to Banking > Make Deposits.

 Check off each transaction that makes up part of the deposit.

3.  Choose the account and date of the deposit - make sure that it matches the bank receipt.

 Click "Save and Close" - and you're done!

Has this post helped you?  Do you have any other great tips you would like to share?  I'd love to hear from you in the comments section below!

Quickbooks Tip: Using Credit Card Charges

I've had to take a little break from blogging, because I was busy studying for, and becoming, a Certified Quickbooks ProAdvisor!  I've recently discovered that there is a demand for personalized, one-on-one Quickbooks training - and I've decided to specialize my business.

What better way to start than to share useful tidbits about Quickbooks to you?  The first tip that I will share involves using the credit card charges function!

Credit Card Charges Function in Quickbooks

Many of you may be doing this already, but in case you are not (treating your credit card issuer as a regular vendor in Quickbooks) this really is a great tool!  The best part about it is - you will have access to much more information (see in one place the bills you have paid with cheque or visa), and find specific credit card charges quicker! 

Step 1:  Set up your credit card as an account, and select "credit card" as the type

 

Lists / Chart of Accounts / Edit / New Account / Select Type "Credit Card" / Account Name as the Name of the Card (i.e. Scotiabank Visa)

Step 2:  Enter Credit Card Charges, One by One

Banking / Enter Credit Card Charges

Select the Credit Card You Are Paying With / In "Purchased From" Field Choose the Vendor You are Paying (Do not forget to use the date on the receipt, not the statement date)

Step 3:  Reconcile the Credit Card Statement 

When you receive the statement:  

Banking / Reconcile

Choose the credit card you are reconciling / Enter the statement balance / Enter any applicable credit card charges / Reconcile the Account as You Would a Bank Statement

 

Step 4:  Pay the credit card statement or set it up as a payable

Once you have reconciled the credit card, you will have the option to pay the invoice now - or set it up as a payable.

Then you're finished!  When you are in the Vendor Summary - you will see your credit card payments and cheque payments, all in the same place!

Did this help you?  Want to know more?  Do you have a specific Quickbooks item you need help with?  Please leave your comments below!  Thanks for visiting!