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!
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