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How to Record Deposits within QuickBooks Online (QBO)

Instruction on how to perform 'Receive Payments' and 'Bank Deposits' are noted below and when to perform them.

Receive Payment - When the Check is received in the mail.
Bank Deposit - When those same Check(s) are then deposited into the Bank Account.

Receive Payment

  1. Login to your QBO account

  2. Click the '+ New' button in the upper left corner
    image.png

  3. Click 'Receive Payment'
    image.png

  4. Within the Receive Payment screen, you will have the following fields to complete:

    1. Customer: in this drop-down, begin typing the customer's name or scroll to find themimage.png

    2. Payment Date: today's date

    3. Payment Method: in this drop-down, select how the payment was made (e.g. Check or ACH/Wire)

    4. Reference No: this field is optional but the check number or ACH/Wire number can be added here

    5. Deposit to Undeposited Funds

  5. At the bottom of the page will be the Outstanding Transactions, which will list all open invoices
    image.png

    1. 💡Note: If you're not seeing the open invoice you want to apply the payment to, you can click the Filter button to expand the invoice date range QBO is pulling from. Adjust the dates to widen the search range.
      image.png

  6. Select the invoice(s) the payment is for
    image.png

    1. If the payment was a partial payment and doesn't cover the full invoices balance, the Payment amount will not equal the Open Balance
      image.png

    2. If the payment was the full invoice balance, the Payment amount will agree to the open balance
      image.png

  7. If a memo or attachment is needed, both can be added in the bottom left corner

  8. Save and Close in the bottom right corner

Check Deposits

The next step when you deposit those same check(s) into the bank, record the Bank Deposit in QBO:

  1. Click the '+ New' button in the upper left cornerimage.png

  2. Click 'Bank Deposit' which is on the far right, under the Other column. image.png

  3. Within the Bank Deposit Screen, you'll have the following fields to complete:

    1. Bank Account: Select the bank account the checks were deposited toimage.png

    2. Date: Select the Date you deposited the checks

  4. Scroll down and select which payments are included in the deposit image.png

  5. The total at the bottom should agree to the total amount of the deposit

  6. Click 'Save and Close' and you are finished!

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