Making Bank Deposits

Whenever you record a cash sale or a customer payment on an invoice, QuickBooks adds the cash to its list of undeposited funds. These undeposited funds could be a bunch of checks that you haven’t yet deposited, or they could consist of coinage (currency and coins) or even credit card payments, if you accept those.

tip.eps You can also tell QuickBooks to give you the choice of indicating that a particular payment or sales receipt is deposited directly into a specified account. To tell QuickBooks to give you this choice, choose Edit⇒Preferences, scroll down to the Payments icon, click the Company Preferences tab, and then deselect the Use Undeposited Funds as a Default Deposit to Account option. After you make this change, QuickBooks adds buttons and a box to the lower-left corner of the Enter Sales Receipt and Receive Payment windows so that you can indicate into which bank account the money is deposited.

Eventually, though, you’ll want to take the money out from under your mattress and deposit it in the bank. To do so, follow these steps:

1. Choose BankingMake Deposits.

Alternatively, select Record Deposits on the Home screen in the Banking section.

The Payments to Deposit dialog box appears, as shown in Figure 5-7. This dialog box initially lists all the payments, regardless of the payment method. You can, however, use the View Payment Method Type drop-down list ...

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