| Improperly recorded customer payments and | | | | Record Customer's Payment When Using Sales |
| bank deposits are common problems among new | | | | Receipts |
| users of QuickBooks. In order for bank | | | | The directions that follow assume that no sales |
| reconciliations go smoothly, however, it is | | | | information has been entered for this customer, |
| important that these items are recorded | | | | this sale, or this payment: |
| correctly. To do this, transactions in the | | | | - Open QuickBooks. From the Customer's menu, |
| QuickBooks check register need to match how | | | | select Sales Receipts. |
| they appear on the bank statement. | | | | - The Sales Receipts window opens. Enter sales |
| When going to the bank and depositing several | | | | and payment information. |
| customer payments using one paper deposit slip, | | | | - If using QuickBooks for years 2005 or 2006: |
| the bank statement will show the payments as | | | | make sure the Undeposited Funds preference is |
| one lump sum. In QuickBooks, the checking | | | | turned on. From the Edit menu, select |
| account register should show the one lump sum | | | | Preferences, then Sales & Customers, then |
| as well, even though the payments may be from | | | | the Company Preferences tab, then check the |
| different customers and received at different | | | | box that says, 'Use Undeposited Funds as a |
| times. | | | | default deposit to account'. |
| Record Customer's Payment When Using Invoices | | | | - If using QuickBooks for years 2004 or prior: in |
| The directions that follow assume that the Invoice | | | | the lower left corner of the Sales Receipts |
| feature was first used for the customer, this | | | | window, make sure the 'Group with other |
| payment: | | | | undeposited funds' circle is selected. |
| - Open QuickBooks. From the Customers menu, | | | | - Click Save & New or Save & Close, |
| select Receive Payments. The Customer | | | | as appropriate. |
| Payment window opens. | | | | Record Bank Deposit of Customer Payments |
| - In the Received From box, select the | | | | Follow the steps below before going to the bank. |
| appropriate customer. Fill in the rest of the | | | | The paper deposit slip must be calculated |
| information on this screen. Don't forget to include | | | | correctly, or adjustments will appear on the bank |
| the check number, if paying by check, and the | | | | statement, making the reconciliation more difficult. |
| payment type. | | | | Following these steps will also ensure that bank |
| - If QuickBooks does not automatically select the | | | | deposits recorded in QuickBooks will always |
| appropriate invoice, select it yourself. Apply any | | | | match how they appear on the bank statement. |
| credits if necessary. | | | | - Open QuickBooks. From the Banking menu, |
| - If using QuickBooks for years 2005 or 2006: | | | | select Make Deposits. |
| make sure the Undeposited Funds preference is | | | | - The Payments to Deposit window will open. |
| turned on. From the Edit menu, select | | | | - Select the payments you will deposit. Click Ok. |
| Preferences, then Sales & Customers, then | | | | - In the Make Deposits window, verify the |
| the Company Preferences tab, then check the | | | | Deposit To account and the date. |
| box that says, 'Use Undeposited Funds as a | | | | - Use the information on this screen to prepare |
| default deposit to account'. | | | | your paper deposit slip. |
| - If using QuickBooks for years 2004 or prior: in | | | | - Click Save & New, or Save & Close, |
| the lower left corner of the Customer Payments | | | | as appropriate. |
| window, make sure the 'Group with other | | | | Your bank records will now agree with your |
| undeposited funds' circle is selected. | | | | QuickBooks records, making reconciliations faster |
| - Click Save & New or Save & Close, | | | | and easier. |
| as appropriate. | | | | |