Learn how to combine multiple transactions into a single record to keep QuickBooks in sync with your bank deposits.
When you deposit money at the bank, you often deposit money from multiple sources all at once. If you recorded each payment individually in QuickBooks, they won’t match your deposit. That’s because your bank usually records all the payments you deposited as a single record with one total.
But don’t worry, QuickBooks has a special way for you to combine everything so your records match your bank deposit total. Put transactions you want to combine into your Undeposited Funds account. Then record a bank deposit to combine them.
Here’s how to track bank deposits in QuickBooks. Or learn more about bank deposits in QuickBooks Online first.
Step 1: Put transactions into the Undeposited Funds account
If you haven’t already, put the invoice payments and sales receipts you want to combine into the Undeposited Funds account. This account holds transactions before you record a deposit.
Step 2: Record a bank deposit in QuickBooks to combine payments
Each bank deposit creates a separate record. Make deposits one at a time for each of your deposit slips.
- Select Create ⨁.
- Select Bank Deposit.
- From the Account drop-down menu, choose the account you want to deposit the money into.
- Select the box for each payment you want to combine. Make sure the deposit amount and selected payments total match your deposit slip. Use your deposit slip as a reference. Remember, only select payments you need for each deposit.
- Select Save and close or Save and new.
|Important: All transactions currently in your Undeposited Funds account appear in the Bank Deposit window. If you don’t see one you need to add, put it in the Undeposited Funds account.|
To see past deposits and the transactions you combined:
- Go to the Reports menu.
- Scroll down to the “Sales and customers” section.
- Select the Deposit Detail report.
The report lists all your completed bank deposits. You can select individual deposits to get more details.
If you want to remove a specific payment from a deposit:
- Go to the Sales menu and then select the All Sales tab.
- Find and open the payment you want to remove. The status should be “Closed.”
- Select the blue date link near the customer name. This opens the bank deposit.
- Uncheck the box for the payment you want to remove.
- Select Save and new or Save and close.
The payment will go back to the Bank Deposit window. You can add it to another deposit.
If you need to start over and delete an entire bank deposit:
- Go to the Accounting menu.
- Select Chart of Accounts.
- Find the bank account holding the deposit and then
- Select Account history.
- Search for the deposit and select it to get more details.
- Select Delete.
All payments on the deposit will go back to the Bank Deposit window. You can start over and create a brand new deposit.