 QuickBooks Online 2024 Deposit Form. Get ready because we don't just do data input here, we get totally into it with Intuitz. QuickBooks Online. Here we are online in our browser searching for QuickBooks Online Test Drive looking for the result that has Intuit.com and the URL Intuit being the owner of QuickBooks, selecting the United States version and verifying that we are not a robot. Opening up our major financial statement reports like we do every time, going to the reports on the left hand side, right clicking on the balance sheet so we can open link in new tab, right clicking on the profit and loss so we can open link in new tab. Let's take a look at them, go into the middle tab, closing up the hamburger. There is our balance sheet tabbing to the right, closing up the hamburger. There is our profit and loss going back to the first tab. That's the setup process we do every time. First tab is where the data input will be and then we'll check out what happens to the end result, the financial statements and related reports on the tabs to the right. Selecting the drop down, remembering that we've been looking at the customer cycle, which you can call the sales cycle or the revenue cycle and the customer term represent or means for QuickBooks. First a word from our sponsor. Yeah, actually we're sponsoring ourselves on this one because apparently the merchandisers they don't want to be seen with us but that's okay whatever because our merchandise is better than their stupid stuff anyways. Like our, trust me, I'm an accountant product line. Yeah, it's paramount that you let people know that you're an accountant because apparently we're among the only ones equipped with the number crunching skills to answer society's current deep complex and nuanced questions. If you would like a commercial free experience consider subscribing to our website at accountinginstruction.com or accountinginstruction.thinkific.com. Our customers, the people that will be ultimately paying us hopefully for the goods and services that we are providing. Remembering that in practical terms we are customers as well of our vendors like any other term like this term of customers for the software is going to be indicating a specific side of the table on the transactions. So we talked about the customer cycle, the sale cycle, different ways that the sale cycle can be formatted from easier kind of formats to more difficult formats which will be dependent upon the industry that we are in possibly the size of the company that we have. So the easiest system would be where it's a cashed based system but even easier than a cashed based system where we have gig work or something we wait until something clears the bank the deposits that is and then we just record them with a deposit form but with the bank feeds that would be the easiest kind of system. If you had a cashed based system but you're at a cash register then it's a little bit more complex because you're going to be using the sales receipts typically to record the receipt of the payment and then have to record the deposits so you have your internal controls then use the bank feeds to tie out and match to make sure that your everything matches up and helping you out with the bank reconciliation and then if you have an accrual method like we talked about in prior presentations that would mean you have an invoice which is an accrual form increase in the accounts receivable then you would receive the payment and then make the deposit to the bank account and possibly tie it out to the bank feeds or do the bank reconciliation at that point in time. You'll note no matter what the method is that the deposit is what we hope to be the end of the process of the customer cycle money coming in for the goods and services that we are providing to customers. Note also that the deposits over here in the other section you might say well why why isn't it under the customer area since it's clearly a form that we hope to be using primarily from the customer cycle side of things and I think the reason for that is that QuickBooks is saying you might have other deposits right we could have a deposit from like the bank or we could have like a loan you took out a loan and you put a deposit or we could have a deposit from the owner for example we put money into the business because we want to grow the business or because it's a startup type of business so we might have deposits from people other than the customers in that case therefore the deposit form is actually somewhat confusing because there's many different scenarios where you might have the deposit whereas when you look at an invoice type of form then obviously the invoice is designed to bill the customers it has a unique purpose but the deposits could be coming from different areas and there's also different ways that we can do the data input for the deposit form so typically what I will do is I'll use the actual deposit form when I'm depositing something that's coming through the invoice that then had a receive payment or the sales receipts because those forms are often going to undeposited funds like we talked about last time with the receive payment form and the deposit form then has the capacity for us to to to link up multiple payments to try to match out when we make the deposit into the checking account in the same dollar amount that is going to actually show in the checking account so that's when I would mainly use the deposit form if we're getting a deposit form from like gig work or something like that then you're probably going to be using the bank feeds which will still record a deposit but it'll come through the bank feeds and then if we were going to record a deposit for something like a loan from the bank or us putting money in as the owner I might simply go to the register and use the register for the deposit so let's take a look at each of these formats so let's first open up a deposit here let's look at a bank deposit and let's imagine that it's going to go into the checking account you can do the checking or the savings is going to go into the checking and we're going to say that this is going to happen on 01 let's say 05 24 now we have tags if we have tags we'll talk more about tags later we have two main sections of the deposit form the top part of the deposit form represents those payments that are now being that we can tie together this is what I mean by being able to use the deposit form to click both of these items so I can make the deposit as 2062 52 into the checking account which hopefully will match what's on the bank side of things as opposed to depositing them one at a time and then if you were going to make a deposit for something other than that like it like it was a loan from the bank then you can take it directly to an account down here let's do that one first so if I'm going to do an account down here let's say I'm going to add a new account and let's just say it came from a loan so I'm going to say it's going to be a liability account so we're going to say another current liability and let's say it was a loan payable and I'll just say loan payable too because they might have one there already and let's say that and let's say that we're going to put in an amount of $10,000 because it was a loan 100,000 10,000 let's make it 10,000 so what's this going to do is going to increase the checking account by 10,000 and the other side of course going to the loan payable not impacting the income statement in this case I'm going to say let's say save it and close it deposit form entered go into the balance sheet and let's take this up a year from 010124 tab 123124 tab run it to refresh it and then go into that checking account to check out the checking okay and there's the 10,000 there if I go into it that will of course drill back down to the source document to the deposit where we have it here and closing this back out back to our statement going down to the loan there's the loan payable $10,000 on the other side of things so now let's do a similar thing where we're going to similar to what we did last time where we have received payments that we're going to put into the deposit so let's just recap that quickly I'm going to say let's make an invoice and then receive the payments on those invoices so I'm going to say invoice and I'm going to say this is going to be for customer customer one tab and okay okay and then I'm going to say this happened on let's say the sixth down below I'll make a new item like we've seen before so I'll do it relatively quickly here it's going to be a service item I'm going to make it hourly hourly service copy paste let's make it that $100 again just to keep it the same I'm going to not have any tax on it because the tax isn't where our point of focus is now we want to keep it simple on the invoice side so we'll save it and close it so let's say this was there's the $200 so I'm going to say save and new let's do one more save and new and let's say this is going to be for customer number two customer number two did oh no customer two tab okay tab and through it and we're going to say this will be hourly again hourly boom say that's for $100 there's our two payments so we'll say save it and close it this time that will increase the accounts receivable go into the balance sheet running it we're going to increase the a to the r so the accounts receivable has going up the other side going to the income statement let's go to the income statement run it to refresh it actually let's change the range oh one oh one two four tap 1231 24 tab run it to refresh it there's the $300 here going to the first tab going to the sales area we can go to the customer side of things and we can see that we have those two customers that we have added we can receive payments let's go ahead and receive the payments so if I hit the drop down let's do it this way invoice now we're going to receive the payments so let's go for customer one customer number one boom boom boom and there's the invoice so i'm going to connect it what's this going to do it's going to decrease the the accounts receivable and the other side is going to go into the clearing account of undeposited funds now remember we could put it directly into the checking account but we're going to imagine here that we're getting cash payments or credit card payments let's make it cash this time because we made it credit card last time and we're going to group these payments together and deposit them at one lump sum into the checking account so i'm going to say let's do that one let's save and new and let's do the other one which for was for customer number two and let's say this was a cash payment as well cash payment undeposited funds there's the 100 so this will also decrease the accounts receivable on the other side going into undeposited funds let's say save it and close it and then check that out balance sheet running it and we can say okay okay i said it okay and so we have undeposited funds so here we have the 200 the 100 in undeposited funds going back and the other side going into uh or decreasing the a to the r the accounts receivable okay so these go tick and tie in and out okay so so now what we want to do is make a deposit but we want to group them together that's when the actual use of the deposit form is really important note that i can't really wait until the it clears the bank and use the bank feeds to do the deposits as easily because i'll have to match those two deposits together so i have so if i have these cash payments or credit card payments i typically have to use this undeposited funds and then do the second step of going to the plus button and going to the deposit form and i imagine now going to the checking account at the end of the day and saying this is how much money i have there's the 200 there's the 100 of these two sales i'm going to add them together and then would i make the deposit into the checking account that'll add together for the 300 so that it will match what is on the bank statement because i'm going to make a deposit for 300 dollars i'm not going to make two deposits for 200 and 100 i could but that would be kind of a pain right if i had a bunch of five dollar sales i'm not going to deposit five dollars at a time i'm going to deposit them as one lump sum and this gives you a nice technique to then match that on our side on the bookkeeping side therefore making the bank reconciliation easy so i'm not going to use the bottom bit i'm not going to assign it to a particular account because this top part knows what to do all of the amounts in here have been assigned or are inside undeposited funds so by clicking these off we're going to decrease undeposited funds the clearing account and put it into the checking account so let's save it and close it check it out balance sheet run it and we're going to say undeposited funds has gone uh uh hold on a sec let's refresh it again doesn't seem like it happened the way it's supposed to happen so there it is up and down so it increased and decreased and then let's go back and let's go into the the checking account and it went into the checking account or should be going in there as one lump sum of three hundred dollars instead of two payments so that when we do the bank reconciliation it should tie out okay so then the next the next thing that might happen is you might have deposits that come in from the bank feeds so the bank feeds if i go to the transactions over here you could have the department to close up the hamburger you might have a system where you get paid from like gig work or something like that in which case you might just wait till the deposits clear the bank and take it in from the bank feeds by the way the what we just did we did a full service accounting system and then you'd have to match the deposit so the the matching of the deposit would not record a new transaction but it would simply help you with your bank reconciliation process but if you're if you're in a system where you're going to say that you have gig work or that you're just going to basically wait till everything clears the bank and record it as a deposit when it clears the bank such as possibly like this one up up here let's say we're going to record this as revenue and let's just say this came in from vendor it's a receive payment therefore deposit it's an uncategorized income let's just record it to an income account i'll just make one up i'm going to make a new income account so i'm going to make a new income account as we go i'm just going to call it boom income and we're going to call it other primary income let's just call it income and i'll just call it income one and there's where it's going to go income account other side's going to be decreasing uh other side is going to be increasing the checking account we could make a rule for it note that this doesn't look like the point here it doesn't look like a deposit form it looks a little bit different right but when we record it you would think it's going to create a deposit form because it's it's an increase to the checking account so this is kind of similar to a register entry where we don't have the full form look but you have to still kind of imagine that it's going to be a deposit form because when we drill back down on it it's going to show as a deposit form so this happened on 12624 so let's add it and see if i can show what i'm talking about balance sheet run it and then let's go into the checking account and we're going to see there it is see it's right here see how it shows as a deposit form when i open it back up it's not going to take me to that bank feed screen we'll talk more about bank feeds later but i'm just point point out that it's going to open a deposit form so when you think about increases to the checking account whatever form you use whatever data input whether it be the bank feeds or a deposit form or the register which we'll take a look at when you drill back down on it it's going to create a full you know deposit form so i'm going to close this back out go back on over now just note that if you have a system where you're going to rely on the bank feeds and just say that everything that's an increase is a deposit you need to be careful about those types of increases that might not be from the customer most of the times they will all be from customers so you might have an easy system where you're like i'm just going to wait till everything clears the bank and i'm going to record all the increases to the checking account as deposits and revenue you could see by the way that transaction if i went to the income statement is in revenue right on the income statement but it's in there with a deposit form as opposed to the service revenue which we put in there with the use of invoice forms so revenue for quickbooks is usually recorded with invoices and sales receipts not deposits but you might have a simplified system where you're going to use the bank feeds and therefore you'll use the deposits which which is an easy thing to do although you lose a little bit of detail on it because the deposit form doesn't have the capacity for example to track income by customer or vendor i don't believe so in any case if you have a system where you're going to do that then you got to make sure that if you have a deposit that goes into your account that's not from the customer that you don't record it as revenue so for example if you put money in these are the two primary examples you put money in as the owner you don't want to count that as income because if you do then you're going to record it on your taxes if you're in the united states and you're going to be paying taxes on the money that you put into the rent or if you got a loan also you want to make sure that you pick that receive payment up and make sure that you record it as a loan so you just have to be careful of that that's your system now the other way you might put a deposit in is directly into the register and so if i got a loan or if i put money in as the owner so let's expand this let's go to the i'm already in the transactions let's go into the chart of accounts on the right hand side and let's go into the check-in account register over here and so now if i was if i wasn't using bank feeds to record the deposit and i don't have a deposit that is tied to the receive payments uh or sales receipts in some way and therefore going in and out of undeposited funds the easiest way to do the data input i would think would be from the register over here so if you're putting a lot of transactions in for whatever reason then this might be a faster way to do it so if i hit the drop down i can see i have deposit form here so i can make my deposit form it doesn't look like a deposit form because again it's a truncated or smaller data input field and you don't have the capacities to check off those items that are going in and out of undeposited funds so so but you do have a nice easy input that's a little bit shorter so let's say this happened on the 20th let's say it was a loan from the bank so i'm going to say it's up the bank and i'm going to set them up as a vendor even though they're not really a vendor or but this is going to be a loan in the memo and let's say it was a deposit for wait i already did the bank let's say this one was from the owner owner you putting money in so we're going to say vendor owner i didn't spell it right whatever you get the idea it's going to be investment owner investment and so so now it's going to say let's say you put 5000 in so you're putting money in as the owner that means that the other account that's impacted isn't going to be the income statement i don't want to go into revenue it's going to have to be some kind of equity account so let's just make up an equity account i'm going to make an equity account i'm going to say it's going to be equity and let's say it's going to be to do owner equity partner equity i'll just say it's going to be owner's equity but i'm going to say it's going to be owner investment investment and we'll save that so this would be the other reason that you might have money why would money be going into your account as a business account hopefully it's from customers number one if it's not from customers it might be coming from you in which case you want to put the other side to some kind of equity account because the company owes you the money back or it might be a loan which we saw before in which case you're going to be putting it in to a liability account and not a revenue account so let's save it and check that one out so you can see how if i go back into it here i can then edit it and you can see that it will then open a deposit form and here's the account go into it directly to an account not using the top part but using the bottom part closing this back out if i go to the balance sheet and check that out running it to refreshing it and go into my checking account checking out the checking let's check it out man and there's the five thousand going into it once again it goes into a full deposit form doesn't go back to the register so whenever you're using the data input that's that's like going to the checking account and it's increased in the checking account your first thought is like what's probably going to create a deposit form right and then the other side of that went into our equity account instead of the income statement where i put this owner investment of the five thousand noting that you could have put it directly into retained earnings but you might make a different account for the investments remember that as the business starts moving what you expect to be happening is that you're not going to be putting money into it you're going to be taking money out of it called draws or if it was a corporation called dividends but if you're expanding the business or starting the business you're going to be putting money into the business possibly which you might make a separate equity account for if you want to track it in a separate account called like owner investment or or if it was a corporation that would be the sale of the stock that would be you know the common stock so that's those are the that's the deposit form