From the course: QuickBooks Pro 2021 Essential Training

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Record deposits

Record deposits - QuickBooks Pro Tutorial

From the course: QuickBooks Pro 2021 Essential Training

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Record deposits

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- You've sent your invoices or have done a cash sale. You've received your payments, and have either deposited the cheques in the bank physically, or you're about to, at the end of the day. Now you need to tell QuickBooks about it, so that what you're depositing in QuickBooks, matches up to your physical bank statements. When you reconciled against those physical bank statements, you need everything to match up. Remember, when we process those payments, we grouped everything into a chart of accounts called undeposited funds. QuickBooks takes this amount and records the bank deposit and clears out this undeposited funds account of those cheques that you chose to deposit. That's what we're going to do in this video, because this needs to be reconciled against your actual bank account. It's very important that this matches up to the physical transaction. And it's also very common that in a real world scenario,…

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