Recording Multi-Check Bank Deposits in QuickBooks

This article goes over how to ensure multi-check bank deposits recorded in QuickBooks align with actual deposits made at the bank.

Key Steps:

1. Identify Multiple Checks: When receiving multiple checks from clients, create a single deposit slip listing all checks to be deposited.

2. Enter Deposit in QuickBooks:

   • Go to the bank account in QuickBooks.

   • Click on the Plus sign and select "Bank Deposit."

   • Select the payments received that correspond to the deposit made at the bank.

   • Save and close the deposit entry.

3. Match Deposits:

   • Go to the transactions tab in the bank account.

   • Locate the deposit transaction that needs to be matched.

   • Click on the transaction and select the "Match" button to reconcile it with the bank deposit.

Cautionary Notes:

• Avoid recording deposits directly to income categories without matching them to the corresponding bank deposits, as this may lead to double counting of income.

• Ensure that all deposits made in QuickBooks accurately reflect the deposits made at the bank to maintain financial accuracy.

Tips for Efficiency:

• Regularly reconcile bank deposits in QuickBooks to prevent discrepancies in financial records.

• Double-check the deposit amounts and payment sources to accurately match deposits in QuickBooks.

• Keep a clear record of all deposits and corresponding payments to streamline the matching process.

Link to Loom

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