How to Make Deposits and Record Deposits in QuickBooks

Aug 19, 2022

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If you don’t know how to “make deposits and record deposits in QuickBooks” then that can be done manually. Further, QB records all the preferences for transactions, category-wise, and thus automatically records and organizes transactions after the first time.

QuickBooks provides users with the option to link their bank accounts. By linking their bank account with QB, users can avail of perks such as automatic recording of transactions and deposits. Any data or transaction can be synced directly with QB. Also, users can configure these transactions manually for making their books more descriptive.

To link your bank account with QuickBooks, follow the steps given below

Log into QuickBooks.
From the dashboard, select Connect Bank Account
Search for your bank
Enter the credentials for authorization of bank integration

Praise the Lord! You have successfully connected your bank account with QuickBooks. After this, QuickBooks will automatically import the transactions for the last 90 days. You can then classify these transactions and mention the categories each of them belongs to. After the first entry, QB will remember your preferences and automatically record and organize all the transactions that it syncs from your bank account.

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How to Make Deposits in QuickBooks?

Users often like to record security deposits separately. Security deposits include deposits like advanced rent. Basically, any amount received in advance for adjusting loss or damage is recorded as a security deposit. In QuickBooks, you don’t have any separate account that records security deposits. These deposits are often recorded as liabilities if are being received. Still, we can use the chart of accounts for creating a separate account that holds all of our security deposits.

Follow the steps provided below for recording security deposits in QuickBooks:

Log into QuickBooks.
Select Chart of accounts from the create menu or the left navigation panel
Click on New Account
Create a current liability account if you are receiving the security deposit, or a current asset account if you are providing the security deposit.
Now connect any transaction or deposit relating to security deposits directly into this security deposit account.

Add all security deposits to this account. Later, you can use this account for creating reports regarding security deposits. You can also use a filter for sorting and arranging these deposits.