We want our accounting system to faithfully record all of this, and make it easy at reconciliation time. These checks are thrown into a drawer and on Thursday morning the 3-check, $6,000 deposit is finally made at the local bank branch. Let’s say your business receives checks on: Monday ($1,000), Tuesday ($2,000) and Wednesday ($3,000). Multiple customer checks are deposited in one trip to the bank Incoming Bank Wires to pay an invoice with fees deducted.Multiple customer checks are deposited in one trip to the bank.Let’s look at four common examples of when “Make Deposits” and the Undeposited Funds account are especially useful: This is much easier than trying to add many small amounts to match various lump-sum credits seen on the bank statement. With a little knowledge of how this works, deposits in QB will be detailed and listed very closely to what is seen on the bank statement.
These two features often work together and in certain situations can make your trail of accounting entries clearer, more precise and more professional, especially when it’s time to reconcile bank accounts. What is the “Undeposited Funds Account” in QB, and why use the “Banking > Make Deposits” option? (In QBO, “+” sign > Other column > Bank Deposit). Applies to QB Desktop, QuickBooks Enterprise and QuickBooks Online