To complete this exercise, you must be in the Sample company. From your QBOA account, click on the Gear icon on the top right corner of the screen, then select Sample company.

Note that you will be logged out of your current account. If you are sure, click "Continue" to confirm. 

Now let's get started with the exercise. 

Click the "+New" button, then select "Bank deposit".

Craig deposited the checks that had already come in from Cool Cars and Freeman Sporting Goods. Because they have been waiting in Undeposited Funds, they show up here as available to include in the deposit. We want to include these as part of the deposit.

Under Select the payments included in this deposit, click the top "checkbox" to select all.

Next we'll need to add the refund check from the IRS.

Under Add funds to this deposit, in the Received From field, type "IRS", then click "+Add new IRS".

Note that in a real life scenario, this would already be set up as a vendor because you would already have been paying taxes to them. In the Sample company, however, we'll have to add it.

In the Contact type field, select "Vendor".

In the Account field, select "Taxes & Licenses".

In the Description field, type "Federal Tax Refund".

Click the "down arrow" next to Save and new, then click "Save and close".

Want to follow along? [Click here](https://youtu.be/_QQQHwvcG5U) for our video walk-through.

Questions/Problems/Concerns?[ Send feedback.](https://www.bookwidgets.com/play/k6rmQMKk-iQAEzXMdagAAA/BEXUQBE/feedback-scrib?teacher_id=6434462993219584)

QuickBooks

QuickBooks is a widely-used accounting software developed by Intuit, designed to simplify financial management for businesses of all sizes. It provides a user-friendly platform for tasks like invoicing, expense tracking, payroll processing, and generating financial reports. QuickBooks automates many financial processes, making it easier for businesses to monitor their financial health, prepare taxes, and manage cash flow. With its various versions and integrations, QuickBooks caters to the needs of freelancers, small businesses, and larger enterprises, offering a flexible and comprehensive solution for efficient accounting and financial management.

app.qbo.intuit.com

fastandeasyqbo.com

Scenario: Craig just received a $1,200 federal tax refund and deposited that check, as well as the ones he previously received from Cool Cars and Freeman Sporting Goods, into the bank.

How would you record this deposit?

3.4 Create a Deposit

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