PC.5.I.7 - Recording deposit transactions
- 9 steps
Fast & Easy QBO
QuickBooks
The Sample Company
1
To complete this exercise, you must be in the Sample company. To get into it, 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.
Hands On Practice
Now let's get started with the exercise. Here is the full scenario:
Your client, Craig, needs some help to record a deposit transaction for a refund he’s received and for any other items in his Bank Deposit screen.
Here’s some useful information:
- The refund is from **Fidelity,** his insurance company
- It’s **check number 5487**
- The refund amount is **$30.00**
- It will be deposited into **Checking** and posted against the **Insurance** expense account
Here’s what you need to do:
- Create a deposit transaction for the refund from his insurance company
- Deposit anything else in Craig’s Bank Deposit screen
2
Click the "+New" button, then select "Bank deposit".
Confirm the Account field says Checking. The Date field can be left as is (defaults to today).
There are some payments in undeposited funds waiting to be deposited. We'll include these in the deposit as well.
3
Click the "checkbox" at the top of the transactions list to select both.
Next, we need to add the $30 refund from Fidelity. This needs to be done in the Add funds to this deposit section.
4
On the first line, in the Received from field, select "Fidelity".
5
In the Account field, select "Insurance". *Note that this is an expense account, so this deposit won’t be classified as a sale.*
6
In the Payment Method field, select "Check".
7
In the Ref No. field, type "5487". *This is the check number.*
8
In the Amount field, type "30".
9
Click the "down arrow" next to Save and new, then select "Save and close".
🏋️♀️ Get More Practice
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