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How Do I Make a Bank Deposit?

Chief Mechanic · July 25, 2010 ·

Always keep in mind that your goal when recording a bank deposit in QuickBooks is to match what you record to what you actually deposit. That means matching the transaction date, the amount, and the bank account to which you make the deposit.

The steps to make a bank deposit in QuickBooks depend on your setting of the Undeposited Funds preference.

For most QuickBooks users, the Undeposited Funds preference is enabled, so we’ll cover that scenario first.

Enabling the Undeposited Funds preference means that your default “deposit to” account is your Undeposited Funds account. Customer payments and sales receipts are temporarily accumulated in the Undeposited Funds account until you combine them into one or more bank deposits. Funds reach the Undeposited Funds account in one of 3 ways:

  1. recording a customer payment on the Customers->Receive Payments menu selection
  2. recording a Sales Receipt
  3. recording a General Journal entry
QuickBooks Enterprise Solutions 10 Payments To Deposit

Funds in the Undeposited Funds account are combined into a bank deposit on the Banking->Make Deposits menu selection. If you select this menu choice and your Undeposited Funds account contains transactions, QuickBooks will automatically open the Payments to Deposit window, as shown nearby.

This window will contain all items available to deposit. In this window, choose the item(s) that actually make up the bank deposit being recorded. In our example, we chose 1 item. Buttons are available to Select All items and Select None, which performs an “undo” function. When you’ve selected the item(s) to deposit, click Ok to return to the Make Deposits window. If you want to change the items selected from among the available items to deposit, simply hit the Payments button at the top of the Make Deposits window. If your deposit will only contain items from the Undeposited Funds account, it’s a good idea to verify that the Payments Subtotal matches the amount of the deposit.

In addition to items gathered from Undeposited Funds, you can include other deposit items, as well as deductions for fees, such as incoming wire fees. You always want to have the amount of the deposit match the amount recorded by the bank. If your bank combines a fee with a gross deposit and records a net deposit amount, you’ll want to include the fee on the Make Deposits window. If your bank records a gross deposit and a fee as 2 separate transactions, you don’t want to include the fee on this window. In our example, even though we’re depositing 1 check, we’ve added a $10 bank service charge expense to demonstrate how a deposit deduction is recorded.

You can also receive cash back from a deposit, which will be deducted from the deposit. You should only use this feature if your bank reports the net amount of the deposit as 1 transaction. If you use these fields, you’d normally enter a petty cash account (effectively a transfer), an expense account (such as a travel advance), or an equity account (a return of equity). While recording cash back from a deposit on the Make Deposits window can save a step, we generally discourage using this method. It’s preferable to record the gross deposit and cash withdrawal separately because you’ll preserve more transaction details of the cash withdrawal by doing so.

QuickBooks Enterprise Solutions Make Deposits

Before saving the deposit, confirm the Deposit To account, the transaction Date, and the Deposit Total match your actual bank activity. Optionally, you can record a Memo for the deposit.

Once you’ve verified the deposit details, click the Save icon, the Save & Close, or Save & New button.

You can also print a Deposit Slip and a Deposit Summary from the Print icon. If you opt to print information associated with the deposit, QuickBooks will first save it. A Deposit Summary is simply a summary report of the items and cash back (if any) on the deposit.

QuickBooks Enterprise Solutions 10 Deposit Summary

A Deposit Slip is designed to work with pre-printed QuickBooks deposit slips to automate the step of filling out a deposit slip form before you take the deposit to the bank. However, using a pre-printed deposit slip imposes some restrictions on the deposit function: all deposit items must have a Cash or Check payment method, and every deposit item must have a positive amount. The screen shots below illustrate these restrictions.

QuickBooks Enterprise Solutions 10 Deposit Warning
QuickBooks Enterprise Solutions 10 Deposit Warning

Recording a deposit if you don’t use the Undeposited Funds account follows most of the procedures described above. If you previously had the Undeposited Funds preference enabled and disable it while you have items in the Undeposited Funds account, QuickBooks will automatically open the Payments To Deposit window. If there are no transactions in the Undeposited Funds account, QuickBooks will present the Make Deposits window and allow you to manually enter the items for a deposit.

For each deposit item, you’ll specify who provided the funds (Received From), the general ledger account (From Account), any applicable Memo, the Chk No., the payment method (Pmt Meth.), and Amount. If class tracking is enabled, you’ll be able to specify the Class for each deposit item as well.

Once you’ve verified the deposit details, click the Save icon, the Save & Close, or Save & New button.

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What Does Error Code 6123, 0 Mean?

Chief Mechanic · June 13, 2010 ·

According to Intuit, Error Code 6123,0 “Connection to the QuickBooks company file has been lost” occurs in multi-user environments caused by one of the following:

  • the network connection between the computer on which the error occurred and the server hosting the company file was disrupted
  • firewall software is blocking a port necessary to communicate with the server hosting the company file
  • multiple instances of the QuickBooks database service are running
  • QuickBooks data or program files are damaged
  • the computer name on the computer hosting the QuickBooks company file was changed while hosting was turned on
  • the McAfee Privacy Service is installed with the Block Web Bugs filter option selected

The last 2 possible causes are the easiest to troubleshoot. The Block Web Bugs filter in McAfee’s software is incompatible with QuickBooks and needs to be turned off. If the computer name on the computer hosting the company file was changed, close all applications, reboot that computer, and then first stop and re-start multi-user mode. Specific steps for these possible causes are discussed in this Intuit knowledge base article.

For specific troubleshooting steps to resolve the other possible causes of this error, consult this Intuit knowledge base article.

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How Do I Determine My QuickBooks Version and Release?

Chief Mechanic · May 16, 2010 ·

To determine the version and release of QuickBooks, press F2 (or alternately, Ctrl + 1) while QuickBooks is running to display the Product Information window.

QuickBooks Enterprise Solutions 10 Product Information

The Product field shows the version and release at the top left of the window. In the example below, Enterprise Solutions: Accountant 10.0 is the version and R6P is the release.

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What Does the Error Code Referencing Microsoft’s Visual C++ Runtime Library Mean?

Chief Mechanic · May 16, 2010 ·

According to Intuit, the following error has been fixed in current releases of QuickBooks:

“Error: QuickBooks has encountered a problem and needs to close.Microsoft Visual C++ Runtime Library Runtime Error! Program: C:PROGRAM FILESINTUITQUICKBOOKSQBW32.EXE Abnormal program termination”

Insure that you’re running the latest QuickBooks release.

For further information on this error, consult this Intuit knowledge base article.

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What Does the Clean Up Company Data Utility Do?

Chief Mechanic · April 9, 2010 ·

The Clean Up Company Data… utility performs 2 functions:

  1. selectively summarizes closed transactions by creating new general journal entries by month and deletes the summarized transactions
  2. selectively removes unused list items, including accounts, items, customers, vendors, other names, and To Do notes

The Clean Up utility can accomplish several important goals:

  • improve performance by reducing the size of the company file
  • improve efficiency by removing stale list items
  • reduce recording errors by reducing the chance of assigning a transaction to the wrong list item

It can be used to remove transactions as of a specific date or to remove all transactions.

QuickBooks Enterprise Solutions 10 Clean Up Option 1

QuickBooks will not remove a closed transaction if it has 1 of the following attributes:

  1. it is an uncleared bank or credit card transaction
  2. it is marked To be printed
  3. it is an invoice or estimate and marked To be sent
  4. it contains unbilled costs

By default in the clean up process, closed transactions that meet any 1 of these 4 criteria will not be summarized and deleted, but these defaults can be changed. We don’t recommend changing these defaults, with the possible exception of transactions excluded because of the To be printed or To be sent flags.

QuickBooks Enterprise Solutions 10 Clean Up Option 2

Unused list items can be removed from 1 or more of some important QuickBooks lists as part of the clean up:

QuickBooks Enterprise Solutions 10 Clean Up Option 3

The Clean Up utility will complete 4 steps:

  1. Make a backup
  2. Verify the company file (.qbw)
  3. Create an archive copy of the company file (.qbw)
  4. Clean up data

Just before starting the clean up, QuickBooks will describe what it is about to do and ask you to proceed with the clean up:

QuickBooks Enterprise Solutions 10 Clean Up Starting the Process

During the clean up process itself, you’ll see the following messages, indicating that processing is being performed:

QuickBooks Enterprise Solutions 10 Clean Up Processing 1
QuickBooks Enterprise Solutions 10 Clean Up Processing 2

Once the clean up process has successfully completed, you’ll see this information window:

QuickBooks Enterprise Solutions 10 Clean Up Processing Complete

Running the Clean Up utility has a significant impact on your company file. See our related article on the effects of running the Clean Up utility.

For more information on the Clean Up utility, consult this Intuit knowledge base article.

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