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Aaron Woolley

Aaron Woolley

Receiving Payments & Making Deposits, Part 2

Slide Duration:

Table of Contents

I. Introduction
Bookkeeping Basics

10m 25s

Intro
0:00
The Accounting Equation
0:10
Assets
1:15
Liability
2:19
Equity
3:11
Debit vs. Credit
4:10
T Account
4:40
How Your Bank Treats Your Account
5:02
Your Books
6:08
Chart of Accounts
7:15
Balance Sheet Accounts: Assets
7:25
Balance Sheet Accounts: Liability
7:40
Balance Sheet Accounts: Equity
8:22
Income Statement Accounts
9:03
Income
9:06
Expenses
9:26
Net Income
9:48
Getting Started

16m 34s

Intro
0:00
Using Forms
0:13
How to Edit Customer Form
1:06
How to Edit Vendor Form
1:37
Using Lists
2:34
Customer Lists
2:39
Vendor Lists
2:47
Employees Lists
2:59
Using Registers
3:16
Check Register
3:22
Chart of Accounts
3:40
How to Use Register
6:27
Getting Around QuickBooks
7:54
Navigating Through the Home Screen
8:08
Managing Employees
9:59
Managing Open Windows
11:23
The Menu Bar
12:02
The Icon Bar
12:28
QuickBooks Centers
12:50
Customers, Vendors, Employees Center
12:53
Banking Center
13:06
Report Center
13:38
Lead Center
13:46
Search Information
14:17
How to Search for Information on a Customer
14:28
The Homepage & Workflow
15:12
The Chart of Accounts: Assets, Liabilities, Equity
15:37
How to Access Chart of Accounts
15:45
Setting Up QuickBooks

20m 51s

Intro
0:00
The Express Start
0:23
Create New Company
0:49
Entering Company Information
0:55
Enter Business Contact
2:24
Preferences
4:16
Adding Contacts
4:22
Adding Products and Services
4:28
Adding Bank Accounts
5:26
Review the Chart of Accounts and Customize
6:10
Check Chart of Accounts Set Up
6:48
How to Add To Chart of Accounts
7:20
Entering Bank Accounts and Opening Balances
8:00
Edit New Bank Accounts
8:28
Add New Bank Accounts
8:52
How To Open Balance
9:58
Adding Customers
10:27
How to Add New Customers
11:05
Adding a Job
12:33
Add New Job For Customer
12:50
Adding Vendors
15:01
Access Vendor Center
15:17
Add New Vendor
15:33
Adding Additional Accounts
16:33
Adding New Accounts in Chart of Accounts
16:53
Adding Items (Products & Services)
18:06
Add New Item to Sell
18:45
II. Working With Lists
Working With Lists, Part 1

31m 24s

Intro
0:00
Editing The Chart of Accounts
1:08
Edit Account
5:10
Adding Subaccounts
6:17
New Subaccount
7:50
Working with Customers & Job Lists
11:32
Add new customer
13:25
Providing Additional Customer Information
17:50
Providing Customer Payment Information
22:10
Working with the Vendor Center
24:08
Add new vendor
25:50
Providing Additional Vendor Information
28:28
Working With Lists, Part 2

46m 1s

Intro
0:00
Working with the Employee Center
0:24
Add new employee
2:01
Add contact information
4:02
Additional employee information
5:31
Employment information
6:26
Adding Custom Fields for Customers, Vendors, Employee List
7:28
How Many Lists You Can Add And For Who
8:46
How to Add Customer List
9:35
Define Fields
10:37
Adding Custom Fields for Items
13:26
Open Item List and Edit
14:15
Define Fields/ Setup Custom Fields For Items
15:54
Managing Lists
17:01
Ways to Sort Lists
17:14
Add Items to Chart of Accounts
17:32
Add Owner's Equity, Draw, and Contribution under Equity Account
17:59
Sorting Lists Manually
19:31
Making Sub Accounts
20:35
Sorting Lists
23:26
Sorting Lists in Ascending or Descending Order
23:54
Sort by Name, Balance, etc., Ascending or Descending
24:26
Merging List Items
26:08
Merging Vendor Example
26:53
Renaming List Items
28:55
Renaming Item Example: Checking Account
29:13
Deleting List Items
29:56
Deleting Customer Example
31:19
Viewing Inactive and Active Customers
32:32
Printing a List
33:26
Printing Customer List
33:58
Printing for Just One Customer
34:40
Print Particular Info for One Customer
35:08
Adding or Editing Multiple Items at One Time
37:04
Example: Changing a Zip code
37:39
Working with the Lead Center
41:43
Finding the Lead Center
42:09
Add New Leads
43:05
Add Multiple Contacts to Lead Center
44:34
Convert a Lead to a Customer
45:16
III. Accounts
Working With Bank Accounts

29m 11s

Intro
0:00
Writing a QuickBooks Check
0:30
Amount field
3:59
Other fields
5:27
Print check
7:00
Using Bank Account Register
7:40
Entering a Handwritten Check
9:45
Transferring Money Between Accounts
16:33
Funds Transfer Option
17:24
Transfer with Check Register
19:18
Marking Cleared Transactions
20:57
Bank Statement
23:31
Reconciliation Summary
26:11
Viewing Cleared Checks in the Register
27:05
Searching for Specific Check Amount
27:40
Using Other Accounts in QuickBooks

13m 25s

Intro
0:00
Other Account Types in QuickBooks
0:36
Tracking Credit Card Transactions - Entering Credit Card Charges
0:58
Reconciling Credit Card Statement
3:52
Reconcile Credit Card
5:00
Marking Cleared Transactions
5:57
Paying a Credit Card Bill
8:11
Entering Bills
8:34
Writing a Check
10:15
Using Other Accounts: Assets & Liabilities

30m 16s

Intro
0:00
Working with Asset Accounts: Setting up an Asset Account
1:24
Add New Account
2:30
Enter Opening Balance
4:34
Setup Asset Account to Track Depreciation
7:33
Add Subaccounts: Cost & Depreciation
10:32
Enter in Depreciation of Transactions
13:01
Working with Liability Accounts: Tracking a Loan / Long Term Liability
15:39
Add Long Term Liability / Loan Account
17:09
Tracking Fixed Assets
20:29
Add New Asset
21:36
Recording a Payment on a Loan
24:23
Understanding Equity Accounts
27:03
Add New Equity Account
29:20
IV. Sales Information
Entering Sales Information, Part 1

24m 23s

Intro
0:00
Using Sales Forms - Various Types of Sales Forms
0:07
Invoice Overview
0:56
Sales Receipt Overview
3:09
Generate Statement
4:38
Choosing a Template for Sales Forms
6:00
Filling in Customer Information
7:54
Create an Invoice
8:04
Invoice in Accounts Receivable Ledger
10:28
Repeating a Sale - Memorized Transactions
11:36
Memorize Invoice
12:52
Memorized Transaction List
14:01
Batch Invoices
14:55
Create Batch Invoice
15:21
Entering a New Service Item
20:13
Add new service
21:25
Entering Sales Information, Part 2

12m 33s

Intro
0:00
Using Multiple Price Levels - Create New Price Level
0:07
Create Price Level List
1:49
Associating Price Level with Customers
4:27
Edit Customer
5:53
Using Price Levels on Sales Forms
7:09
Choose Rate
8:56
Assigning Price Levels To Individual Line Items
10:38
Entering Sales Information, Part 3

22m 33s

Intro
0:00
Managing Overdue Customer Payments - Using the Collections Center
0:21
Collections Center
0:39
Create Invoice Letters
2:00
Prepare an Invoice Letter
3:09
Generating Reminder Statements
7:32
Assess Finance Charges
9:14
Preview Statement
9:42
Processing Sales Orders - Invoices Against Sales Orders
10:28
Open Sales Orders by Item
12:04
Create an Invoice
13:24
Tracking Back Orders
14:36
Create Invoice from Sales Order
16:37
Receiving Items
18:21
Check Item List / Inventory
19:22
Create Sales Order
19:58
V. Payments & Deposits
Receiving Payments & Making Deposits, Part 1

12m 40s

Intro
0:00
Recording Customer Payments - Record a Payment in Full for a Single Job
0:20
Receive Payments
0:40
Undeposited Funds Account
2:25
Entering a Partial Payment
3:42
Assign Payment
6:36
Applying One Payment to Multiple Jobs
8:10
Entering Overpayments
9:44
Leave or Refund Amount
10:51
Issue a Refund
11:28
Receiving Payments & Making Deposits, Part 2

15m 8s

Intro
0:00
Handling Down Payments or Pre-payments
0:07
Apply Credits
4:30
Making Deposits - Selecting Payments to Deposit
5:58
Payments to Deposit
6:26
Make Deposit
8:02
How QuickBooks Handles the Deposit
10:16
Entering & Paying Bills

22m 1s

Intro
0:00
Handling Bills in QuickBooks
0:23
Using QuickBooks for Accounts Payable
2:24
How to Bring up the Accounts Payable Register
3:04
Entering Bills
4:03
Enter New Bill
4:30
Add Vendor to List
6:29
See the Balance
8:48
Paying Bills
11:17
Turning on Reminder List
11:49
How to Pay a Bill
13:34
How to Print the Checks
16:21
How QuickBooks Records Your Bill Payment
17:08
How to See Your Checking Account / Bill Payment Check
18:38
VI. Analyzing Financial Data
Analyzing Financial Data, Part 1

11m 42s

Intro
0:00
Understanding Your Business Using Reports
0:11
When to Use a Quick Report
2:41
Creating Quick Reports
3:05
How to Look at Details for Quick Reports
4:05
Zoom In on a Quick Report
5:19
What You See When You Zoom In On An Item
6:06
Customizing Quick Reports
6:53
How to Customize A Report
7:28
How to Add Transaction Number to QuickReport
7:57
How to Move Columns Around
8:14
How to Change Header
9:42
Analyzing Financial Data: Create & Customize Preset Reports

29m 26s

Intro
0:00
Creating and Customizing Preset Reports
0:35
Company & Financial
0:54
Customers & Receivables
1:04
Sales
1:53
Jobs, Time & Mileage
1:55
Vendors & Payables
2:35
Purchases
2:45
Inventory
3:06
Employees & Payroll
3:22
Banking, Accountant & Taxes, Budgets & Forecasts
3:43
Lists
3:49
Industry Specifics
3:54
Using the Report Center
4:37
Categories of Standard Reports Available
5:15
Creating a Balance Sheet Comparison Report
7:29
Filtering Reports
9:50
Customize Report
10:20
Saving Reports in PDF Format
13:58
Creating and Customizing a Sales Report
15:24
How to Change the Date to a Custom Date
16:30
Using Quickzoom in a Preset Report
17:49
What is Quickzoom?
17:55
How to Zoom
18:19
Widening and Narrowing Reports
19:59
Saving Report Settings and Creating Memorized Report Groups
20:50
What are Memorized Reports and What Are They Used For
21:04
Memorized Reports List
21:43
How to Create A New Memorized Report
22:19
Memorizing Preset Reports
22:48
Saving Report
24:14
Adding Reports to Memorized Report Groups
24:42
Adding Reports
26:49
How to Display Reports
28:50
Analyzing Financial Data: Printing, Exporting, and Quickinsight Graphs

30m 12s

Intro
0:00
Printing Reports
0:17
Preview Before Printing
2:34
Processing Reports in Groups
3:38
How to Run Reports in Groups
4:51
How to Display All Reports in a Group
6:09
Exporting Reports to Microsoft Excel
7:15
Purpose of Why People Export To Excel
7:48
Sending the Report to Excel
9:13
Formatting Options
12:08
Changing Filters
14:30
Choosing and Changing Different Filters
16:30
Creating Quickinsight Graphs
17:51
Creating an Income and Expense Graph
18:41
How to Create the Graph
19:46
How to Read the Pie Chart
20:05
Customizing Graph Data
24:16
Choosing by Customer Instead of Account
24:50
Using Quickzoom with Graphs
25:10
How to Zoom on a Particular Customer
26:15
Customizing How Graphs Display
28:31
How to Change Graph Into 2D
29:03
VII. Inventory
Setting Up Inventory

23m 51s

Intro
0:00
Turn On Inventory Feature
0:43
Enter Products Into Inventory
1:44
Entering Product Through Vendor Menu
2:07
Add New Item
2:43
Reordering Item and Reminders
6:00
Ordering Products/ Creating P.O's
7:02
How to Create Purchase Orders
8:05
Look Up Outstanding Orders
10:46
Getting a Report of Purchase Orders
11:34
Choose and Open Quick Reports
12:48
Receiving Inventory
13:47
Receiving Inventory Without an Invoice
14:13
Reviewing the Inventory List
15:38
Entering a Bill for Inventory
15:59
Entering Bill for Received Items
16:45
Manually Adjusting Inventory
18:31
How to Get to the Adjust Quantity On Hand Page
19:16
Add New Account
20:23
Check and Review Inventory List
22:59
Inventory: Tracking Finished Goods

22m 10s

Intro
0:00
Use Group Items or Create Inventory Assets?
1:57
Tracking Items Through Group Items
3:02
Using Inventory Assembly
3:42
What is a Bill Point?
4:58
Setting a Default Markup
6:16
Adding a Basic Mark Up
6:31
Add a Labor Item to Use in Assemblies
7:26
How to Add New Labor Item in Assembly
7:53
Creating Inventory Assembly Items
9:54
Adding New Assembly Item to Inventory
10:40
Adding in Assembly Labor
14:22
Editing the List
14:53
Building Finished Goods
16:05
Changing Sales Price
16:48
How to Build Assemblies
17:51
Understanding the Effects of Building Items
19:24
Run Report to Generate Item List
20:24
Inventory: Units of Measure

13m 14s

Intro
0:00
Setup Single Unit of Measure
2:12
How to Edit Unit of Measure on an Item
3:18
Setup Multiple Units of Measure
5:32
Setting up Preferences to Multiple Units of Measure Per Item
6:13
How to Edit Multiple Units of Measure on an Item
6:49
Assign Units of Measure to Items
8:44
Edit Items to Assign UN Set
9:01
Assign Measure Sets
9:42
Open Purchase Order and Select Unit of Measure
10:41
Use Units of Measure on Sales Forms
12:47
VIII. Tax
Tracking and Paying Sales Tax

21m 41s

Intro
0:00
Setup Tax Rates & Agencies
0:44
Setting Up Sales Tax Code List
0:55
How to Set up Tax Rate for Example City
3:26
Add New Item to Item List
3:46
Checking and Editing Item Through Vendor Center
7:20
Grouping Single Taxes
7:50
Why Taxes are Grouped
8:05
Creating New Sales Tax Group
8:59
Choose Tax Item to Add Into Group
9:51
Indicate Who and What Gets Taxed
10:45
Add New Customer To Assign Tax To
11:06
Invoicing Customer
13:03
Apply Tax to Sales
14:30
Editing Item and Choosing Tax Rate
14:53
Create a Sales Tax Liability Report
15:26
File Sales Tax Return/ Creating Liability Report
15:40
Use the Sales Tax Register
18:14
How to Read the Sales Tax Payable
18:35
Paying Your Tax Agencies
19:34
How to Pay Sales Tax
19:52
Choosing Which Items to Pay For
20:21
Print Checks
21:06
IX. Payroll & Invoice
Payroll Basics

17m 56s

Intro
0:00
Setup Payroll Items
0:54
Add to Subscription
1:07
Add Employee
2:26
Creating and Adding Personal Information
3:41
Adding Payroll/Compensation Information
4:43
Setup Taxes
6:27
Make a Payroll
8:36
Start a Scheduled Payroll
9:49
How to Edit Each Employee's Payroll Summary
10:30
Custom Items on Payroll
12:12
Print Payroll Checks
14:36
Print Later
14:39
Pay Payroll Liabilities
14:49
Forward Taxes to Authorities
15:06
Generate/Sending Check
15:46
IX. Payroll, & Invoice
Estimating & Progress Invoicing

14m 29s

Intro
0:00
Turning On Estimates and Progress Invoicing
0:21
Create a Job
1:30
Adding new job
2:22
Create an Estimate
5:14
Printing Estimate
7:56
Create Progress Billing
8:22
Invoice Estimate
8:32
Run Report: Job Progress Invoice vs. Estimate
10:46
Update Progress on Job Status
12:25
Edit Job Status
12:34
Make an Estimate Inactive
13:20
X. Time Tracking
Time Tracking

17m 16s

Intro
0:00
Turn on Time Tracking
0:23
Entering Time Data
1:27
How to Enter Time for Labor Per Job
2:45
How to Start Time Ticker While On Job
4:22
Recording Employee Time on a Weekly Timesheet
5:40
Use Weekly Timesheet
6:17
Enter Reimbursement Costs
7:59
Write the Check
8:38
Invoice a Customer for Time and Costs
10:19
Create an Invoice
10:33
Invoice for Time for Labor
11:54
Reports: Time by Job Reports
13:13
Paying Non Employees for Time Worked
14:27
Using Time Sheet & Jobs
16:37
XI. Customizing Forms & Writing QuickBooks Letters
Customizing Forms and Writing QuickBooks Letters

13m 43s

Intro
0:00
Customizing Invoices
0:10
Create Invoice
0:34
Customize Invoice
1:10
Downloading New Layouts
2:50
Create New Design
3:10
Designing Custom Layouts for Forms
5:11
Layout Designer
7:08
Using QuickBooks Letters
9:56
Create an Invoice Letter
10:22
Collection Center
11:49
Email From Collection Center
12:31
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Receiving Payments & Making Deposits, Part 2

Lecture Slides are screen-captured images of important points in the lecture. Students can download and print out these lecture slide images to do practice problems as well as take notes while watching the lecture.

  • Intro 0:00
  • Handling Down Payments or Pre-payments 0:07
    • Apply Credits
  • Making Deposits - Selecting Payments to Deposit 5:58
    • Payments to Deposit
    • Make Deposit
  • How QuickBooks Handles the Deposit 10:16

Transcription: Receiving Payments & Making Deposits, Part 2

Welcome back to Educator.com0000

This is the lesson regarding receiving payments and making deposits.0002

The first thing we are going to talk about in this lesson is handling down payments or prepayments the customers give to us.0008

So, the first thing we want to do in QuickBooks is understanding the scenarios that go0015

around to why a customer might give us a prepayment or a down payment for jobs.0022

That might happen in various scenarios, and so we are going to show you how to handle that and how to record that,0027

so we can keep track of the money that are received from our clients.0033

What we are going to do is we are going to go ahead and go to the Customer Payment.0039

In order to get into Customer Payment, we have to click on Receive Payments.0045

So, from the Customers menu, we are going to click on Receive Payments.0049

The other way that we can get into that is from the Home screen.0054

We can look on the chart or the flowchart that we see Receive Payments on the lower middle half.0058

It brings up our Receive Payments listing there, and we can use Abercrombie Christi. There are no one applied invoices for this particular customer, it tells us.0067

Well, our client went ahead and made a check to us of $4000 for a prepayment or a deposit on work to be done.0080

So, the amount is $1000 that we have received, and the check no. is 4321.0090

Of course, this is a check that the customer paid to us. It could also be a Visa or a Master or debit card.0100

We can go ahead and put in a memo that this is a deposit for future work.0108

Now, we have a couple of options here. It says we can leave the credit to be used later or refund the amount.0118

Well, in this particular case, we are going to go ahead and Leave the credit to be used later.0124

A lot of times, when we receive the money, why even deposit when we can just return it to them.0129

At this point in time, if it has nothing to do with an overpayment and applying any amount to the check to an outstanding invoice.0132

So, we are going to go ahead and leave the credit to be used later, and we will hit Save and Close.0142

And it is going to say A credit for overpayment will remain on the customer's account.0149

We can go ahead and click Print credit memo, or we can go ahead and click OK to the transaction.0153

At this point in time, we are going to go ahead and click OK to save the transaction, OK?0159

Now that we have done some work, we are going to go ahead and create an invoice for that customer who actually made that deposit on account.0165

So, how do we create invoices? A couple of items, a way we can do that is from the Icon menu bar, we could choose Invoice.0173

From our flowchart on Home screen, we can click on Create Invoices, or from our Customer menu, we can say Create Invoices.0182

So, once we get into our Create invoices window, we are going to type in Christi Abercrombie, and it is going to display an estimated window.0193

We do not want to create invoice from an estimated list at this point in time, so we will hit Cancel on that.0204

And we are going to go ahead and choose a template from a dropdown list, and we are going to choose a custom progress invoice, OK?0210

We are using this particular custom invoice, and we are going to click on the Item column.0225

Actually, I am going to use over here just the Rockcastle invoice from that. We will just use the normal one there.0230

Under the item, we are going to choose Removal because we did a removal service, so it is removal labor for this particular customer.0239

We are going to hit tab. The quantity is going to be 40, so we used 40 hours of removal labor.0247

We had a rate of $35. Notice that at the bottom, it is going to apply...we are going to see an amount ready to be applied down here.0255

And we should see that Amounts of Payments applied, so we can say Applied Credits down here.0268

And we are just going to see the Changes of the transaction must be recorded before you continue. We are going to say Yes.0275

And we are going to see that there is an Applied Credits button.0279

And we see the amount of $1000 the customer went ahead and prepaid us on a deposit towards this work.0283

We can definitely say Available Credits. Choose that and click on Done.0291

Now, we will see that the payments applied down here is now utilized, and the balance due is the $400.0296

So, here is our service for the labor hours of the removal at $35, $1400 invoice less the down payment that they have already paid to us.0305

Now, we can go ahead and click on Save and close, and it bills that invoice to our client.0318

We can look at that by looking at our Customer Center and seeing Abercrombie that there is a $400 balance due.0322

And we can see here is our invoice that we just invoiced for $1400 in the Customer View section.0334

And here is our payment of $1000, so that, kind of, gives us a nice overview of that.0342

Now, we have gone through several scenarios on receiving payments and how QuickBooks affects that.0350

So, we are going to go ahead and show you how to make a deposit now by selecting Payments To Deposit.0358

Once we have received so many checks and so many payments from our customers.0365

And we have shown you how it dumps it all into a holding account called Undeposited Funds,0369

the next thing we want to do is we want to make a deposit of those checks.0374

We have had those stacking up on our desk for quite some time, so in order to make a payment, we are going to go ahead and show you how to do that.0379

Under the Home screen, we actually can click on after Receive payments, it gives us a flowchart that shows us how to record deposits.0387

We can also go into banking and say Make a deposit. It will get us to the same Deposit screen.0397

From here, I am just going to use the flowchart and say Record deposits. It is going to pull up our deposits or payments to be deposited.0406

It is going to show us all the different checks that we have actually received in this listing.0416

We can view those at All Types. We can change them down just to view it by maybe cash, card or whatever.0422

But, these checks on hands that we are looking for, here they all are: cash, check, check, check, check.0430

So, we have some cash to be deposited etc.0435

We are going to choose just a few of these items. We want the $1000 from Abercrombie, that $100 check that we received from Mike Blake,0438

the full amount of 16,000 we got from Robert Allard and the $1000 that we got from Robert Allard, as well.0446

So, we are going to choose those items that we are going to make a deposit today.0454

We do not have to check all of them, but we are just going to check these. These are the ones we are going to make a deposit on.0457

Normally, we might want to go ahead and choose all of them and deposit them all at once, but for some reason, we are in this scenario.0463

We are going to go ahead and hold off on depositing these other items.0469

Once we have all those items that we want to deposit in the bank, which totals 18,779.03, we will go ahead and click OK.0473

It brings us into our Make deposit window here, and this is where we want to assign now what bank account we are depositing these funds to.0482

And this is going to be in our checking account.0493

It is going to give us a scenario or a summary rather of the items that we chose to deposit. It totals 18,779.03.0497

The Deposit To field is to our checking.0508

Note that if we have money to deposit that is not the result of a payment we received for sale, you could enter in the Detail area of the window.0512

For example, if you received a premium refund from your insurance vendor, we can actually enter it directly right here.0520

As an example, we got a check that was not against any invoices from clients.0527

But, we needed to make the deposit, so let's say we got it from our insurance company.0536

We are going to ahead and quick add that. It is a vendor of ours.0544

And we got $542 from them, and it is check, and let's say the check no. is 100259, and this is an insurance refund.0548

So, we are receiving that, as well, so our total deposit now is $19,321.03 in this particular example.0567

You might have a different figure if you are using other examples.0573

So, we will go ahead and Save and close, and it is going to go ahead and...oops, sorry.0577

We have to assign that account for the insurance refund, so I am going to put down insurance, and it is for a Workers Comp. refund on our insurance, OK?0583

So, we are going to apply that. Hit Save and close, and now, it records that deposit.0595

We will notice that when we look at our lists and look at that undeposited funds, it reduces a little drastically.0599

And then, it will show us exactly how that works, OK, when we look at the undeposited funds.0608

So, now, the next thing we want to do is look at how that deposit works.0617

We can look at the Undeposited Funds by choosing Lists, Chart Of Accounts and double clicking on our Undeposited Funds.0621

And it brings that up into a little check register or register for that, and we can see how we have now deposited those funds.0628

Here are the checks, and we have actually deposited all those, OK? It takes them in and deposits them, so now, our register, kind of, goes down, OK?0637

So, that is how QuickBooks handles that, and it shows us how that all works. We can also look at our checking account and how that is affected.0650

When we look at the actual deposit that we made, and we can look at our checking account here,0660

there is our large deposit that we just made here- $19,321.03.0669

We can look at the details of that by clicking on Edit, and it pulls up that Deposit Summary screen that we have, OK? That is how it works and handles that.0673

Now, suppose we have put together a situation where we are going to make a deposit, and we want to receive cash back from our deposit.0687

I do not recommend doing that. I like things to be clean and clear on our accounting.0700

So, when we make a deposit for our customers that we make a clean deposit, but there might be scenarios if you are a sole proprietor.0704

It is your business, and you might make a deposit you want cash back for various reasons. We are going to show you how to do that.0713

I do not recommend doing it. I like to make sure that we make a deposit.0721

And then, if we want cash back, we write a check to the bank for cash and record that for the reasons that we have.0725

But, in this scenario, we are going to go ahead and show you how to do it. Again, I do not recommend it.0732

So, we are going to show you how to get cash back from a deposit.0737

We are going to go ahead, and from the Home screen, we are going to click on Record deposits.0740

And we will deposit this $2000 here that we got from Jacobson, and we will click OK to make that deposit to our checking.0747

We are going to make sure that there is Cash goes back to, and we are going to say "Well, it is going to our petty cash".0763

If we do not have petty cash, we would go ahead and type in Petty Cash. Click on tab, and add that account on the fly toward Chart of Accounts.0768

Cash Back Memo, we might go ahead and say that this is petty cash for office supplies and other items, OK?0778

And let's say we want on the cash back, let's see, we might want to take out $200 for petty cash, OK?0793

From here, we see that the bank has checking account. We have $200, and hit tab.0806

And once we hit tab, it recalculates that the total deposit is $1800.0816

But, we are actually recording the 2000 that we received from the customer less than $200.0823

We can go ahead and click Save and close, and it brings us back to our Home screen.0827

We can look at how that displays by going into our Chart of Accounts by Lists, Chart of Accounts.0835

Looking at our Checking Account, and looking at that Deposit of $1800, we can edit that and look at the details that "Oh, there is the $200 cash back".0846

OK, from our Chart of Accounts, we can also see that there is petty cash, and we can look at that, double click on that item.0858

And it will show the $200 deposit of cash to our petty cash. We can click on that, hit Edit transaction.0866

It will show us where that came from, that particular deposit from Jacobson check.0873

So, now, we understand how we can get cash back from a deposit.0884

Again, I recommend that we make the deposit and then, make it clean by writing us up a check so we can have it a little clean.0886

Some individuals might differ on that opinion. That is my opinion.0894

I like to make transactions a little more clean for our accounting records to understand.0898

Again, thank you very much for visiting Educator.com. We will see you next time.0903

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