Previously, QuickBooks Online could not accept negative dollar amounts for deposits. Since this enhanced feature is now possible, I had to share it with you. A client with a storefront, restaurant or even an ecommerce site could benefit from this service.
Check out the video HERE or read below to see how you can add negative deposits.
Below I have shared an example of when negative deposits might come in handy.
If your client has a day’s worth of sales activity but has more refunds, then they took in sales this results in a negative deposit.
Inputting into QuickBooks
One way to look at this in QuickBooks is a journal entry. This is where you put in all the details associated with that days’ worth of summary activity.
The other option that you could do is go over to your deposit screen and just post the negative deposit.
If you were to put in a journal entry you will be able to see a detailed report.
The result is that either way you report the negative deposit you will be able to go over to bank feeds and see the entry that has already been created for the negative deposit and then be able to match that transaction.
This is just one example of when negative deposits could work in QuickBooks. If you have other ideas as to when you might use this feature, I am eager to hear.
Liz Scott is a multi-business entrepreneur working to bring together technology and accountants through her business, Liz Scott Consulting. A member of Intuit Trainer/Writer Network, she authored and taught Master level courses, including Advisory Guides and Consulting Tools for Accountants. In addition to Liz Scott Consulting, she also owns Accounting Lifeline, a firm to serve small businesses with their financial needs. Liz is a co-host of the “Appy Hour,” which helps other accountants learn about the different tools and apps for small business needs. Holding a high passion for real estate investment, she owns properties throughout Oklahoma.
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