Question

Two customers with unpaid invoices paid you in cash today. Hooray! You really needed the money because your bank balance is almost zero! You immediately run to the bank and deposit the $1000 in cash (you received $500 from each customer). Here's the issue. The bank statement will show just ONE deposit of $1000. However, you received 2 payments of $500 each. Put the steps of recording these payments, so your Bank Register shows ONE deposit of $1000, in the correct order.

1. Click Receive payment next to Customer 1
2. Record the payment and deposit the money to "Undeposited Funds"
3. Click Receive payment next to customer 2
4. Record the payment and deposit the money to "Undeposited funds"
5. Click the + icon and select Bank Deposit, Select both payments from the list and save the $1,000 deposit.

Answer 1

To record two cash payments from customers that total $1000 and reflect as one bank deposit, follow the given steps to receive payments, record them in 'Undeposited Funds', and finally batch both payments in a single bank deposit transaction.

Step-by-step explanation:

Two customers with unpaid invoices paid you in cash today. Hooray! You really needed the money because your bank balance is almost zero! You immediately run to the bank and deposit the $1000 in cash (you received $500 from each customer). Here's the issue. The bank statement will show just ONE deposit of $1000. However, you received 2 payments of $500 each. To ensure that your Bank Register reflects the correct transaction details, follow these steps:

1. Click Receive payment next to Customer 1.
2. Record the payment and deposit the money to "Undeposited Funds".
3. Click Receive payment next to customer 2.
4. Record the payment and deposit the money to "Undeposited funds".
5. Click the + icon and select Bank Deposit. Select both payments from the list and save the $1,000 deposit.

Following these steps ensures that the bank register accurately reflects the individual payments made by the customers and the single deposit made to the bank account.