Question

Two customers with unpaid invoices pay you in cash on the same day. Customer A paid $400, and Customer B paid for $240. Because the deposits are made on the same day, the bank statement will show you just one deposit of $640. How do you record these payments so your bank register in QuickBooks online also shows only one aggregated deposit for the day of $640? Put the steps of recording these payments in the correct order.

a) Record each customer's payment as a separate deposit in QuickBooks.
b) Combine the two cash payments into a single deposit in QuickBooks.
c) Manually edit the bank register to show the aggregated deposit.
d) Ignore the discrepancy and let QuickBooks handle it automatically.

Answer 1

To record these payments in QuickBooks, you should record each customer's payment as a separate deposit, combine the two cash payments into a single deposit, and then manually edit the bank register to show the aggregated deposit.

Step-by-step explanation:

To record these payments in QuickBooks and ensure that the bank register also shows only one aggregated deposit for the day of $640, you should follow these steps:

1. Record each customer's payment as a separate deposit in QuickBooks. Create two separate deposits in QuickBooks, one for Customer A's payment of $400 and another for Customer B's payment of $240.
2. Combine the two cash payments into a single deposit in QuickBooks. After creating the individual deposits, go to the 'Banking' tab in QuickBooks and select 'Bank Deposits.' From there, you can select both deposits and combine them into one lump-sum deposit of $640.
3. Manually edit the bank register to show the aggregated deposit. Once the combined deposit is recorded, you can go to the bank register in QuickBooks and manually edit the entry to reflect the aggregated deposit of $640 from Customer A and Customer B.