UP TO SPEEDPutting Payment Deposit Types to WorkChoosing different types of payments before you get to theMake Deposits window takes extra work, but it’s a good ideafor several reasons. Here are a few reasons you might makemultiple passes through the deposit process:•Different deposit types.Many banks group different typesof deposits, such as checks versus electronic transfers.To group your payments in QuickBooks the way yourbank groups them on your monthly statements, in the“Payments to Deposit” window’s “View payment methodtype” box, choose a method, and then click Select All toprocess those payments as a group.•Different deposit accounts.If you deposit some paymentsin your checking account and others in a merchant account(or PayPal), in the “Payments to Deposit” window, selectall the payments you want to deposit into the checkingaccount and then, in the Make Deposits window, selectthat account in the Deposit To box. Then run through thedeposit process asecondtime to deposit other paymentsto the next account.•Reconciling cash deposits.As you learned earlier in thischapter, the cash-counting process is prone to error,so you’re probably used to your bank coming up witha different cash deposit total than you did. AlthoughQuickBooks groups cash and checks as one payment type,process your cash and check payments as two separatedeposits. That way, if the bank changes the depositamount, it’s easy to edit your cash deposit.TIP To make merchant card deposits easier to track, ask your merchant card company to charge one lumpsum for fees instead of charging for each transaction; it will almost certainly say yes.3.In the Make Deposits window’s table, in the first blank row’s From Accountcell, choose the account to which you post merchant card fees (such as BankService Charges). Then, in that row’s Amount cell, type the merchant cardfees as anegativenumber.The Deposit Subtotal amount should equal the deposit that appears on yourbank statement.
