The Banking Menu

Banking menu - use to access banking activities including check, deposit, credit card charge,
transfer, and reconciliation screens.
How to write checks in Quickbooks?

1. Choose the Banking→Write Checks command.

When QuickBooks displays the Write Checks window, use the Bank Account drop-down list to
select the correct account on which to write a check.

2. Use the No. (check number) field to identify the check number.

If you don’t know the check number yet because you haven’t printed the check, leave the No.

field blank. Then select the Print Later check box, which appears on the Main tab of the Write
Checks window.

When you select the Print Later check box, QuickBooks displays the phrase To Print in the No.
field.

3. Use the Date field to record the date that the check is written or will be written.

You can enter the check date in mm/dd/yyyy format. You can also enter dates as simply mmdd
or m/dd, and QuickBooks transforms them to mm/dd/yyyy. Thus, 3/17, 0317, and 03/17/2017
are all valid ways to enter the same date, if the current year is 2017.

Alternatively, you can click the small calendar button that appears to the right of the Date field.

When you click the calendar button, QuickBooks displays a pop-up calendar. To select a day

shown on the calendar, click the day. The pop-up calendar also includes a pair of buttons that
you can click to scroll back and forth through the months.

4. Use the Pay to the Order Of field to identify the individual or business that you’re paying
with the check.

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If the check that you’re recording is the first check that you’ve ever made out to the payee, you
must type the payee’s name in the Pay to the Order Of field.

If you’ve previously paid the payee, you can click the arrow button at the right end of the Pay to

the Order Of field. When you do, QuickBooks displays a list of previous payees. You can select a
payee from this list by clicking the name.

5. Move the selection cursor to the Dollars (or amount) field and type the check amount.

QuickBooks writes out the check amount on the line below the Pay to the Order Of field.

6. (Optional) Provide an address.

If you want, you can use the address block to provide the payee’s address. Note that QuickBooks

writes the payee name on the first line of the address block when you fill in the Pay to the Order
Of field. You can add the other lines to the address block manually.

7. (Optional) Provide a memo description.

You can use the Memo field to provide or record additional information. If you’re going to print

the check, for example, you can use the Memo field to identify your account number or the
invoice number that the check pays.

8. (Optional) Select the Pay Online check box on the Memo tab.

So here’s the deal: If you’ve told your bank that you want to do the online banking thing and

have followed its instructions for setup, you can select the Pay Online check box (which appears

after you’ve set up online banking). This setting tells QuickBooks to transmit this check
information to your bank, along with instructions to the bank to make the payment.

9. Distribute the check amount to the appropriate expense or asset accounts.

If the check pays for a particular expense or purchases a particular asset, click the Expenses tab.
Then use the lines or rows of the Expenses tab to identify the account and the amount that the

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check pays. If you categorize the expense as one incurred for a particular customer or job, you
can use the Billable column to indicate whether this item should be billed to the customer later.

10. Describe the items that the check purchases.

The figure shows the Items tab of the Write Checks window. You use the Items tab when you

write a check to purchase items shown and described in your Item list. For example, if you write

a $1,000 check to buy 1,000 $1 items for inventory, you use the Items tab. To use the Items tab,
identify the item being purchased by entering the item code or name in the Item column.

11. To print a check, click the Print button.

Alternatively, if you want to print checks in a batch, after you’ve recorded the very last check
that you want to print, click the down arrow below the Print button. When QuickBooks displays

the Print menu, choose its Print Batch command. QuickBooks displays the Select Checks to Print
dialog box.

Select the checks that you want to print by clicking them. Use the First Check Number box to
identify the number of the first check form to use for printing.

12. Click OK.

When QuickBooks displays the Print Checks dialog box, use the Check Style area to identify the

type of check forms on which you’re printing. If you’re using standard or wallet-style checks, you
also need to indicate the number of checks. Then click the Print button.

13. After you describe the check and the reasons for writing the check, click either the Save &
Close or the Save & New button.

The Save & Close button saves the check and also closes the Write Checks window. Click the

Save & New button to save the check and then redisplay the Write Checks window so that you
can record another check. If you don’t want to save the check, click the Clear button.

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 How to Transfer Funds between Bank Accounts in QuickBooks

From the menu, select Banking > Transfer Funds.

1. The Transfer Funds Between Accounts window opens.

2. In the Date field, type or select the date of the transaction.

3. From the Transfer Funds From drop-down list, select the bank account to transfer money
from.
From the Transfer Funds To drop-down list, select the bank account to transfer money to.
(Notice that the balance for each account is displayed.)

In the Transfer Amount field, type the amount to transfer.

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 In the Memo field, type a memo about the transfer or accept the default memo.

4. Review the transaction, then click Save & Close.

QuickBooks automatically adjusts the balances for each account, and the current
balances are reflected in the Chart of Accountswindow and the Account Balances window.

How to make deposits in QuickBooks?

Whenever you record a cash sale or a customer payment on an invoice, QuickBooks 2015
adds the cash to its list of undeposited funds. These undeposited funds could be a bunch of checks
that you haven’t yet deposited, or they could consist of coinage (currency and coins) or even credit
card payments, if you accept those.
You can also tell QuickBooks to give you the choice of indicating that a particular payment
or sales receipt is deposited directly into a specified account. To tell QuickBooks to give you this
choice, choose Edit → Preferences, scroll down to the Payments icon, click the Company
Preferences tab, and then deselect the Use Undeposited Funds as a Default Deposit to Account
option.

1. Choose Banking → Make Deposits.

Alternatively, select Record Deposits on the Home screen in the Banking section.
The Payments to Deposit dialog box appears. This dialog box initially lists all the payments,
regardless of the payment method. You can, however, use the View Payment Method Type drop-
down list to indicate that you want to see payments only of a particular type, such as credit card
payments. (This feature can be pretty handy because it lets you batch all your credit card
transactions together.)

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 The Payments to Deposit dialog box.

2. Select the payments that you want to deposit.

Click a payment or cash receipt to place a check mark in front of it, marking it for deposit. If you
want to deselect a payment, click it again. To deselect all the payments, click the Select None
button.
To select all the payments, click the Select All button. If you have gobs of payments to look through,
you can also filter the list by clicking View Payment Method Type at the top and see only the Cash
or Credit Cards to select among. If you’re recording credit card payments deposited, you don’t
also need to sort through the check payments. They aren’t gone; they just don’t appear until you
select that type of payment or All.

3. Click OK.
After you indicate which payments you want to deposit, click OK. QuickBooks displays the Make
Deposits window.

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 The Make Deposits window.

If you need to redisplay the Payments to Deposit dialog box — maybe you made a mistake or
something, and now you need to go back and fix it — click the Payments button at the top of the
Make Deposits screen. Note, though, that QuickBooks won’t display the Payments to Deposit
dialog box unless the undeposited funds list still has un-deposited payments in it.

4. Tell QuickBooks into which bank account you want to deposit the money.
Activate the Deposit To drop-down list and choose the bank account in which you want to place
the funds.
5. Specify the deposit date.
Press Tab to move the cursor to the Date text box, and then type the correct date in
MM/DD/YYYY format. Use the secret date-editing codes if you need to edit the date. (Optional)
Add a memo description if you want to.

6. Specify the cash-back amount.

If you want cash back from the deposit, activate the Cash Back Goes To drop-down list and
choose a cash account, such as Petty Cash. Then enter a memo in the Cash Back Memo text box
and the amount of cash back you’re taking in the Cash Back Amount text box.

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7. Record the deposit by clicking the Save & Close button or the Save & New button.
If you click Save & New, QuickBooks displays a new blank Make Deposits window.

** If you sometimes take cash from the register or from the day’s collections to spend on

business supplies, for COD (collect on delivery) payments, and even for owner draws, you enter

the cash payment transaction as another transaction line in the Make Deposits window. For

example, if you use $50 from the cash register to pay for office supplies from Acme Office Store,
you enter another line into the Make Deposits window.

Example : You enter Acme Office Store into the Received From column, your office supplies

expense account into the From Account column, and –50 into the Amount column. You use

a negative amount to reduce the total deposit to the correct amount that is actually deposited

into the checking account and to charge the expense account for the amount paid out. This is
also where you record the Merchant Fees deducted from your credit card deposits.

How to enter credit card transactions?

RECORDING A CREDIT CARD CHARGE

Recording a credit card charge is similar to recording a check or bank account withdrawal. For
the sake of illustration, suppose that you charged $50.00 worth of burritos and margaritas to
your favorite Mexican restaurant, La Cantina. Here’s how you record this charge:

1. Choose Banking→Enter Credit Card Charges.

The Enter Credit Card Charges window appears.

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 2. From the Credit Card drop-down list, select the credit card that you charged the expense
against.
Click the down arrow next to the Credit Card list and then select a card from the drop-down list.
3. In the Purchased From field, record the name of the business that you paid with a credit
card.
Move the cursor to the Purchased from line and click the down arrow. You see a list of
names. Choose one from the list. If you’ve never dined at this fine establishment before,
choose Add New. Then add the business name.
4. Select the appropriate option button to indicate whether the transaction is a purchase or a
credit.
Select the Purchase/Charge option button if you want to record a purchase (which is what
you do most of the time and what this example shows you). Select the Refund/Credit option
button if you want to record a credit on your account (if you returned something, for example).
5. Enter the charge date in the Date field.
Move the cursor to the Date line, and type the date, using the MM/DD/YYYY format. For
example, type either or 6/30/18 for June 30, 2018. If you’re entering this charge two or three
days after the fact, enter the date when the charge was made. Using that date makes reconciling
your records with your credit card company’s records easier when you get your monthly
statement.

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 6. Type the charge amount in the Amount field.
Move the cursor to the Amount line and enter the total charge amount. Note: Don’t type a dollar
sign but do type the period to indicate the decimal place.

7. (Optional) Enter a memo description in the Memo text box.

Move the cursor to the Memo text box and type the specific reason that you’re charging the
item. In this case, you could type Important Business Meeting or something like that.
This memo description box is a good place to document the business purpose for a charge,
which is a tax law requirement if you’re recording a travel, meal, or entertainment business
credit card charge.

8. Fill in the Expenses tab.

You use the Expenses tab to record business expenses.
Move to the Account column of the Expenses tab, click the down arrow, and choose an Expense
account from the list (most likely, Travel & Ent:Meals if this were a business lunch). If you enter a
name here that QuickBooks doesn’t already know, it asks you to set up an expense account.
QuickBooks automatically fills in the Amount column when you enter a sum in the Amount field.
Type something in the Memo column and assign this expense to a Customer:Job and Class if you
want to. You need to turn on class tracking if you want to assign the expense to a class.

9. Fill in the Items tab.

Because this charge is for a meal at a restaurant, you don’t itemize the charge. However, if you
were charging inventory items such as lumber, paper supplies, and so on, you’d fill in the Items
tab.
If you have a purchase order (PO) on file with the vendor that you entered in the Purchased
From line, QuickBooks tells you so. Click the Select PO button to see a list of your outstanding
purchase orders with the vendor.

10. Record the charge by clicking the Save & New button or the Save & Close button.
The charge is recorded in the Credit Card register.

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CHANGING CHARGES THAT YOU’VE ALREADY ENTERED

Perhaps you record a credit card charge and then realize that you recorded it incorrectly. Or

perhaps you shouldn’t have recorded it at all because you didn’t pay for the business lunch.

You have to go into the Credit Card register and either edit or delete the charge by following
these steps:

1. Choose Lists→Chart of Accounts.

You see the Chart of Accounts window.
2. Double-click the credit card account where the faulty charge is.
Like magic, the Credit Card register appears onscreen.
3. Select the credit card transaction that you want to delete or change.
That’s easy. Just move the cursor to the transaction.
4. Void, delete, or edit the transaction:
a. To void the credit card transaction, choose Edit→Void Credit Card Charge and then click
OK.

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 b. To delete the transaction, choose Edit→Delete Credit Card Charge. QuickBooks displays a
message box that asks whether you really want to delete the transaction. Click OK.
c. To edit the transaction, click the Edit Transaction button at the top of the window. You
return to the Enter Credit Card Charges window. Make your changes there and then click
Save & New or Save & Close. You also can make changes inside the Credit Card register
and then click Record when you’re done.

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