proper procedure when making deposits in Quick Books 2007?

Question

I am new to quick books 2007. I am not sure if I should first put in the deposit that is received and what to do when it says 'undeposited' funds. it seems to automatically go to the checking register. Should I do something first there before I continue on with the checking account. Also... haven't learned how to reconcile statements. Anyone recommend a good book for a real beginner. have about 5 months I have to 'redo' because i made a bunch of mistakes and starting things over. have all my statements, invoices and receipts. any suggestions would be helpful. looking for someone that I can ask a question or two from time to time if possible. have LOW cash flow in busines right now... thanks for the help.

Answer 1

I'm using the older 2000 version, but I believe the mechanics are the same.

When you receive payments, you can deposit them straight to checking or "Group with other deposits." If you receive multiple payments and deposit all at the same time, you should use the "Group" option. Then when actually making a deposit into a bank, click on "Make Deposits." When you do it this way, your bank statements will match your quickbooks check register.

Reconciling is easy. Go into Banking and choose Reconcile then pick the account. Enter the ending amount and any fees or finance charges, then click off items in quickbooks as they match your bank statement. After checking off everything in your statement, you should have a difference of $0.00. If so, click Reconcile and boom, your done.

If you have the time, I highly recommend taking a Quickbooks class at your local community college. It's usually just 1 semester and pretty cheap. It was where I learned how to do Quickbooks. They had us enter data, and do transactions step by step like we were actually doing stuff for a business. Each week we took on new and different tasks, and built on what we did before.