Negative Deposits is now a thing in QuickBooks Online!
Today’s Look What I Found!™ was brought to my attention by Rebeccah Johnson, solving one of the biggest workarounds in QBO. Can I tell you how excited I am? This Negative Deposits feature is one of the best QBO improvements in recent memory!
YOU CAN NOW MAKE NEGATIVE DEPOSITS IN QBO!
I am SO excited! I spend a lot of time teaching people workarounds for those times when money is taken out of your account by the bank.
Up until now, you couldn’t use +New > Bank Deposit if the result was negative. For example, if your daily merchant services deposit had a large customer refund that caused the bank to take money from your checking account instead of depositing a daily batch, you had to include a wonky adjusting entry to make it work (I demo this in https://royalwise.com/negative-deposits-quickbooks/). Now you can just batch all the daily sales together naturally, no extra steps needed!
This also opens new possibilities for bounced checks. Instead of the workaround I use at http://royl.ws/QBO-Bounced, we can now use this form as an option…in my next Tricky Situations class on Sept 13 I’ll demonstrate brand-new workflows with the best way to handle these (link to upcoming class).
I am looking forward to rewriting many of my classes with this all-new feature. Stay tuned!