Quicken Business & Personal Only
Overview
A bulk deposit is when you take several customer payments to the bank and deposit them together as one transaction — instead of depositing each payment separately.
If your business makes bulk deposits, you need to know this: a bulk deposit will not match your payment records in Quicken automatically. Your bank sees one deposit. Your Quicken records show the individual customer payments.
For example, if you receive $1,000, $1,500, and $2,000 from three different customers and deposit all three checks together, your bank will record one $4,500 deposit. Quicken has no way to automatically know that single $4,500 deposit represents three separate customer payments — unless you tell it so using one of two methods.
You have two ways to connect a bulk deposit like this back to the individual payments it contains:
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Undeposited Funds — record each payment here before you take it to the bank, then connect the combined deposit to those payments by recording it as a transfer from Undeposited Funds.
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Split Deposit — if you've already made the deposit, split the downloaded $4,500 transaction back into its three original payments after the fact.
Quick decision guide:
Already deposited → use a Split Deposit.
Need to deposit it at bank → use Undeposited Funds
Note: This doesn't apply when a payment arrives directly in your bank account as its own transaction — an electronic payment that shows up individually in your bank feed, for instance. You only need the methods below when you're the one combining payments into a bulk deposit.
Method 1: Use Undeposited Funds Before You Deposit
What it is
Undeposited Funds is a temporary asset account used to hold customer payments you have received and recorded but have not yet deposited into your bank account.
It is not a real bank account. Think of it as the space between receiving a payment and depositing that money at the bank.
When you know several customer payments will be combined into one bank deposit, record each payment to Undeposited Funds first. After you make the deposit, move the combined amount from Undeposited Funds to your bank account as a transfer.
Why use it
Using Undeposited Funds keeps both sides of your records accurate:
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Each customer payment is recorded separately and applied to the correct invoice.
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Your bank account shows the same single deposit that appears at the bank.
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The individual payments remain connected to the combined bank deposit.
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Reconciliation is easier because the deposit total in Quicken matches the deposit total on your bank statement.
Without Undeposited Funds, your records may show several individual deposits while your bank shows only one combined deposit.
Important: A balance in Undeposited Funds should represent payments you have received but have not yet deposited. Payments that have already reached your bank should no longer remain there.
Example
Sarah receives three customer payments during the week:
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Client A pays $1,000.
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Client B pays $1,500.
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Client C pays $2,000.
Sarah plans to deposit all three payments together on Friday.
She records each payment to Undeposited Funds, so the account temporarily holds $4,500.
On Friday, Sarah deposits all three payments at the bank as one $4,500 deposit. When the deposit appears in her bank account, she records it as a transfer from Undeposited Funds to the bank account.
The result:
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Each customer's invoice shows the correct individual payment.
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The three deposited payments no longer remain in Undeposited Funds.
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Her bank account shows one $4,500 deposit that matches the bank.
Steps
For each customer payment:
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Go to Invoices.
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Find the invoice the customer paid.
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Select the three dots, then Apply Payment, then Create Transaction.
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Enter or review the payment information.
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For Deposit To, select Undeposited Funds.
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Save the payment.
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Repeat for each payment you plan to include in the same bank deposit.
After you make the deposit:
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Wait for the combined deposit to appear in your bank account.
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Confirm that the deposit amount matches the payments you deposited together.
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Record the deposit as a transfer from Undeposited Funds to the bank account.
The payments included in that deposit should no longer remain in Undeposited Funds. If they do, check that the transfer amount matches the actual bank deposit and that the correct payments were included.
Method 2: Split a Deposit After You Deposit
What it is
A Split Deposit lets you break a single downloaded bank deposit into the individual customer payments that make up that deposit.
The bank transaction remains one deposit, but the splits identify how much of the deposit belongs to each customer payment.
This lets you connect the combined bank deposit to the correct invoices without first recreating the payments through Undeposited Funds.
When to use it
Use a Split Deposit when you have already made the bulk deposit and did not record the individual payments to Undeposited Funds first.
This method is useful when:
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Several customer payments were deposited together.
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Your bank downloaded one combined deposit.
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You still need to apply the individual amounts to the correct invoices.
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You need the individual payment amounts to add up to the deposit shown by your bank.
If you have not made the bank deposit yet, use Undeposited Funds instead.
Example
Lisa receives four customer payments:
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Client A: $800
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Client B: $1,200
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Client C: $1,400
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Client D: $1,800
She deposits all four payments together before recording them individually in Quicken.
Her bank downloads one $5,200 deposit.
Lisa opens the downloaded transaction and splits it into the four customer payments. She identifies each split as an invoice payment and assigns it to the correct invoice.
The splits total $5,200, so the individual customer payments remain accurate while the bank account continues to show the same single $5,200 deposit recorded by the bank.
Steps
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Open the downloaded bulk deposit in your bank account.
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Select the three dots, then Edit Transaction.
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In the transaction details, select Split under Category.
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Add a split for each customer payment included in the deposit.
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For each split:
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Select the appropriate Business Income category.
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Enter the individual payment amount.
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Mark the split as an Invoice Payment, when applicable.
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Assign the payment to the correct invoice.
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Confirm that all split amounts add up to the full bank deposit.
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Save the transaction.
For example, if the bank deposit is $5,200, the combined splits must also total $5,200.
Quick decision: If you still need to make the bank deposit, use Undeposited Funds. If the combined deposit is already in your bank account, use a Split Deposit.
Best Practices
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Use Undeposited Funds only for payments waiting to be deposited. Once you deposit the money, record the transfer so payments don't linger there.
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Group the same payments in Quicken that you group at the bank. If five checks make up one deposit, the transfer from Undeposited Funds should represent those same five payments.
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Check the total before recording the deposit. The amount leaving Undeposited Funds should equal the amount deposited at the bank.
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Review your Undeposited Funds balance periodically. An old or unexpected balance may mean a deposit was never recorded correctly.
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Keep deposit records when possible. Deposit slips can help you identify which payments were included in a particular bank deposit.
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