Advanced Placement (AP) College

When might you use the Bank Deposit Transaction in quickbooks online?

Answers

Answer 1

Answer:

Bank Deposit features serve two purposes on QuickBooks. Depending on where you receive the deposit. You can group payments and deposit them into a single account. The difference between this option is you're not recording items that are normally classified as invoices or bills, such as assets or loans.

Explanation:

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Answer 2

'Bank Deposit Transactions' are described as the 'kind of bank deposit in which the depositor is allowed to encash or liquidise his money anytime without any limits or delays.'

B). These deposits are employed online in quickbooks in case when 'Your client wants to record an SBA loan amount received.'

In the situation, a client is willing to get his transaction of obtaining the 'Small Bsuiness Administration' Loan amount recorded in his bank books, he/she would opt for online quickbooks. The online quickbook transactions allow such small scale businessmen to keep a track of their business transactions, payments, etc. in a software and manage them effectively. Since it assists in reviewing the flow of cash in the organization, it would help the client for transacting the recieved loan amount.

Thus, option B is the correct answer.

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When Might You Use The Bank Deposit Transaction In Quickbooks Online?

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