Skip to content

How to Fix QuickBooks Error to Deposit you Need a Valid Expense Account

    How to Fix QuickBooks Error to Deposit you Need a Valid Expense Account

    More and more people and businesses are availing the amazing features of the QuickBooks software to good effect. No wonder why it is hugely popular all around the world. However, no program or software can be 100% free of errors or bugs and QuickBooks is no exception either. Many users of QuickBooks have been informed that they have received the “QuickBooks Error to Deposit You Need a Valid Expense Account” error message quite a few times of late. You may also have faced this issue and needless to say that the same may have been frustrating if you are In the middle of something important.

    You don’t need to bother anymore! Yes, we will tell you some easy methods to resolve this issue. Just go through this blog, and implement the steps mentioned herein.

    Banking comes in the list of basic tasks. You need to deposit payments from multiple sources simultaneously. However, in some cases, if you fill the same payments as specific records in QuickBooks then they might mismatch the deposit. The below article is compiled with a troubleshooting guide to resolve the error “In order to make a deposit, you need a valid expense account”

    Any Idea why you are Facing the Issue in the First Place?

    Well, there can be multiple reasons why you are facing this issue. The most important one is when the user you are logging in with does not have the requisite permissions to create and print checks.

    See Also: Automatically Record QuickBooks Payments Bank Deposits in QuickBooks

    See Also: Change your Direct Deposit Bank Account Desktop Payroll

    Causes of QuickBooks Error to Deposit you Need a Valid Expense Account

    • The users you have signed with have failed to get correct permissions.
    • Not valid expense account

    Read Also-: Small Business icpayment Chase within QuickBooks Enterprise and QuickbooksPro

    Step to Resolve QuickBooks Error to Deposit you Need a Valid Expense Account

    The easiest way to resolve this issue is to switch to an admin user. Alternatively, you can sign in as an admin and assign the user(s) permission to create and print checks. The users also need to have permission to create, change and view account balances on a chart of accounts.

    Total Time: 10 minutes

    Method 1- Login Admin Users:

    You granted the user permission to generate and print checks. They also require permission to generate, modify & see a chart of accounts balances. Also, provide the permissions for creating and printing checks. Stick to the following steps:

    🔷 You need to login to QuickBooks online 
    🔷 Next, go to settings 
    🔷 Locate company option and select it
    🔷 Go to manage users 
    🔷 Select the user whose permissions you need to change
    🔷 Click Edit button
    🔷 Select Company admin tab 
    🔷 Finally move to the Next button

    Method 2- Accounts Chart:

    Now first of all create, modify, and then view the Account Balance.
    Steps to create a new account to the Chart of Accounts:

    🔷 Click on the Settings tab
    🔷 Select the option Chart of Accounts 
    🔷 Hit the New button to generate a new account
    🔷 Click drop-down named Account Type
    🔷 Select an account type
    🔷 Hit drop-down labeled Detail Type, choose the detail type suitable to the transaction you need to track
    🔷 Provide a name to the new account
    🔷 Write the description
    🔷 If there appears a sub-account in the previous account then choose Is sub-account tab
    🔷 Fill the parent account
    🔷 Make sure the account matches the real-life credit card and bank
    🔷 Select when you need to start finance tracking
    🔷 Click on the field named Balance, fill the amount in the field named Account and check As of the date
    🔷 Fill Today’s date for instant tracking
    🔷 Choose Save and Close button

    Method 3- Signing up for an Online Bank Account in QuickBooks:

    There are several options to record bank deposits according to the entered transactions. We have several different ways for people to add funds to their accounts. They can choose from the “check the payments in the deposit”, “add other funds to the deposit”, QuickBooks payments, etc. The Bank deposits window contains the option to use the table to generate a new Deposit from scratch using the name, category of the account, amount, and to delete the deposit processing. 

    Method 4- Correct the Bank Deposit Records:

    Enter Payments into the field called undeposited Fund account.
    Start recording the bank deposit in QB to combine payments with the below steps:

    🔷 Open the home page
    🔷 Choose to Make Deposits/Record Deposit
    🔷 A window will be displayed namely Payments to Deposit
    🔷 Click the Payments you need to combine
    🔷 Hit OK button
    🔷 On the Page named Make Deposits, choose the account you need to enter the deposit info from the drop-down named Deposit to
    🔷 Verify the deposit total
    🔷 Match the bank deposit slip to the account
    🔷 Next use the deposit slip to understand the process
    🔷 Fill in the date you have deposited at the bank
    🔷 Add a memo as required
    🔷 Hit Save & Close button

    Method 5- You Need to Assign them the Permission for:

    Chart of Accounts
    ● Create
    ● Modify
    ● View Account Balance
    Checks
    ● Create
    ● Print

    Final Words :

    We hope the above discussion will help you fix the “QuickBooks Error to Deposit You Need a Valid Expense Account” error message issue on your workstation. The practical resolutions discussed in this post are pretty easy to apply yet effective. If you are still not able to get rid of this issue, or, if you experience any difficulties in carrying out the above-mentioned solutions, we would recommend you to speak to the certified QuickBooks experts.

    Accounting Hub Support Service 7

    👉 Frequently Asked Questions

    If My iPhone is Locked or I am Unable to Use the Deposit Window, What can I do?

    ⮚Click Select button
    ⮚ Hit the Bank Deposit tab
    ⮚ Below the drop-down arrow named choose an account
    ⮚ Choose the bank account you want to deposit funds into.
    ⮚ If you get cash back from the deposit then enter the field named Cashback
    ⮚ Click Petty cash
    ⮚ Hit Save option

    What is the Process for Checking Bank Deposits?

    ⮚ Tap on the Reports button
    ⮚ Click on the Report Center tab
    ⮚ Select the Banking option
    ⮚ Find out Deposit Detail and then click the Run icon
    ⮚ A list will be displayed with recorded bank deposits
    ⮚ Easily select the specific deposits to extract additional information

    How Would I Delete a Bank Deposit in QuickBooks?

    ⮚ Choose the Reports option
    ⮚ Click Report Center
    ⮚ Hit the Banking tab
    ⮚ Search the report named Deposit Detail
    ⮚ Choose the Run icon
    ⮚ Select the desired deposit
    ⮚ It will display the Make Deposits window
    ⮚ You will view the payments in the deposit, check them, and ensure that you require to start ever
    ⮚ Next, give a right-click on the page
    ⮚ Choose Delete Deposit tab
    ⮚ Hit OK
    ⮚ Deposits with All Payments go back to the undeposited Funds account
    ⮚ Now you can begin ever and generate a new deposit

    How to Turn Off Automatic Matching & Recording of Payments?

    You need to first turn off the automatic reconciliation if you need to match and record fees and deposits manually. Here are the steps to follow-
    ⮚ Go to Banking
    ⮚ Click on Record Merchant Service Deposits.
    ⮚ Navigate to Deposit Settings
    ⮚ then click on the toggle named ‘Auto match records is turned on.
    ⮚ Click on Save Settings to finish

    How to Ensure that QuickBooks is Registered?

    Use the Following Steps-
    ⮚ Launch the QuickBooks Desktop application
    ⮚ Hit F2. The QuickBooks Product Information window appears in front of you.
    ⮚ Look below to the right-hand side & check if the product registration number appears. If not, then the product isn’t registered yet.

    What Steps can I use to Update QuickBooks Desktop on my System?

    After downloading the latest update, you need to restart QuickBooks to start your installation. Here are the steps you need to follow:
    ⮚ Go to the Windows Start menu
    ⮚ Input in the search field QuickBooks Desktop. Then right-click on it.
    ⮚ Choose the option Run as an Administrator
    ⮚ Go to the Help tab, choose No Company Open, and click on Update QuickBooks Desktop
    ⮚ Next, go to the Options panel and click on Mark All, then Save
    ⮚ Then select the Update Now button, then checkmark the checkbox named Reset Update
    ⮚ Choose the Get Updates panel when you are ready.
    ⮚ After the update completes, restart QuickBooks Desktop.
    ⮚ For installing the latest updates that you downloaded, select Yes.
    ⮚ Once the loading of updates completes, restart your computer.

    Leave a Reply

    Your email address will not be published.

    error: Content is protected !!
    Phone

    +1347-967-4079