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How do cash basis clients handle import of bank transactions that are outstanding for current month and clear bank in next month ?

 
Best answer 04-29-2019 12:13 PM

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QuickBooks Team

Re: How do cash basis clients handle import of bank transactions that are outstanding for current...

Thanks for getting back to us, Susan28562.

I'm here to help you handle your outstanding deposits in QuickBooks Online. Let's get started.

 

If there are still deposits which have not been posted on the bank yet, you can use the Undeposited Funds to this those deposits.

 

 

After that, you can create a bank deposit and select the outstanding deposit and date it to when it will be posted on the bank statement.

 

To access bank deposit window, here's how:

 

  1. Click the Plus Icon and click Bank Deposit.
  2. Locate and select the outstanding deposit.
  3. Hit Save and close.
     

 

 

These articles are a good reference:

 

You can always get back to me if you have any other concerns about bank deposits in QuickBooks Online. Have a good one.

5 Comments
QuickBooks Team

Re: How do cash basis clients handle import of bank transactions that are outstanding for current...

Delighted to have you here, @Susan28562.

 

I'd be pleased to furnish you with resources on how the recording of your bank transactions works in QuickBooks Online.

 

When receiving payments from clients, only cleared payment transactions are posted in your bank's online website. Thus, you'll not be able to download and import it in QuickBooks.

 

You need not worry, you can still mark your invoice as paid as soon as you received the payments. 

Once the payments are cleared and posted on the bank's website, you can now download and import it in your QuickBooks Online account. 

 

To avoid getting duplicate records of the payments, you can match the imported payment transaction and the manually recorded payments. Here's how:

 

  1. Once the importing process is complete, go to Banking.
  2. Choose the Banking tab.
  3. Select the bank where you imported the transactions.
  4. Choose the For Review tab.
  5. Look for the payment transaction.
  6. If the system detects a match between your transactions, you can see Match on the Action or Category columns. 
  7. If not, expand the transaction.
  8. Select Find Match.
  9. Locate the manually added transaction.
  10. Click Match

That should do it! This will allow you to record your bank transactions accurately.

 

Keep in touch with me if you have other question about managing downloaded and imported transactions in QuickBooks. I'm always here to help.

Frequent Explorer *

Re: How do cash basis clients handle import of bank transactions that are outstanding for current month and clear bank in next month ?

I should have been more specific with my question.  I have a client that is cash basis and downloads bank deposits to QB from the bank's website.   Since there will always be outstanding deposits in the next month for the prior month, what do other QB Online users do to provide their accountant with accurate information ?

 

Currently, the client is downloading the outstanding deposits dated on bank in next month, then changes the date in QB to the current month where they belong.   Just thought I would see if there are other options for handling this.

 

Thanks for your help.

Susan

 

QuickBooks Team

Re: How do cash basis clients handle import of bank transactions that are outstanding for current...

Thanks for getting back to us, Susan28562.

I'm here to help you handle your outstanding deposits in QuickBooks Online. Let's get started.

 

If there are still deposits which have not been posted on the bank yet, you can use the Undeposited Funds to this those deposits.

 

 

After that, you can create a bank deposit and select the outstanding deposit and date it to when it will be posted on the bank statement.

 

To access bank deposit window, here's how:

 

  1. Click the Plus Icon and click Bank Deposit.
  2. Locate and select the outstanding deposit.
  3. Hit Save and close.
     

 

 

These articles are a good reference:

 

You can always get back to me if you have any other concerns about bank deposits in QuickBooks Online. Have a good one.

Established Community Backer ***

Re: How do cash basis clients handle import of bank transactions that are outstanding for current...


@RoseMarjorieA wrote:

 

 

If there are still deposits which have not been posted on the bank yet, you can use the Undeposited Funds to this those deposits.

 

 

 

After that, you can create a bank deposit and select the outstanding deposit and date it to when it will be posted on the bank statement.


 

 

 


This is an absurd answer.

One problem is you can't deposit a negative amount

 

Established Community Backer ***

Re: How do cash basis clients handle import of bank transactions that are outstanding for current month and clear bank in next month ?


@Susan28562 wrote:

I should have been more specific with my question.  I have a client that is cash basis and downloads bank deposits to QB from the bank's website.   Since there will always be outstanding deposits in the next month for the prior month, what do other QB Online users do to provide their accountant with accurate information ?

 

Currently, the client is downloading the outstanding deposits dated on bank in next month, then changes the date in QB to the current month where they belong.   Just thought I would see if there are other options for handling this.

 

Thanks for your help.

Susan

 


The effective date is when the money is received, not when it is deposited. So create a Sales Receipt or Receive Payment dated on the date when received. Then it will be uncleared on the Bank Rec. If they create income with Bank Deposits, then change the date of the Bank Deposit, as they are doing it seems