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How do I match one downloaded bank deposit with several invoices who's payments are in "undeposited funds" account?

I'm switching from QB Enterprise Desktop to QB Online and I've run into a snag.

 

In the Enterprise version, I would collect for and apply payment to several different customer invoices and the funds would park in "undeposited funds" account. Then, when I made a "bulk" deposit at the bank consisting of all of them, I could easily apply the undeposited funds to the deposit. Voila...easy peasy, punkin pie.

 

In the Online version, I can't figure out how to do that. How do I marry an actual bank deposit to funds parked in "undeposited funds"?

Best answer 10-09-2018 09:02 AM

Accepted Solutions
Content Leader

Re: How do I match one downloaded bank deposit with several invoices who's payments are in "undeposited funds" account?

Hey @cevans,

 

In addition to what @AlcaeusF offered, I wanted to also send this along, "How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online." The basic workflow is similar to Enterprise, you receive payments from Invoices or record Sales Receipt payments into Undeposited Funds, and then you use the Make Deposit feature to either group or individually add payments to accounts as needed. If a payment isn't deposited into Undeposited Funds, it won't show up on the Make Deposit screen. The workflow is hardwired to Undeposited Funds. 

 

However, if you're downloading these transactions straight from the bank, you don't need to use the Undeposited Funds account since the data you're importing into QuickBooks should inherently match your bank records. Instead, you have a few options - you can create Sales Receipts or Expenses from incoming transaction data (rather than matching) or deposit received payments directly into their final destination accounts (checking, income, etc) and do a direct match. 

 

Hope this helps!

 

 

 

4 Comments
QuickBooks Team

Re: How do I match one downloaded bank deposit with several invoices who's payments are in "undep...

Welcome to the Community space, cevans.

 

I'm happy to help you match a deposit to multiple invoices.

 

You'll need to exclude the deposit from your bank and manually create it within QuickBooks Online.

 

Here's how to exclude transactions:

 

1. On the left navigation bar, click Banking.

2. Go to the Banking tab.

3. Go to the For Review tab.

4. Put a check mark beside the deposit.

5. Click the drop-down arrow next to Batch actions.

6. Click Exclude Selected.

 

All customer sales transactions deposited to the Undeposited Funds account will show in the Bank Deposit window. From there, you can put a check mark to all the payments you want to be grouped together for a deposit.

 

Here's how:

 

1. Click the Plus (+) sign.

2. Below Other, click Bank Deposit.

3. Click the drop-down arrow next to Account.

4. Choose the bank account to which you wish to deposit funds.

5. Put a check mark to each payment you want to include in the deposit.

6. Click Save and close.

 

For more information about recording bank deposits, visit the article below:

 

Bank deposits

 

I've attached a couple of screenshots for your reference.

 

If you need more help concerning the bank deposit, let me know. I'll be here to help.

image.pngPicture2.png

 

Content Leader

Re: How do I match one downloaded bank deposit with several invoices who's payments are in "undeposited funds" account?

Hey @cevans,

 

In addition to what @AlcaeusF offered, I wanted to also send this along, "How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online." The basic workflow is similar to Enterprise, you receive payments from Invoices or record Sales Receipt payments into Undeposited Funds, and then you use the Make Deposit feature to either group or individually add payments to accounts as needed. If a payment isn't deposited into Undeposited Funds, it won't show up on the Make Deposit screen. The workflow is hardwired to Undeposited Funds. 

 

However, if you're downloading these transactions straight from the bank, you don't need to use the Undeposited Funds account since the data you're importing into QuickBooks should inherently match your bank records. Instead, you have a few options - you can create Sales Receipts or Expenses from incoming transaction data (rather than matching) or deposit received payments directly into their final destination accounts (checking, income, etc) and do a direct match. 

 

Hope this helps!

 

 

 

Established Member

Re: How do I match one downloaded bank deposit with several invoices who's payments are in "undeposited funds" account?

Thank you for the solution. I appreciate your assistance.

Highlighted
Content Leader

Re: How do I match one downloaded bank deposit with several invoices who's payments are in "undeposited funds" account?

@cevans

 

Happy to help. Does the workflow make more sense now?