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WVVP
July 23, 2021
Question

Is Uncategorized Asset the same as Undeposited Funds?

  • July 23, 2021
  • 4 replies
  • 33 views

Hello,

 

I am unable to find a Undeposited Funds accounts in my QBO. I do however have a Uncategorized Assets so I'm wondering if QBO changed the naming. Please advise?

 

The real reason I am starting a discussion is because, I issue a Sales Receipt. Then shortly after, I like to deposit the funds so I can then matched the transaction in the banking section. (I am aware I can simply do a bank deposit after a sales receipt however I want the client's payment to show up in the Customer area; in case down the road the client asks for a document of all payments made. If I were to do a bank deposit without a sale receipt it won't show up in the customers profile). Anyways, when I do the sales receipt, then do the bank deposit and finally match the transaction in banking; I have found that in my Profit and Loss the transaction is doubled. 

 

To prevent this do I need to change the Sales Receipt account to "Uncategorized Assets" then when doing the banking deposit using my bank for which it will go into? I've got something mixd up and not sure what. Please help!

4 replies

Ethel_AQuickBooks Team
QuickBooks Team
July 23, 2021

Welcome to the Community, @WVVP.

 

I'll make sure you'll be able to find the Undeposited Funds in your QuickBooks Online account and correct the Profit and Loss report.

 

You can find the Undeposited Funds under the Chart of Accounts.

 

Here's how:

 

  1. From the left menu, click on Accounting.
  2. Choose Chart of Accounts.
  3. Under DETAIL TYPE, look for Undeposited Funds. It should be there.

 

Once you find the Undeposited Funds, make sure all payments will go there. From there, you can easily deposit the funds to the right bank account.


To avoid the duplicate transaction, since you already have a sales receipt, delete the same transaction that you added under the income account.

 

I'm adding these articles for your reference about Undeposited Funds and depositing to a bank account.


Get back to me if you have any additional questions about Undeposited Funds. I'm just a post away.

WVVPAuthor
July 24, 2021

Thanks! I found the Undeposited Funds account.

 

So if I do a sales receipt. I still need to do a bank deposit even if the transaction is already in the banking tab ready to be categorized? I have found that doing the sales receipt AND doing the bank deposit leaves me duplicate transaction when I categorize in banking. I hope this make sense. I'm still new to QBO.

 

Also does this same concept (needing to do a bank deposit) apply to invoices (that were paid outside of QBO)?

 

 

 

 

Angelyn_T
Angelyn_TModerator
Moderator
July 24, 2021

Thank you for getting back, WVVP. 

 

I'm here to share with you some additional information about sales receipts and the transactions on the Banking page.

 

If your bank account is connected to QuickBooks, the system will automatically download your recent bank statements. Thus, you don't need to record your transactions from the +New icon manually. All you need to do is to categorize and review the transactions from the Banking section.

 

Here's how:

 

  1. Sign in to your QBO account.
  2. Click on Banking or Transactions at the left pane, then go to the Banking page.
  3. Select your account, then go to the For review section.
  4. Categorize the transactions from there.

 

If you've already recorded your sales receipts, you can always match your transactions to avoid duplicate records.

 

  1. From the For Review tab, select the downloaded transaction.
  2. Tap on Find match.
  3. Match the entries from there.

 

I'm adding this link for more hints about reviewing your bank statements from the Banking page: Categorize and match online bank transactions in QuickBooks Online.

 

On the other hand, here's how you can learn more about handling our invoices and receive payments: Create invoices in QuickBooks Online.

 

Once you're done reviewing your bank transactions, you're now ready to proceed with your reconciling your account to balance books.

 

 

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