How to receive payments into Undeposited Funds without an Invoice or Sales Receipt?

MatthewMay · ‎July 18, 2019

I'm working for a non-profit that typically receives a large number of small transactions at a time (usually handed into our office by a board or committee member), that I would prefer to record as Undeposited Funds until such time that we make a trip to the bank. Short of a Journal Entry, It seems that I can't do so without first creating an invoice or sales receipt, which isn't ideal as I don't have a specific customer to reference, and the funds received typically need to be posted to multiple income lines (making sales items not ideal). I can workaround it by making a deposit directly into our banking account (therefor not needing a customer or sales item), but that doesn't work well because it will not match the amounts on our statements unless we make a deposit at the bank every time we receive payment. Is it possible to post these amounts directly into their respective income lines (without creating a sales item for each GL Line, and associating them with a customer), and have the cash sit in Undeposited Funds until we officially record them in a deposit to our bank account? Is this even the best practice?

LauraAB · ‎July 18, 2019

Hi MatthewMay,

Well done with all the research you've done yourself regarding the available options in QuickBooks Desktop. Considering what you're looking for with the type of information you need to enter, a journal entry is likely your best bet. That'll allow you to choose specific accounts you need to put the funds into while also avoiding line items and customers.

While there are transaction types in the program that will allow you save without entering a customer, such as a sales receipt, they still use line items. I hear what you're saying about the deposit not quite working either and want to make sure you're using the best option for the non-profit.

If these are donations, learn more about how QuickBooks Desktop recommends recording donations by hitting F1 on your keyboard while in the program to bring up the QuickBooks Desktop Help window. Click the Help tab and then the Search button to bring up the search bar. Use keywords such as "donation" to find related articles. You'll note that the program does recommend tracking through use of customers and sales receipts, but reading it over may give you ideas of other options you could try. Learn more about the undeposited funds account and how it works by searching in this help window too.

I invite other members of the community to share their input and insight on this situation. It's always great when we can learn from each other!

To discuss any of the available options in more detail, feel free to call phone support. Agents can be reached at 1-877-772-9158 — 24/7 for Pro or Premier users and Monday to Friday 9 a.m. to 8 p.m. ET for Enterprise users. Learn about support policies here: Intuit QuickBooks Desktop software support policies

I hope that helps! Enjoy the rest of your day. :)

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How to receive payments into Undeposited Funds without an Invoice or Sales Receipt?

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