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waynecad
Level 1

Hi. How do I make bank deposits from undeposited accounts please? I have all my money automatically going in here. Thanks in advance.

 
1 REPLY 1
Rea_M
Moderator

Hi. How do I make bank deposits from undeposited accounts please? I have all my money automatically going in here. Thanks in advance.

Making bank deposits from the Undeposited Funds account is a breeze in QuickBooks Online (QBO), and I'm here to show you how, @waynecad.

 

The Undeposited Funds account holds customer payments in QuickBooks until you deposit them at your real-life bank. Since it already has all your money, you're now set to record a bank deposit and combined the necessary payments into a single transaction (use your deposit slip as a reference). To do this, here's how:

  1. Go to the + New button.
  2. Select Bank deposit
  3. From the Account dropdown, choose the account you want to put the money into.
  4. Select the checkbox for each transaction you want to combine.
  5. Make sure the total of the selected transactions matches your deposit slip. 
  6. Click Save and close or Save and new

 

To know more about combining multiple transactions into a single record so QuickBooks matches your real-life bank deposits, you can refer to this article: Record and make bank deposits in QuickBooks Online.

 

After that, check your Undeposited Funds account to clear out any payments waiting to be deposited. Visit the Chart of Accounts page from the Accounting menu. Find the Undeposited Funds account on the list, then select Account history.

 

Also, you can pull up the Deposit Detail report to manage all your completed bank deposits. To do this, go to the Sales and customers section from the Reports menu's Standard tab.

 

Keep me posted if you have additional questions about making bank deposits in QuickBooks. I'll be more than happy to help. Take care always.

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