I got an option to record your commission fees, Torbeck.
When you deposit your daily sales, you can add another line item for the commission fees. You will enter the amount as a negative number so it reduces the deposit amount. As a result, you will be able to match the actual deposit amount to it. I made a sample transaction and took a screenshot of it.
If there's anything that we can help, please let us know.
Thanks, I tried doing that but I’m not able to match any of the deposits I make to the sales I have entered into QuickBooks already. The card deposits or the cash ones.
The deposits included but never comes up. Not sure what I’m doing wrong, it’s very frustrating.
I have an alternative option, you'll have to go into your historical transactions and change them, but i know this works on QBO.
Use the Undeposited Funds account to it's full potential here. Mark your Daily Sales Receipt as "Undeposited Funds" in place of your bank account. Record an Expense for the commision, also using "Undeposited Funds" instead of your bank account.
You deposit the remaining in your bank account - When you have done this you can create a new Bank Deposit, and you should be able to Select the Sales Receipt, and Select the Expense - Giving you an overall amount you're depositing matching what is in the bank statement. As long as the date on the bank deposit you've created matches the transaction hitting your bank account, you should find an immediate Match to the Deposit.
Let me know if that helps you.
How do I mark the sales as undeposited funds. It doesn't seem to be an option. I tried creating another account as a clearing account but that doesn't seem to bring up any options to include in the deposit either. Is the undeposited funds account something I need to create?
Thanks for getting back to the QuickBooks Community, @Torbeck.
Allow me to step in and help ensure you're able to select the Undeposited Funds in QuickBooks Online.
In addition to what my colleague mentioned when changing an account for sales receipt transaction, the Undeposited Funds account should be included on the account lists since it is a default account in QuickBooks Online.
Also, possible that the Undeposited Funds was rename that is why it is not showing on the sales receipt deposit to account lists. Let's verify it by opening your Chart of Accounts.
For additional reference, you can check these articles below:
Please let me know how it goes by clicking the Reply button below. I'll be around to help if you have additional questions about the Undeposited Funds account. Have a good one.
If your account was created with a blank chart of accounts, through an accountant for an example - you may not have this account by default on your account. Most accounts do.
Click "Add New" when searching for the account, and create it under "Current Assetts - Undeposited Funds".
This account is one of the most useful accounts in the system, especially for scenarios involving commision deducted from a gross amount; leaving a net.
It wasn’t set up by an accountant. It’s pretty new and should all be set to default. I can see the undeposited funds on the chart of accounts but can’t select it as an option to deposit to or to pay an expense from. Is there something I need to do to activate it?
Hello there, @Torbeck,
I appreciate you following the steps provided by my colleagues in this thread.
Let's use a private browser to test if the Undeposited funds account will show on your Sales Receipt or Deposit screen. You can also use another compatible browsers.
If this works, you can go back to the main browser, then delete cache and cookies. Some stored data on your browser can impact the data being transmitted, thus causing some unusual behavior.
Let me know how this goes. If the same issue persists, please let me know so we can try another steps to keep you going.
Hello there, @Torbeck.
I'm here to help check why you can't select the Undeposited Funds when depositing transactions/payments.
You can only select the Undeposited Funds account or will only show as Deposit to when creating/recording sales receipts or invoice payments. If you can't select the Undeposited Funds when recording these transactions in QuickBooks Online (QBO), you may need to search the Undeposited Funds on your Chart of Accounts (COA), it's possible that the account was renamed from there.
However, if the account shows up on your COA and can't select it, I suggest getting in touch with our Support Team to check and investigate this further securely. For the support's contact information, you may check it here: Contact QuickBooks.
You may also check our help articles for you future reference: QBO UK help articles.
Stay posted if you have any other questions about your accounts in QBO, I'll be always here to help you. Wishing you the best!