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Stace6799
Level 2

Deposit Accounts

We have a company set up as a customer because when we have a warranty item for our actual customers we invoice them and they credit our bank account.  This has never been an issue until now - they credited our company credit card (not our merchant account but the Capital One card we sometimes use for purchases).  I can't seem to add the Capital One Credit Card as a deposit account.  How can I solve this?

 

When I go to add the credit card to the deposit accounts it won't let me add it because it already exists and the "Select from Examples" tab won't highlight to choose from it.

Solved
Best answer October 28, 2021

Best Answers
AlexV
QuickBooks Team

Deposit Accounts

Good day, Stace6799!

 

It's great that you're able to enter the credits now. Let me show you how to apply it to the customer's invoice.

 

When you record it using the Enter Credit Card Charges, don't use the Items tab. Instead, you'll need to select an Accounts Receivable in the Expenses tab. This will create a credit that you can apply to the invoice. Also, make sure to select the customer under the Customer:Job column.

 

Once done, go to the Customers menu and select Receive Payments. Select the customer in the Received From field, then the invoice. From the Unused Credits section, click the Apply Credits and select the credits you created on the Credits tab. Tap Done and save the transaction.

 

You can check this link: Set up, use, and pay credit card accounts. This will explain more on how to manage your credit card accounts in QuickBooks Desktop.

 

Leave a comment again here if you need more assistance about credits. Thanks!

View solution in original post

10 Comments 10
AlcaeusF
Moderator

Deposit Accounts

Hello @Stace6799,

 

We want to help you with your questions about the customer payment. However, we need more information about it to provide the right resolution and to get this sorted out promptly.

 

Is the payment from the company reflected in the credit card account already? Also, are you trying to enter a deposit manually into the credit card account in QuickBooks? You can add more details by posting by adding a comment below.

 

In the meantime, you can check the following article to learn how to add a credit card payment using Write Checks in QuickBooks: Set up, use, and pay credit card accounts.

 

Please know that you're always welcome to post any questions you have in this space. Have a great day ahead.

Stace6799
Level 2

Deposit Accounts

Someone entered the payment to the customer invoice as normal - a payment that goes in to undeposited funds that normally goes in to the bank account.  I entered the deposit into the credit card journal in QB when I saw it online.  However, both of these entries can be changed.

Charies_M
Moderator

Deposit Accounts

Welcome back and thank you for the additional information about your concern, Stace6799.

 

When depositing money to a credit card like Capital One, you'll want to create is a Credit Card Charges type of transaction. Make sure to choose the bank account that paid back the credit. 

 

To do that:

 

From the Banking menu, select Enter Credit Card Charges.

  1. Select the credit card account from the Credit Card dropdown.
  2. Purchase/Charge is the default. If you want to record the credit or refund you received through the credit card, select the Refund/Credit instead.
  3. Choose the vendor from the Purchased From dropdown. Select the date.
  4. Select the Expenses or Items tab and enter the expenses/items you want to track.
  5. Click Save & Close.

Check out this article for more details on how to manage credit card accounts: Set up, use, and pay credit card accounts.

 

You can read through these articles to learn more about managing your downloaded bank transactions:

By the time you want to reconcile your account, you can have this article as your guide. I'd recommend performing it every month to keep your books accurate: Reconcile an account in QuickBooks Desktop.

 

Anything else you need help with or additional questions about recording credit card charges. Just let me know and I'd be to assist.

Stace6799
Level 2

Deposit Accounts

I have the credits entered in the Credit Card account.  How do I apply those credits to the Customer account?  There is no bank account involved in this transaction.  Unfortunately, the customer credited our Credit Card instead of our bank account.

AlexV
QuickBooks Team

Deposit Accounts

Good day, Stace6799!

 

It's great that you're able to enter the credits now. Let me show you how to apply it to the customer's invoice.

 

When you record it using the Enter Credit Card Charges, don't use the Items tab. Instead, you'll need to select an Accounts Receivable in the Expenses tab. This will create a credit that you can apply to the invoice. Also, make sure to select the customer under the Customer:Job column.

 

Once done, go to the Customers menu and select Receive Payments. Select the customer in the Received From field, then the invoice. From the Unused Credits section, click the Apply Credits and select the credits you created on the Credits tab. Tap Done and save the transaction.

 

You can check this link: Set up, use, and pay credit card accounts. This will explain more on how to manage your credit card accounts in QuickBooks Desktop.

 

Leave a comment again here if you need more assistance about credits. Thanks!

View solution in original post

Stace6799
Level 2

Deposit Accounts

Thank you very much!

Stace6799
Level 2

Deposit Accounts

Oops!  I hit "solved" too quickly.  I reentered the credits in the credit card account and applied the credits to the customer account but the payment is sitting in the undeposited funds account?

Rea_M
QuickBooks Team

Deposit Accounts

Thanks for getting back to us, @Stace6799.

 

The Undeposited Funds account holds customer payments in QuickBooks until you deposit them at your real-life bank. By default, QuickBooks puts your invoice payments into the Undeposited Funds account to keep your accounting data accurate. To get the payment out, you'll have to record a bank deposit. Here's how:

 

  1. Go to Banking, select Record Deposits / Make Deposits.
  2. In the Payments to Deposit window, select the payments you want to deposit. Then select OK.
  3. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to dropdown.
  4. Check the deposit total. Make sure the account and selected payments match the deposit slip from your bank. 
  5. Enter the date you made the deposit at your bank. Then, add a memo as needed.
  6. When you're done, select Save & Close

 

Once you're done, I'd recommend pulling up the Deposit Detail report. This way, you can review and manage your deposits and get more details. To do this, go to the Reports menu and select the Banking section.

 

Also, I'm adding this article to learn the different ways you can track customer transactions in QBDT: Get started with customer transaction workflows in QuickBooks Desktop.

 

Please don't hesitate to keep me posted on how it goes. Let me know in the comments if you have other concerns bout managing customer credits and payment transactions in QBDT. Take care, and I wish you continued success, @Stace6799.

Stace6799
Level 2

Deposit Accounts

That is my entire problem.  That's what I put at the beginning of the discussion.  The undeposited funds then depositing process won't let me deposit into the credit card.  It won't let me add our Capital One credit card as a deposit account.  The money did not go into the bank account it went to our credit card!

AbegailS_
QuickBooks Team

Deposit Accounts

Hi there, @Stace6799.

 

I appreciate all of the steps that you've done to enter your transaction.

 

I'm here to provide you with some workaround to sort this out.

 

Journal entries are the last resort for entering transactions. 

 

If you need to create a new journal entry, here’s what to do:

  1. Go to the Company menu and select Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Select Save or Save & Close.

 

For more details about the process, check out this article: Create a journal entry in QuickBooks Desktop for Windows or Mac

 

In addition, you can also edit the payment to the credit card.

 

Moreover, here's how to deposit payments into the Undeposited Funds account in QuickBooks Desktop.

 

I don’t want to leave you empty-handed, you'll want to visit our Community Help Articles hub in case you need some related articles in managing your account.

 

If you have any other questions about recording payments and deposits, please let me know by adding a comment below. I'm always here to help. Have a good one!

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