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dhavalkakadiya
Level 2

Deposit wrongly entered

I use Quickbook POS and Desktop which are linked. For one of the deposit entry from bank feeds, I matched with an existing bill but forgot to add it to income account and it has gone to Undeposited Funds. How can I rectify it. Please help. 

5 Comments 5
LollyNino_C
QuickBooks Team

Deposit wrongly entered

Hello there, @dhavalkakadiya

 

Welcome to the Community. It would be my pleasure to lend a hand with your concern about the Undeposited Funds.

 

With your deposit slip in hand, you can record a bank deposit and combine the payments in QuickBooks. All payments in the Undeposited Funds account automatically appear in the Bank Deposit window.

 

Here's how to record or deposit: 

  1. On the Homepage, select Record Deposits / Make Deposits.
  2. In the Payments to Deposit window, select the payments you want to combine. 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. Use your deposit slip as a reference.
  5. Enter the date you made the deposit at your bank.
  6. Add a Memo as needed.
  7. When you're done, select Save & Close.

Each bank deposit is a separate record. Make deposits one at a time for each of your deposit slips.

 

Learn more and get detailed steps for how to combine payments and make a bank deposit.

 

Additionally, you can also check this guide on how to send online invoices in QuickBooks Desktop

 

I've included a few resources about sales taxes that will come in handy moving forward:

 

Hit the Reply button below if you need anything else. I’ll be more than happy to help. Thanks for dropping by and take care!

dhavalkakadiya
Level 2

Deposit wrongly entered

Not sure if you understand the issue correctly. Let me be more descriptive if it helps. 

 

My data is being pushed from Quickbook POS to Quickbook desktop pro. I've pushed the bank feeds as well for that period. For one of the bill, a customer paid by credit card.

 

In the bank feeds, there is an option to add/match the deposit. I've matched the deposit to an open bill but have not added anything to 'Account' section in bank feeds for that entry. By default, it has gone to 'Undeposited Funds' account and I want to correct and add it to 'Income' account. 

 

I'm unable to do this. Can you help with this?

AlexV
QuickBooks Team

Deposit wrongly entered

Hi dhavalkakadiya!

 

It'll automatically reflect on the source account when a transaction from the bank feeds is matched or added. What you'll need to do is review the bank or credit card account where the transaction is posted. Let me help you.

 

You can follow these steps:

  1. From the Lists menu, select Chart of Accounts.
  2. Find the affected bank or credit card account and double-click it.
  3. Click the Go to button at the top and use it to search for the deposit transaction.
  4. Double-click the deposit transaction to open the entry, then categorize it.
  5. Once the income account is added, save it.

 

Additionally, you may check this link: Get started with Bank Feeds for QuickBooks Desktop. This contains related articles on how to manage your downloaded transactions in QuickBooks Desktop.

 

Leave a comment again here if you have more concerns. Take care always!

dhavalkakadiya
Level 2

Deposit wrongly entered

I followed these steps earlier. But when I open the deposit transaction from COA to categorize it in 'From Account' from 'Undeposited funds' to 'Income' account, it throws an error saying 'You cannot edit payment information in a deposit transaction. 1) Delete the payment from the deposit. 2) Go to the original payment transaction to edit ..............'

 

 

 

 

Catherine_B
QuickBooks Team

Deposit wrongly entered

Hello there, dhavalkakadiya.

 

Once you match an invoice to an existing deposit in QuickBooks, it will automatically link to the income account so there's no need to edit the deposit and select it on the Bank deposit window. You'll just have to create a bank deposit and select the payment transaction posted on the Undeposited Funds account. 

 

Feel free to use these links for more details:

 

Let me know if you have other questions. Take care and have a great day!

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