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Belaircomputerguy
Level 1

How to record deposits from Undeposited Funds acct

I'm pretty new to QBO so I've been learning as I go.  I have two deposits to my bank showing up in my transactions (banking menu).  One of these deposits is $338 which consisted of two checks which I deposited at the bank.  The second transaction is $54 which are two credit card payments I took with my QB GoPayment reader.

 

I was assuming the Gopayment deposit would be properly categorized(split between the two invoices correctly) since it is all integrated to QBO - that was the main reason I switched from Square.  However, I've got these deposits and don't know how to associate them with the corresponding invoices.  As of right now, all of those monies are in my "Undeposited Funds" account.  Please see attached.

2021-04-13 10_00_20-Bank transactions — Mozilla Firefox.png 2021-04-13 10_01_02-Register — Mozilla Firefox.png

Solved
Best answer April 13, 2021

Best Answers
AlexV
QuickBooks Team

How to record deposits from Undeposited Funds acct

Hello Belaircomputerguy!

 

Yes, you can match these transactions to multiple entries in QuickBooks Online. I'm here to help you.

 

First, let's make sure to deposit the payments from the Undeposited Funds to the bank account. Please follow these steps:

  1. Click the + New button and select Bank deposit.
  2. Select the Account where you want to put the money and the Date.
  3. From the Select the payments included in this deposit section, check each payment you want to deposit. Make sure the amount matches your statement.
  4. Click Save and close or Save and new.

 

You'll want to make two different deposits. One for the  $338 and the other is for the $54. Once done, let's go back to your Banking menu, locate the downloaded transactions and select to expand the view.

  1. Tick the Find match button.
  2. On the Match transactions window, search the deposit transactions you created and check its corresponding box.
  3. Tap Save.

 

I've also added some links you can check. These will discuss further what to do with the downloaded transactions:

 

I also suggest updating your setting where QuickBooks Online tracks your QuickBooks Payments transactions. Follow these steps:

  1. Go to the Gear icon and select Account and settings.
  2. From the Payments tab, locate the Chart of Accounts section.
  3. Edit it, then Save.

 

Need more assistance? Let me know by posting again here. Take care always!

View solution in original post

1 Comment 1
AlexV
QuickBooks Team

How to record deposits from Undeposited Funds acct

Hello Belaircomputerguy!

 

Yes, you can match these transactions to multiple entries in QuickBooks Online. I'm here to help you.

 

First, let's make sure to deposit the payments from the Undeposited Funds to the bank account. Please follow these steps:

  1. Click the + New button and select Bank deposit.
  2. Select the Account where you want to put the money and the Date.
  3. From the Select the payments included in this deposit section, check each payment you want to deposit. Make sure the amount matches your statement.
  4. Click Save and close or Save and new.

 

You'll want to make two different deposits. One for the  $338 and the other is for the $54. Once done, let's go back to your Banking menu, locate the downloaded transactions and select to expand the view.

  1. Tick the Find match button.
  2. On the Match transactions window, search the deposit transactions you created and check its corresponding box.
  3. Tap Save.

 

I've also added some links you can check. These will discuss further what to do with the downloaded transactions:

 

I also suggest updating your setting where QuickBooks Online tracks your QuickBooks Payments transactions. Follow these steps:

  1. Go to the Gear icon and select Account and settings.
  2. From the Payments tab, locate the Chart of Accounts section.
  3. Edit it, then Save.

 

Need more assistance? Let me know by posting again here. Take care always!

View solution in original post

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