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Woody0930
Level 2

Matching a bank feed to a sale receipt auto generate a deposit?

I volunteer to reconciled an organization's monthly bank account. Their bank is linked to QBO. When they receive a check/donation, an employee will enter them into QBO as a sales receipt, linked to "Undeposited Funds." Then when I go to reconcile, all the transactions are sitting in "Undeposited Funds." I then would go into the "Banking" function, I see a match for that sales receipt to the bank feed. When I match it, does it automatically create a deposit? Is skipping the "bank deposit" step okay if I'm already matching in the bank register? Or do I still need to do a "Bank Deposit" and then go into banking to  match the feed? Please keep in mind, my volunteer task is on a monthly basis, and they've been sitting in undeposited funds so the banking balance in QBO is already out of date.

Solved
Best answer December 03, 2020

Best Answers
jamespaul
QuickBooks Team

Matching a bank feed to a sale receipt auto generate a deposit?

Hello, Woody0930.

 

Nice of you to volunteer for an organization! I can share important details on what happens if you skip the bank deposit step. 

 

Yes, you can skip the bank deposit step. When you match the sales receipt from the Undeposited Funds with a downloaded bank transaction, it will automatically create a deposit. It won't duplicate your records. 

 

Though, you can also do the bank deposit step. Both will yield the same result. The sales receipt will match and the funds will be moved to the bank account in the Chart of Accounts. 

 

The only difference is that when you skip the bank deposit step, the funds will be removed from the bank account if you undo the matching process. Here's a visual guide on what will happen:

 

bankdepo1.PNG

bankdepo2.PNG

 

In case you want to do the bank deposit step:

 

  1. Click the + New icon, then choose Bank deposit
  2. Check the sales receipt transaction under the Select the payments included in this deposit section. 
  3. Add some memo, reference number, and other important information.
  4. Once done, click Save and close

 

bankdepo3.PNG

 

More details can be found here: Record and make bank deposits in QuickBooks Online.

 

Do you need help reconciling the bank account after dealing with the deposits? Feel free to take a look at this article for a guide: Reconcile an account in QuickBooks Online.

 

You can also find other help articles by browsing other topics here

 

I hope you're having a wonderful time with your volunteer work. I'm down to answer any other questions you might have for QuickBooks Online. 

View solution in original post

1 Comment
jamespaul
QuickBooks Team

Matching a bank feed to a sale receipt auto generate a deposit?

Hello, Woody0930.

 

Nice of you to volunteer for an organization! I can share important details on what happens if you skip the bank deposit step. 

 

Yes, you can skip the bank deposit step. When you match the sales receipt from the Undeposited Funds with a downloaded bank transaction, it will automatically create a deposit. It won't duplicate your records. 

 

Though, you can also do the bank deposit step. Both will yield the same result. The sales receipt will match and the funds will be moved to the bank account in the Chart of Accounts. 

 

The only difference is that when you skip the bank deposit step, the funds will be removed from the bank account if you undo the matching process. Here's a visual guide on what will happen:

 

bankdepo1.PNG

bankdepo2.PNG

 

In case you want to do the bank deposit step:

 

  1. Click the + New icon, then choose Bank deposit
  2. Check the sales receipt transaction under the Select the payments included in this deposit section. 
  3. Add some memo, reference number, and other important information.
  4. Once done, click Save and close

 

bankdepo3.PNG

 

More details can be found here: Record and make bank deposits in QuickBooks Online.

 

Do you need help reconciling the bank account after dealing with the deposits? Feel free to take a look at this article for a guide: Reconcile an account in QuickBooks Online.

 

You can also find other help articles by browsing other topics here

 

I hope you're having a wonderful time with your volunteer work. I'm down to answer any other questions you might have for QuickBooks Online. 

View solution in original post

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