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Frequent Explorer *

Matching Sales Receipts to Deposits

Hello,

I'm new to QuickBooks Online and have a basic question regarding how to match my downloaded bank deposits to our sales receipts.

 

Right now all of our sales receipts are deposited to the Undeposited Funds account. Our Bank account is connected and deposits from our storefronts (Amazon, eBay, Shopify, etc.) are automatically created. Right now I'm using the Match option under the deposit and checking off the sales receipts that are part of that deposit, and adding resolving transactions for the storefront fees.

 

This is easy for some deposits, but others are a big challenge. One storefront provides the transaction detail for each deposit so it's easy to check off the sales receipts, but others do not. So I have to spend time hunting down which sales receipts are part of that deposit. It seems like it shouldn't be so time consuming.

 

Is there another way? Can I categorize the deposit directly to the Undeposited Funds account without selecting which Sales Receipts are part of the deposit?

 

Thank you!

Solved
Best answer 08-13-2019

Accepted Solutions
Moderator

Re: Matching Sales Receipts to Deposits

Thanks for getting back to us here in the Community, eml4110.

 

The Transfer feature in QuickBooks Online (QBO) lets you move funds from an account to another. 

 

You can transfer the sales receipts amounts from Undeposited funds to your checking account. However, you won't be able to recognize the sales receipts that are part of a specific deposit. Thus, it won't link the two transactions.

 

Every time you enter a transfer, the sales receipts will show as pending in the Bank Deposit screen. Please note that Undeposited Funds should have a zero balance, so you can easily reconcile the account.

 

To fix this, you'll have to create a zero bank deposit to your checking account. This process clears up the pending sales receipts in the Bank Deposit screen.  You can select all the sales receipt, then include the bank transfer so it totals to zero. Also, add the transaction fee as a negative value under the Add funds to this deposit section if any.

 

I'm glad to provide you the steps.

  1. Go to the Plus sign icon at the top and choose Bank Deposit from the pop-up window.image.png
  2. On the first box, select the appropriate bank account. 
  3. Check the boxes for transfer and sales receipt transactions.
  4. Under the Add funds to this deposit section, enter the details for the transaction fee such as the name, account and amount.
  5. Make sure the deposit's total amount is zero.
  6. Hit the Save and close button.

image.png

 

For additional insights about managing bank deposits, check out this article: Record and Manage Bank Deposits in QBO.

Should you have other questions, please let me know. I'm always here if you need anything else. Take care.

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9 Comments
QuickBooks Team

Re: Matching Sales Receipts to Deposits

Allow me to help share information about matching transactions in QuickBooks Online (QBO), @eml4110.

 

As of now, there isn't an option to categorize the deposit directly to the Undeposited Funds account. You really to look for the transaction/s to match it accordingly.

 

For further details about matching transactions in QBO, you can check this article: Match and categorize your downloaded bank transactions.

 

You can also check our help articles for your future reference: Help articles for QBO.

 

Stay posted if you have any other questions about matching transactions. I'll be right here to help.

Frequent Explorer *

Re: Matching Sales Receipts to Deposits

Hi, thanks for the reply but I still have some questions.

 

When the deposit hits my bank account and is under the "For Review" section, I do have the option of selecting "Undeposited Funds" as the Category. Can I not categorize these deposits that way, or does every deposit (received from sales) need to be matched to the individual Sales Receipts?

 

Related question, is there any way for me to see what Sales Receipts do not have an associated deposit? Right now when I click on a Sales Receipt it'll show if there's linked deposit in the upper left corner, but that's the only place I can find it. Is there a report or view where I can see what Sales Receipts don't have an associated deposit?

 

Thanks!

Moderator

Re: Matching Sales Receipts to Deposits

Thanks for coming back to the Community, eml4110.

 

We have an option to automatically categorize bank transactions in QuickBooks Online. You can set rules to scan items for certain details and assign them to specific payees and categories. Here's how:

  1. Go to Banking on the left pane and select Rules.
  2. Hit New rule to open the window.
  3. Enter a name in the field and choose Money in from the For drop-down.
  4. Select Deposit/Credit card credit from the Transaction type box.
  5. Set the rule conditions, specify whether the rule applies to Bank textDescription, or Amount, then identify the content the transaction ContainsDoesn't contain, or Is exactly for the rule to apply.
  6. Select the settings for the rule, specifying the Transaction typePayee, and the Category to apply.
  7. Enter the needed details.
  8. Hit Save.

As for your other question, you'll have to manually click the deposit to view the associated sales receipts.

 

For the complete steps on how to set a bank rule, please refer to this article: How to set and use banking rules for downloaded transactions.

 

 I'm delighted to answer other questions should you have any. I'm cheering you to continued prosperity.

Frequent Explorer *

Re: Matching Sales Receipts to Deposits

Yes, I understand how to automatically categorize a bank transaction using rules. My question is, does it make any difference if I just categorize a bank deposit to Undeposited Funds vs matching the deposit to each individual Sales Receipt? Do both methods accomplish the same thing?

 

Thanks.

Moderator

Re: Matching Sales Receipts to Deposits

Thanks for your response, eml4110.

 

You'll have to manually match the deposit to the sales receipts.

 

It is true that we can categorize the deposits to Undeposited Funds, however, you need to create a zero deposit. Also, you still need to look for the sales receipts that consist of that deposit. This way, you can close the Undeposited Fund's sales.

 

Here's article for additional details on how to manage deposits: Record and Manage Bank Deposits in QBO.

 

Please post again in the Community if you run into any issues. I'm always here to help.​

Frequent Explorer *

Re: Matching Sales Receipts to Deposits

What if I use the Record Transfer option for the deposit?

 

I've tried it with a few deposits, and it looks like it accomplishes the same thing as matching to individual Sales Receipts. Looking at one of the transfer transactions I did, the funds are being moved from Undeposited Funds to my bank account.  Can I handle the deposits this way?

 

Thanks.

QuickBooks Team

Re: Matching Sales Receipts to Deposits

Thanks for keeping me updated about this, @eml4110.

 

Yes, you can handle your deposits that way. Technically, transferring deposits from the Undeposited Funds account to a specific bank account can be done through the record transfer. This will be processed individually and manually. 

 

To give you more insights about this procedure, you may read through these articles: 

If you need further assistance with the steps, I'd suggest reaching out to our Customer Care Team. They can initiate a remote-viewing session and guide you in this matter. 

 

Please let me know how things turns out. I'll be around to lend a helping hand. Have a good one!

Frequent Explorer *

Re: Matching Sales Receipts to Deposits

Ok, great, thank you.

 

So is there any downside to using the transfer function to undeposited funds vs matching to the individual sales receipts? Both methods accomplish the same result?

 

I just want to make sure I'm not missing anything. This will save me a ton of time, but I don't want to overlook something and have to go back and change how we handle deposits.

 

Thank you!

Moderator

Re: Matching Sales Receipts to Deposits

Thanks for getting back to us here in the Community, eml4110.

 

The Transfer feature in QuickBooks Online (QBO) lets you move funds from an account to another. 

 

You can transfer the sales receipts amounts from Undeposited funds to your checking account. However, you won't be able to recognize the sales receipts that are part of a specific deposit. Thus, it won't link the two transactions.

 

Every time you enter a transfer, the sales receipts will show as pending in the Bank Deposit screen. Please note that Undeposited Funds should have a zero balance, so you can easily reconcile the account.

 

To fix this, you'll have to create a zero bank deposit to your checking account. This process clears up the pending sales receipts in the Bank Deposit screen.  You can select all the sales receipt, then include the bank transfer so it totals to zero. Also, add the transaction fee as a negative value under the Add funds to this deposit section if any.

 

I'm glad to provide you the steps.

  1. Go to the Plus sign icon at the top and choose Bank Deposit from the pop-up window.image.png
  2. On the first box, select the appropriate bank account. 
  3. Check the boxes for transfer and sales receipt transactions.
  4. Under the Add funds to this deposit section, enter the details for the transaction fee such as the name, account and amount.
  5. Make sure the deposit's total amount is zero.
  6. Hit the Save and close button.

image.png

 

For additional insights about managing bank deposits, check out this article: Record and Manage Bank Deposits in QBO.

Should you have other questions, please let me know. I'm always here if you need anything else. Take care.

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