Working in QB Online and I have several thousand dollars in Undeposited Funds from Square, from over 1,000 small individual sales transactions.
The Square deposits were manually entered and the bank account has been reconciled.
I was planning to delete the manually entered deposits, then match the transactions to the deposits, then re-reconcile, but I’m not familiar with how it works exactly. Will QB recognize each deposit by date and automatically select the corresponding transaction included in each deposit? Each deposit contains 50 - 100 individual sales.
If anyone had any other ideas/solutions, I’m open to suggestions.
You've come to the right place, @feline99.
I'll help ensure you're able to re-reconcile your Square sales transactions.
Yes, you can delete the manual deposits in QuickBooks Online (QBO). Here's how to find and delete them:
After that, you'll need to recreate the deposit from the Undeposited Funds. This way, QBO will recognize the deposits and you can match them to your downloaded transactions. Here's how:
Once done, QBO analyzes all the information received from the bank for each downloaded transaction to give you the best possible suggestions for accepting the transaction. You'll need to manually review and accept a downloaded transaction. Here's how:
Then, you can also mark "R" the transactions to the Bank register to help fix the reconciliation balances. For more information about reconciliation in QBO, here's an article you can check out: Reconcile Accounts.
The steps above will help you achieve your goal, @feline99. Should you have additional questions about this reconciliation process, please get back to me by leaving a reply below. I'm always here to help you out. Stay positive always!
Thank You Raymond
<<Go to the Plus icon (+) at the upper right. Under Other, select Bank Deposit. Select the Date and add all the payments that were on the original deposit. Choose Save and close. >>
The manual deposits were entered as a lump sum, not using each individual sale as it appears in Undeposited Funds.
Selecting payments from Undeposited Funds doesn't produce a total that is even moderately close to what the deposit amount should be. Random amounts show in Undep. Funds as 'Deposited' under the Reconciliation Status column, yet transactions above and below for the same date show as blank in in the same status column.
Welcome back to the Online Community, panda88.
I appreciate for sharing additional details. This gives me a quick overview of what exactly happened to the transactions.
I can help ensure your financial records are in tiptop shape. To resolve the issue, you’ll have to manually open each invoice and unlink the payment.
Once done, you can now match the transactions to the correct deposits and re-reconcile your account.
Before doing so, make sure to unreconcile the transactions first. I’ve laid out the steps below:
You’ll find more information in this article: Clear, unclear, reconcile or unreconcile transactions. If you’re an accountant, the Undo Reconciliation tool will help you unreconciled transactions by batch.
These steps should get you pointed in the right direction.
Reach out to me if you have additional questions. Please know I’m just a comment away for help. Have a great rest of your day!
Thanks for joining this thread, cb7712.
We’ll have to check if there’s a rule set for your deposits. This is to determine if it’s the root cause why your Square transactions are automatically downloaded to your bank.
If there’s a rule created for the entry, let’s match the deposits to the receipts. I’ll help and guide you on how to do this in QuickBooks.
However, if you didn’t create a rule for the transactions, exclude them and then match the receipts to the deposits added in your bank.
Here’s an article that contains links to online banking-related activities: Get started with Bank Feeds for QuickBooks Desktop. It contains topics on how to set up an account for bank feeds, add or match downloaded entries, edit the bank feed settings, and deactivate the bank feeds.
Leave a comment below if you still have concerns on how to handle your Square deposits. I’m always ready to assist further. Enjoy your day.