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ammtec
Level 1

Need help in figuring out why checks that we received, entered into Receive Payment, never added to Deposit,showed up on the check register as a payment not deposit.

 
1 Comment
KlentB
QuickBooks Team

Need help in figuring out why checks that we received, entered into Receive Payment, never added to Deposit,showed up on the check register as a payment not deposit.

I can shed a light on that, ammtec.

 

The reason why the checks you've received didn't show as deposit is because it wasn't deposited in the Undeposited Funds account. Once we directly deposit the check to a bank account instead of Undeposited Funds account, those transactions will automatically show as payments in the Chart of Accounts.

 

 The Undeposited Funds account is a special account created by the program. It is use to hold invoice payments and sales receipts you want to combine before creating a bank deposit. 

 

If you want to show those transactions as deposits in your register, we can edit and deposit them to into the Undeposited Funds account. This way, you'll be able to create a bank deposit. I'll show you how:

  1. Select Accounting from the sidebar menu.
  2. Click Chart of Accounts.
  3. Select the appropriate bank account, then click the View register link in the ACTION column.
  4. Locate the transactions.
  5. Click the Edit button.
  6. Select  Undeposited Funds from the Deposit to drop-down menu.
  7. Hit Save and close, then select Yes to confirm the changes.

Once done, we can now record and make bank deposits.

 

Moving forward, you'll have to use the Undeposited Funds accounts when receiving invoice payments and sales receipts so that it will not as payments in the register.

 

In addition, we'll to record our deposit in QuickBooks to match your bank statements exactly. If our bank records multiple payments as a single deposit, we’ll also do the same in QuickBooks. If our bank records payments separately, we'll have enter each one separately. Doing this process will ensure that QuickBooks always matches your bank records and it also makes the reconciliations process easier.

 

In case you need to track your total Undeposited Funds, you can refer to this article in creating the report: How to create a report of your total Undeposited Funds.

We're open 24/7 here and always ready to help, so please don't hesitate to visit us again if you need help in managing your transactions.

 

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