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Community Contributor *

Need help in recording the deposit

There was an Invoice dated 9/14/18 amounting to $595.00 and was paid (based on QuickBooks) on 09/17/18. I cannot see any deposit record for this in Quickbooks. But I have seen the deposit in the bank statement dated 09/19/18.

 

Can you help me how to record this properly? Thank you

3 Comments
Moderator

Re: Need help in recording the deposit

Hi there, @vaolivas051909.

 

It's nice to see in the Community. I'd be happy to help walk you through recording the deposit in QuickBooks Online.

 

To start, let's check the payment transaction journal to verify where the payment was deposited. If it's posted to your bank account, no need to make a deposit because the payment was automatically transferred to the bank account you specified. However, if it's posted to the Undeposited Funds account, you need to deposit the payments to the Bank Deposit screen.

 

Here's how: 

  1. On the left pane, select Sales.
  2. Select the Customers tab.
  3. Locate and click the customer's name.
  4. From the Transaction List tab, select the invoice.
  5. In the upper right corner, click the link under PAID.
  6. Click the date.
  7. Click More and select Transaction journal.
  8. In the ACCOUNT column, check the account debited.

Capture1.PNG Capture2.PNG

If it shows Undeposited Funds, please refer to the steps below to record deposit to the correct account:

  1. At the top right, select the Plus icon (+).
  2. Choose Bank Deposit.
  3. From the Select the payments included in this deposit section, mark the payment. 
  4. Make sure the total amount looks accurate.
  5. Select Save and close.

I've also attached this article for additional reference: How to record bank deposits.

 

That should take care of it. I believe that you'll have the payment deposited to the correct account in just a few clicks.

 

Stay in touch if you have any additional question about this or if you have any other questions while working with QuickBooks.I'll be happy to help you out. 

Community Contributor *

Re: Need help in recording the deposit

Thank you but it is a debit of Accounts Receivable account. Please check the attached screenshot. But in the Balance Sheet, it shows that it is Undeposited Fund. It is the only transaction that is under Undeposited account and the amount is already in the Bank Statement.

Moderator

Re: Need help in recording the deposit

It's good to see you again here in the Community, vaolivas051909,

 

I'd be happy to help share some information about receiving invoice payment in QuickBooks Online.

 

Upon creating an invoice, the Accounts Receivable (A/R) will increase (debit) and Sales account will also increase (credit) which is shown on the screenshot that you've provided.

 

In your case, upon receiving payment the payment was deposited to Undeposited Funds (debit) which makes the Accounts Receivable decrease (credit).

 

Since the payment was deposited to Undeposited Funds account, then that is the reason why upon running the Balance Sheet report it is link to the Undeposited Funds.

 

If you'd wish to transfer the payment to the specific bank account, then you can do Bank Deposit. Here's how:

  1. Click the Plus icon at the top.
  2. Under Other column, select Bank Deposit.
  3. In the Bank Deposit window, choose the specific Bank account in the Account field and enter Date.
  4. In the Select the payments included in this deposit section, choose the specific payment by putting a check mark on box in the left side.
  5. Select Payment Method, enter Memo and Ref. No.
  6. Click Save and close.

By following the steps above, you're now able to post the payment to the correct bank account

 

If you have further questions in managing your transactions, please feel free to visit the Community again. Have a great day!