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bharrod
Level 2

Ability to make bank deposit for Undeposited funds is NO LONGER AVAILABLE

Why is the ability to make bank deposit for Undeposited funds no longer available? How do we deposit funds into quickbooks online once payment has been received by clients via check or venmo now??

 

 

1 Comment 1
Rea_M
Moderator

Ability to make bank deposit for Undeposited funds is NO LONGER AVAILABLE

I'm here to make sure you're able to deposit funds from the Undeposited Funds in QuickBooks Online (QBO), @bharrod.

 

You're still able to make a bank deposit for Undeposited Funds in QBO. You'll have to make sure that all your payments received (i.e., checks or Venmo) are deposited to the said account. For invoice payments, here's how:

 

  1. Go to the + New button.
  2. Select Receive payment.
  3. Choose the customer from the Customer drop-down.
  4. Select the checkbox for the invoice you’re receiving payments for.
  5. From the Deposit to dropdown, select Undeposited Funds.
  6. Select Save and SendSave and New, or Save and Close85.PNG

 

Then, I'd recommend reviewing your Undeposited Funds account to make sure all payments are deposited accordingly. To do this, view the account's register through the Accounting menu's Chart of Accounts.

 

In case you aren't viewing all of the payments after depositing them to the Undeposited Funds account, I'd encourage you to clear your cache and cookies. Unusual responses from the system can sometimes be caused by the browser's overtime collection of data from frequent page visits. Doing so will refresh the system and remove older data that causes viewing and performances issue.

 

Once you're done, deposit your payments through the Bank Deposit page. Here's how:

 

  1. Go to the +New button and choose Bank deposit.
  2. From the Account field, select the account you want to deposit the amount. 
  3. Next, look for the payments in the Select the payments included in this deposit section.
  4. Put a checkmark in the box beside the transaction.
  5. Select Save and close86.PNG

 

For a more detailed guide in making deposits in QBO, feel free to open this article: Record and make bank deposits in QuickBooks Online. 

 

Then, I encourage you to pull up the Deposit Detail report. This way, you're able to verify that the payments are deposited accordingly. To do this, go to the Sales and customers section from the Reports menu's Standard tab.

 

Also, I'd recommend categorizing your transactions to keep your accounts updated and accurate. Then, I encourage you to reconcile them every month to effectively monitor your income and expenses. For the step-by-step guide, you can check out this article: Reconcile an account in QuickBooks Online.

 

Please know that I'm always around to help if you have other concerns about your Undeposited Funds account and managing payments and deposits in QBO. Keep safe, and I wish you continued success, @bharrod.

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