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Level 2

credit card payments in undeposited funds

I am catching up on transactions for my employer after they went without a bookkeeper for almost 3 months.

At times, we accept payments on invoices via credit card. 

There's quite a few receipts sitting in undeposited funds. When I try to group them for a deposit to match the actual bank deposits, I get a message that says they can only be marked cash or check.

What is the correct way to group credit card payment receipts so they match the deposits on the bank statement? 

Solved
Best answer July 15, 2020

Best Answers
Highlighted
Moderator

credit card payments in undeposited funds

Thank you for providing us with detailed information here in the Community, @gloriadeb204.

 

Let me share some information about the transactions in QuickBooks Desktop.

 

To answer your question, yes, you can group the CC receipts from the Undeposited funds account by creating a deposit. When performing the process, you have the option to combine transactions and show them as a single deposit on your bank register.

 

For more information, please visit the What are Bank Deposits in QuickBooks? article. It provides details about how it works, like grouping payments together.

 

Additionally, here are some helpful references that you can check out about matching transactions, reconciling an account, as well as some information about Undeposited funds:

 

Please know that the Community has your back if you need assistance. Feel free to post a question, get answers, share tips, ideas, and more. Wishing you and your business continued success.

View solution in original post

4 Comments
Highlighted
Moderator

credit card payments in undeposited funds

I've got the steps on how to record a credit card payment, gloriadeb204.

 

If you're using QuickBooks Payments, we can turn on the automatic matching option. This way, the system will auto-match the deposits for you. Here's how:

 

  1. From the Banking menu, select Record Merchant Service Deposits.
  2. Select Change your deposit settings.
  3. Turn on the Auto match & record setting.
  4. Click Save.

 

If you want to manually record everything, you can follow these steps:

 

  1. From the Banking menu, select Record Merchant Service Deposits.
  2. Select the Add payments to record tab.
  3. Select the small arrow icon ▼ next to the first deposit on the list.
  4. Review the payments in QuickBooks.
  5. Select Add payments in the Action column to add payments to the bank deposit.
  6. Compare the deposit total in QuickBooks with the deposit for that day on your bank statement.
  7. When everything matches, select Save and close. This groups the payments into a bank deposit and records them on your chart of accounts.
  8. Review each bank deposit on the list.
  9. Select Record deposit.

 

I've also added this article for more information when making a bank deposit: Record and make Bank Deposits in QuickBooks Desktop.

 

On the other hand, can you tell me the exact error message when trying to group the payments? This way, I can provide more information on how to fix it.

 

I'm just a post-away if you still need more help. Take care!

Highlighted
Level 2

credit card payments in undeposited funds

Thanks.

I'm still at home and will give this a try when I get to work today.

Again, I am trying to get caught up after 3 months where the company did not have a bookkeeper.

What's happening is:

I will select the payments for grouping a deposit, the same way that I did for checks/cash . I did this by matching the actual deposit slip and the deposit on the bank statement with the receipts in undeposited funds. I'm all caught up on cash/check deposits and now I'm moving on to CC deposits. 

When I did this for cash/checks, I printed the deposit summary and then I saved it.

When doing this for CC receipts, the error message comes up when I want to print the summary, saying something like "you must select either cash or check before printing" .

So I cancelled it.

Is there a work-around for this, so I can group CC receipts from undeposited funds so it matches the deposit on the bank statement?

Can I deposit them as if they are checks for now, so I can get caught up and start to reconcile the bank account?

If there isn't, do I have to move them from undeposited funds, or delete the payments and start over?

I hope this is making sense.

 

 

Highlighted
Moderator

credit card payments in undeposited funds

Thank you for providing us with detailed information here in the Community, @gloriadeb204.

 

Let me share some information about the transactions in QuickBooks Desktop.

 

To answer your question, yes, you can group the CC receipts from the Undeposited funds account by creating a deposit. When performing the process, you have the option to combine transactions and show them as a single deposit on your bank register.

 

For more information, please visit the What are Bank Deposits in QuickBooks? article. It provides details about how it works, like grouping payments together.

 

Additionally, here are some helpful references that you can check out about matching transactions, reconciling an account, as well as some information about Undeposited funds:

 

Please know that the Community has your back if you need assistance. Feel free to post a question, get answers, share tips, ideas, and more. Wishing you and your business continued success.

View solution in original post

Level 2

credit card payments in undeposited funds

Thank you for responding.

While at work this morning, I figured it out.

I was trying to print a deposit slip and a summary. when I chose to print just the summary, everything went fine.

 

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