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Super Explorer *

how to move cash from deposit to bank?

so i have couple sales that pay cash, it go to Record deposite (undeposit fund).

let say

invoice 1: 500 cash

invoice 2: 1000 cash

invoice 3: 500 cash

 

total cash on hand is 2000

 

a month later , it deposit 1000 into bank. 

1) how do i do this in quick book desktop.  It currently sitting on my undeposit fund 

9 Comments
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QuickBooks Team

Re: how to move cash from deposit to bank?

Hi, @fd_com.

 

You'll need to make bank deposit to transfer the deposited amount from Undeposited Funds to your real-life bank account. To do this, you can follow the steps below:

  1. At the top menu bar of your QuickBooks, select Banking.
  2. Choose Make Deposits.
  3. In the Payments to Deposit window, select the payments from Undeposited Funds. Then select OK.
  4. In the Make Deposits window, from the Deposit to drop-down menu, select the account you want to put the money into.
  5. Make sure the deposit total and selected payments match your deposit slip. Use your deposit slip as a reference.
  6. Enter the date for the deposit.
  7. Add a memo as needed.
  8. When you're ready, select Save & Close.

For additional reference, you can check this article to know more about the Undeposited Funds: 

Don't hesitate to leave a comment below if you have any other questions about processing bank deposit. I'm always here to help. 

Super Explorer *

Re: how to move cash from deposit to bank?

i am using quick book desktop and i don't see what you see. when i try banking-> make deposit a popup window tell me to select payment to deposit. This window basically all invoice and sales receipt payment.  

 

 

QuickBooks Team

Re: how to move cash from deposit to bank?

Hello fd_com

 

Thanks for getting back to us. Let me share a few insights about moving funds from undeposited to your preferred bank account. 

 

The Undeposited Funds account is the default in the "Deposit To"  when you receive payments or enter a sales receipt. You should be able to see the invoices you've recorded in the Make Deposit screen. 

 

The steps provided by my colleague above should help you move cash from your undeposited funds to your bank. You can also transfer the funds from undeposited to your preferred bank account using this method below: 

 

  1. Go to the List menu, then select Chart of Accounts
  2. Enter Undeposited funds in the search field, then click Search.
  3. Right click the transaction under the Undeposited Funds, then choose Transfer Funds
  4. In the Transfer Funds Between Accounts screen, select the the appropriate account in the TRANSFER FUNDS TO drop-down list. 
  5. Click Save & Close.

 

For future reference, I'd suggest to always review the “Deposit to” field so you'll know where your payments are going. 

 

Please feel free to post your questions here. You can always count on us here at any time. 

Super Explorer *

Re: how to move cash from deposit to bank?

the thing is i don't always have even amount example

 

invoice 1: 100.11

invoice 2: 200.22

invoice 3: 50.33

 

but i deposit into the bank 200 even. 

 

i am thinking move all 3 to cash on hand as a bank type.  

petty cash - 350.66 will be in there, then transfer petty cash to undeposit fund of $200. so when bank feed of $200 will match with undepoti fund of $200.

 

other option i am thinking is ignore that bank feed $200 from bank and just transfer from petty cash to bank account

 

 

 

 

Moderator

Re: how to move cash from deposit to bank?

Thanks for keeping touch, fd_com.

 

This time, I'd recommend seeking help with your accountant. He/she can provide you with some advice on how to handle this type of transfer based on your recording practice and business needs.

 

For more insights about recording an invoice payment, you can check this article: Record an invoice payment.

 

Please let me know if you ever need anything else. I’m here to keep helping. Have a nice day!

Super Explorer *

Re: how to move cash from deposit to bank?

I need to figure out how to move cash from undeposit fund to bank per amount ,not per invoice. 

QuickBooks Team

Re: how to move cash from deposit to bank?

Hello there, fd_com,

 

This is a little bit tricky.

 

You can transfer $200 from your petty cash account to undeposited funds. Then, match it with the deposit in the bank feeds. Follow the same steps when you deposit the remaining amount.

 

Doing this will still show the customer payment in the Payment to Deposit window. Just ignore it since you've already deposited the $200 amount to the right bank account.

transfermoney.PNG

 

Another way of recording customer payments is to create a bank deposit of $350.66. Then, link it to your invoices when you receive payments. This way, QuickBooks will record one payment to the right bank account and avoid duplicates.

 

Create a bank deposit: 
depositthepayment.PNG

 

Link the invoice to the deposit:

linktheinvoiceanddeposit.PNG

 

Should you need additional information, please leave a comment below. I'll get back to you.

Super Explorer *

Re: how to move cash from deposit to bank?

Hi, 

 

Thanks for reply.

 

maybe i didn't explain well, all i really want is that $350.66 (customer payment) in your screen is a check but in my case it is cash. I have 350.66 on hand ,but i only deposit $300 in the bank.  so when the bank feed download it doesn't match with 350.66. I want to know how to move. 

Moderator

Re: how to move cash from deposit to bank?

Hi there, fd_com.

 

In this case, record a deposit transaction and add second line item with a negative value (-50.66) in QuickBooks Desktop.

 

From there, you can match the deposit to the downloaded transaction. Before doing so, create a Petty Cash account first.

 

Here's how:

  1. Open QuickBooks.
  2. From Lists menu, choose Chart of Accounts.
  3. In the Account drop down, select New.
  4. Choose Bank and click on Continue.
  5. Type in Petty Cash as the Account Name.
  6. Click on Save & Close.

Then, follow these steps to create a bank deposit:

  1. From the Banking menu, choose Make Deposits.
  2. In the first row, choose the customer's name in the Received From column, choose an account, and enter a positive amount (300)
  3. In the second row, select the Petty Cash account and enter -50.66.
  4. Once done, click on Save and Close.

I've attached a screenshot, so you'll know what I'm referring to.Deposit.PNG

 

For further guidance, check out this article: Record and make Bank Deposits in QuickBooks Desktop.

 

Let me also share this link that will help you in the future: Add and match Bank Feed transactions.

 

Please leave a comment below if you have any follow-ups or other questions. I'm here to help. Have a wonderful day.

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