Make Deposits

Hello, lbit. 

We can create a Journal Entry to record the balance from the 3rd party processors. 

Here's how: 

1. Go to the Company menu and choose Make General Journal Entries.
2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
3. Press Save & Close.

However, for you to be guided correctly in handling your various transactions, I'd recommend reaching out to your accountant. This way, your books will accurate and precise. 

Once done, you can refer to these articles on how we can match the transactions:

• Add and match Bank Feed transactions in QuickBooks Desktop
• Reconcile an account in QuickBooks Desktop

Let us know how this works for you. We're always around to help in any way we can.

@lbit 

I had a business with the same scenario.  I deposited all of the payments from Undeposited Funds and then adjusted only the last day of the period when reconciling.  Although the daily deposits were off due to the payment processor cut-off time, the only day that affected the reconciliation period was the last day since all of the other deposits were compensated for on subsequent days.  Due to the volume of J/Es, there was no other choice.  It would have been too time-prohibitive to reconcile each day.  Not sure if that helps.

Yes, that is what we are doing.  We created journal entries to move the funds from Undeposited Accounts into the Checking account to match the actual deposit $ from the 3rd party processor.  We also include credit card fees in this transaction.

The annoyance is the Make Deposits count and list.  QB thinks all the summary transactions we imported are deposits that have not been made yet.  We cannot use the make deposits function because, as I stated, the summary imports rarely match the actual bank deposit due to cutoff times.