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I have an Undeposited Funds account. When I "receive payment" on an invoice, the funds go into that Undeposited Funds account.
When I make the deposit into my Checking Account, QBO links to the account and records the deposit. So now, how do I get the funds out of my Undeposited Funds account? I know (think) I can create a new Bank Deposit, and it will show what's available in the Undeposited Funds account so I can choose what to include in the deposit, but that creates a duplicate deposit into the Checking Account (in addition to the one QBO downloaded from the bank.
Why aren't I given an option, when QBO downloads a deposit from the bank, to match up funds in Undeposited Funds? How do I reconcile the downloaded deposit with the Undeposited Funds account to clear out the UF account?
Thanks.
Good day, @KJIsaacson.
If you would like to link the downloaded deposits to the Undeposited Funds account, you can follow the steps below. When the deposit hits your bank account, you can match it to the existing deposit in QuickBooks Online.
Before you deposit the amount to the correct bank. you'll have to exclude the bank transactions on the Banking page. This is to ensure that there are no duplicate transactions.
Here's how:
Once done, let's deposit the amount by going to the +New icon. Then pick Bank deposit and select the right account in the drop-down. Then match the deposit.
If it's already added or Matched, you can unmatch the transactions. For additional information about unmatching bank transactions in QBO, please check out this link: Learn how to undo or unmatch transactions downloaded into QuickBooks Online.
Also, you can check your previous bank deposit if the payment you moved from the Undeposited Funds but don’t see it in the Bank Deposit window. For detailed instructions, click this article and proceed to Step 2: Find missing payments you want to deposit in the Bank Deposit window.
I've also added this discussion for your future task about categorization and reconciliation. This also contains sub-topics, such as fixing reconciliation discrepancies or the beginning balance.
Don't hesitate to tag my name in the comment section below if you have other concerns about your bank transactions in QuickBooks. I'm always ready to help.
@JoesemM , thanks. I'm not at my computer now, so I can't walk through the steps. But please tell me: Does it matter whether I enter a bank deposit manually before the deposit is downloaded or if it's downloaded first?
Thanks for posting here again, @KJIsaacson,
Joining the thread to share some insights with you about matching deposits in QuickBooks Online.
You can enter the deposit before or after the bank transactions are downloaded. As long as the QBO transaction meets the match requirements such as, the amount, date, and other elements, it should allow you to link the entries.
To learn more about the match option, see the Match with an existing transaction section of the linked article.
For other concerns with QuickBooks, this support page is always open for you. You can also mention me anytime and I'll be right here to help you.
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