Should I be using the QB provided Undeposited Funds or the account that was imported from another software program ? I also cannot apply overpayment in Undeposited funds

gstraka · ‎November 17, 2020

Followed videos but did not get the expected results.

gstraka · ‎November 19, 2020

Perhaps I did not explain my issue clearly as this rely did not seem to solve my problem. However, experimenting gave me a solution that worked. I now realize that the only Undeposited Funds account that works is the one that QB provides and I stumbled across a way to successfully handle a customer overpayment. Another issue was getting familiar with the matching of the payments to the bank deposit.

I expect our next deposit processing to go more smoothly.

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Angelyn_T · ‎November 17, 2020

Hi there, @gstraka.

Let me share some information about how QuickBooks works with accounts.

If you're not ready to deposit or transfer the amounts to your live account when creating transactions in QuickBooks Online, then you can use the Undeposited Funds account for them. If you want to deposit the funds to the real account or use it for your expenses, then choose the desired one for your entries.

With regards to the overpayments transactions, you may check out these articles for your references:

For additional guide, while managing your accounts, you can as well open this link: Understand the chart of accounts in QuickBooks.

If you have any other questions, let me know by adding a comment below. I'm always here to help. Have a good day!

gstraka · ‎November 19, 2020

Perhaps I did not explain my issue clearly as this rely did not seem to solve my problem. However, experimenting gave me a solution that worked. I now realize that the only Undeposited Funds account that works is the one that QB provides and I stumbled across a way to successfully handle a customer overpayment. Another issue was getting familiar with the matching of the payments to the bank deposit.

I expect our next deposit processing to go more smoothly.

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Should I be using the QB provided Undeposited Funds or the account that was imported from another software program ? I also cannot apply overpayment in Undeposited funds