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tinaipock_business
Level 1

Trying to enter in a bank deposit from undeposited funds. Amount I deposited is less than daily sales recorded. $95.97 sales receipt, actual deposit $93.00.

I'm trying to sort through my first couple months of deposits, new business owner. I wasn't keeping an accurate track of deposit amounts the first couple months. Now I'm trying to go through and match Undeposited Funds from Daily Sales with the bank deposits. How do I adjust the amount that was in the deposit? When trying to do "Add funds to this deposit" I've been selecting "account" Undeposited funds, then -$2.97 for the amount. I also tried "cash back goes to" Undeposited funds. I keep getting "Select bank account for this deposit", the appropriate bank account is already selected and will not let me create the deposit.

1 Comment 1
Clark_B
QuickBooks Team

Trying to enter in a bank deposit from undeposited funds. Amount I deposited is less than daily sales recorded. $95.97 sales receipt, actual deposit $93.00.

You can review your bank statements for the days around the deposit to look for any processing fees that match the $2.97 difference, Tina. I'd be glad to provide further details about this below.

 

To begin with, please note that selecting the Undeposited Funds account is not possible because the purpose of bank deposit is to move the funds from the Undeposited Funds to the bank account. Therefore, you'll have to check your bank statement to verify the $2.97 difference.

 

If verified, you can enter a bank deposit in the Add Funds to this deposit section. Then, select the appropriate Expense account dedicated to tracking the processing fees for the Sales Receipts. If you don't have an expense account yet, you'll have to create one.

 

Here's how:

 

  1. Click +New and select Bank Deposit.
  2. From the Account dropdown, choose the account you want to put the money into.
  3. Tick the relevant Sales Receipts and select the expense account for tracking processing fees in the Add Funds to this deposit section.
  4. Enter -$2.97 as a negative amount.
  5. Fill in the payment method, received from, and other necessary details.
  6. Review it and select Save and Close.

 

 

If you use a payment processor (like PayPal, Square, or a similar service) you can also check your monthly or daily statements provided by the processor. These statements usually detail the fees deducted from each transaction and they can also review the accuracy of the amounts for each of the sales receipts if they're accurate.

 

Additionally, check out these articles to see different information on how the Chart of Accounts organizes your transactions so you know how much money you have and owe in each account: 

 

 

Furthermore, think about using our QuickBooks Live Expert Assisted team. They specialize in making transaction processes and financial management better, which could improve your accounting efficiency.

 

You can always get back to us if you have any concerns about your bank deposits. I'll be around to help. 

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