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Deposit payments into the Undeposited Funds account in QuickBooks Online

by Intuit•87• Updated 1 week ago

Record payments you haven’t deposited at your bank in your Undeposited Funds account. Once you’ve deposited at least two or more payments, you can record them as a single deposit to another account.

You only need to use this account if:

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With QuickBooks Payments, you can see when customers view and pay invoices, and get an up-to-date picture of your cash flow to make smarter financial decisions.



Prerequisites

Before you continue, find your Undeposited Funds account in your Chart of accounts. This account can be renamed, so check the Detail type column for "Undeposited Funds."

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Put payments into the Undeposited Funds account

  1. Follow this link to complete the steps in product Open this link in a new window
  2. Select + New or + Create.
  3. Depending if you’re recording an invoice payment or a receipt for one, select Receive payment or Sales receipt.
  4. Select the customer from the Customer ▼ dropdown.
  5. If you’re recording an invoice payment, select the checkbox for the invoice you’re receiving payments for.
  6. From the Deposit To ▼ dropdown, select the account you’re using for undeposited funds.
  7. Fill out the rest of the form.
  8. Select Save and send, Save and new, or Save and close.

Reminder: QuickBooks takes care of invoice payments processed with QuickBooks Payments for you.



Next steps

When you deposit your payments at your bank, the bank often records it as a single transaction. You should get a deposit slip.

Use your deposit slip to record a bank deposit and combine the payments in QuickBooks. All payments in the Undeposited Funds account automatically appear in the Bank Deposit window.



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