cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Senior Explorer *

How to properly receive a payment and make deposit when your bank is attached to QBO

I have my bank attached to QBO.  Currently - when I receive a payment for an invoice, I open the customer, select the invoice, receive payment and fill in all info.  The payment goes into my UNDEPOSITED FUNDS.  From there, (I thought) I was to go to bank deposit and pull all the payments I made for the day and create my deposit.  However, my recorded payment/s never show up here. Instead, I have to do a Journal entry from UNDEPOSITED FUNDS to my GENERAL FUND. I run a register for the day and export to excel to make up a manual deposit ticket.

 

I called Intuit and the guy I spoke to said I'm doing it wrong.  He said that I need to just take all my checks to the bank and deposit them - then wait for them to hit my General Fund register in Intuit and match them up to my invoices.  This doesn't seem right to me.  First of all, how do I make up the deposit slip if I haven't received the payments in the system?  2nd - why should I just trust the bank to make the deposit right and I have nothing recorded on my end. 

 

In any event, I can find no actual procedures anywhere on how to properly received my payment - then make the deposit - when I have the bank account attached.  Can anyone help?  I've been struggling with this for over 4 months. 

 

Thanks

Solved
Best answer 04-18-2019

Accepted Solutions
QuickBooks Team

Re: How to properly receive a payment and make deposit when your bank is attached to QBO

I can imagine the challenges you've been through for months now, SWyatt502.

 

You got me here, and I'll help you with this.

 

There's only one Undeposited Funds (UF) account in QuickBooks Online, and it is used to batch deposit payments. What I can conclude based on description is your UNDEPOSITED FUNDS account is not the default Undeposited Funds account in QuickBooks. Let's dig deeper.

 

Please go to your Chart of Accounts and check your UF account. The Type should be Other Current Assets and the Detail Type should be Undeposited Funds as shown in the screenshot.

 

If the account doesn't agree with the details above, please look for the account with those details. Then, rename it as Undeposited Funds and use it to deposit your payments. However, if everything looks correct, please have our Phone or Chat agents take a look at your company setup. They have more tools to help them check this further.

  1. Click on Help and click Contact us.
  2. Enter a summary of your concern and click Continue.
  3. Choose from Start messaging or Get a callback.

You can always go back to this thread if you have other questions.

5 Comments
QuickBooks Team

Re: How to properly receive a payment and make deposit when your bank is attached to QBO

Appreciate the complete details of your concern, @SWyatt502

 

I'd be delighted to share some resources on how you can receive your customer's payments and deposit it to your connected bank account in QuickBooks. Let's get started.

 

You have different ways to record your customer's invoice payment:

In all of these options, you may deposit the payment directly to your bank account instead of using the Undeposited Funds account. Just make sure to select the desired bank account on the Deposit To section.

 

Here's a video tutorial for a more detailed instruction:

 

On the other hand, if the bank account where the invoice payments are actually deposited and posted is connected with QuickBooks, your bank transactions will downloaded automatically in the system. You can see these transactions listed under the For Review section of your screen.

  1. Go to Banking.
  2. Select Banking tab.
  3. Choose the  bank account.
  4. Under the For Review tab, you'll see a list of your downloaded bank transactions.
    • Click the Add button if the transaction doesn't have similar one that you've manually added.
    • If the system finds a match to the downloaded transaction, it will be displayed on the Categories and Actions column.
    • Open the match transactions to review the details. Once verified, click on the Match.

By matching transactions, you'll avoid getting duplicate records of your transaction in the bank register.

 

That should do it! This will allow you to record and deposit your customer's payments systematically in QuickBooks.

 

You can always get back to us here in the Community if yo have other questions about receiving payments and depositing it in QuickBooks. I'm always here to help.

Senior Explorer *

Re: How to properly receive a payment and make deposit when your bank is attached to QBO

Thank you @juVielL for the detailed instructions.  I'm still confused though. 

In the video “How to receive Payments” at time mark 1:30 – this is what is not happening for me. I receive multiple payments in a day. I want to make a group deposit so my QB bank register matches my bank statement. So if I have 10 - $100 payments, my bank statement shows a deposit of $1000.
I have followed the procedures just as this video says to do BUT when I go to the Bank deposit page (see time mark 1:30 in video), my payments are not there. This page is completely blank. Even though my payments are showing up in my UNDEPOSITED FUNDS account/register. It’s baffling.

Everything I read says I should be able to do exactly what this video shows, but it's not working for me.

 

BTW - Thanks for the Tips & Tricks video too.  It was helpful too.  Just not on this issue.  I don't want to deposit my checks and then wait for it to hit the bank and recreate the payment receipt.  That just sounds like it provides too much room for error.  To me anyway.

QuickBooks Team

Re: How to properly receive a payment and make deposit when your bank is attached to QBO

I can imagine the challenges you've been through for months now, SWyatt502.

 

You got me here, and I'll help you with this.

 

There's only one Undeposited Funds (UF) account in QuickBooks Online, and it is used to batch deposit payments. What I can conclude based on description is your UNDEPOSITED FUNDS account is not the default Undeposited Funds account in QuickBooks. Let's dig deeper.

 

Please go to your Chart of Accounts and check your UF account. The Type should be Other Current Assets and the Detail Type should be Undeposited Funds as shown in the screenshot.

 

If the account doesn't agree with the details above, please look for the account with those details. Then, rename it as Undeposited Funds and use it to deposit your payments. However, if everything looks correct, please have our Phone or Chat agents take a look at your company setup. They have more tools to help them check this further.

  1. Click on Help and click Contact us.
  2. Enter a summary of your concern and click Continue.
  3. Choose from Start messaging or Get a callback.

You can always go back to this thread if you have other questions.

Senior Explorer *

Re: How to properly receive a payment and make deposit when your bank is attached to QBO

You, my dear @JessT , are a genius!  You were correct.  My UNDEPOSITED FUNDS was not listed correctly.  It was showing as detail type: Other Current Assets also.  I tried editing it, but the system wouldn't allow me.  So, I created a second UNDEPOSITED FUNDS NEW account - setting it up as you stated and Voila!  My deposits are now pulling over.  

Thank you! Thank you! Thank you!

QuickBooks Team

Re: How to properly receive a payment and make deposit when your bank is attached to QBO

Thanks for getting back to the QuickBooks Community, SWyatt502.

 

I appreciate you for following the recommended steps provided by my colleague which helps resolved your issue. Please know that you're always welcome to post if you have any other questions. The Community team will always here to help.

 

Wishing you and your business continued success. 

Need to get in touch?

Contact us