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Experienced Member

Matching deposits to matched deposits

I have been receiving payments to invoices and not going through the "Make Deposits" process to get them to the register. I have been manually entering them into the register and matching with downloaded bank transactions. Now I have a window full of payments to deposit that have already been matched to bank transactions.

 

Can I clear these payments out without compromising my books?

 

Can I void what is already matched in my register, then go through the Make Deposits process?

 

TIA

Solved
Best answer 06-05-2019

Accepted Solutions
QuickBooks Team

Re: Matching deposits to matched deposits

Hello HootyHoo,

 

You can delete or void the already matched transactions. Then, deposit those that are in your Make Deposit screen. Let me help you with the steps.

  1. Click Banking, and then Make Deposits.
  2. Click the Previous arrow (or Back button) until you find the transactions you're looking for.
  3. Press CTRL+D on your keyboard to delete the deposit. You can also delete the transactions directly from your register.
  4. Click Save & Close.
  5. Go back to Make Deposits screen. Then, deposit the payments.
  6. Click Save & Close.

Then, add the deposits from the Bank Feed Center and manually mark them as reconciled. Just put a check mark in the Reconcile column.

 

The details are found in this article: Deposit customer payments.

I'd still suggest consulting with an accountant to correctly record this.

 

I've also added this helpful article for future reference: Set up a clearing account.

 

Let me know in the comment section below if you have additional questions.

recon1.JPG recon2.JPG

QuickBooks Team

Re: Matching deposits to matched deposits

You didn't miss something on depositing your transactions, @HootyHoo.

 

Let me explain this further for you.

 

If you set up your payment preferences to "Use Undeposited Funds as a default deposit", all payments that you'll received will go to the Undeposited Funds' account. With that being said, the Undeposited Funds account showing in your register is the payment transactions.

 

Also when making a deposit, the amount will be posted to your bank. This will be the process:

 

  • Payment = Account Receivable goes to Undeposited Funds.
  • Deposit = Undeposited Funds goes to the Bank.

The only time the register will show a deposit and posting as an income account if you processed a sales receipt without a sales tax for a service item.

 

On the other hand, to show the income account on your P&L report, you'll need to double check the income account you used in the transactions.

 

Please keep in touch with me here should you need any further assistance. I'll be around if you need any help.

4 Comments
QuickBooks Team

Re: Matching deposits to matched deposits

Hello HootyHoo,

 

You can delete or void the already matched transactions. Then, deposit those that are in your Make Deposit screen. Let me help you with the steps.

  1. Click Banking, and then Make Deposits.
  2. Click the Previous arrow (or Back button) until you find the transactions you're looking for.
  3. Press CTRL+D on your keyboard to delete the deposit. You can also delete the transactions directly from your register.
  4. Click Save & Close.
  5. Go back to Make Deposits screen. Then, deposit the payments.
  6. Click Save & Close.

Then, add the deposits from the Bank Feed Center and manually mark them as reconciled. Just put a check mark in the Reconcile column.

 

The details are found in this article: Deposit customer payments.

I'd still suggest consulting with an accountant to correctly record this.

 

I've also added this helpful article for future reference: Set up a clearing account.

 

Let me know in the comment section below if you have additional questions.

recon1.JPG recon2.JPG

Experienced Member

Re: Matching deposits to matched deposits

Great! Thank you for your reply. I was able to do that process, which brings me to a follow up question. 

 

Each time I make a deposit and select Save and Close, the transaction shows in my register in the account of 12000 - Undeposited Funds. I am not able to change it to the proper, for example, 3381 - Sales account. In turn, I do not see these transactions on my P&L. Is there a way to log the income to the proper account or am I missing something here?

 

Thank you for your time!

Experienced Member

Re: Matching deposits to matched deposits

Great! Thank you for your reply. I was able to do that process, which brings me to a follow up question. 

 

Each time I make a deposit and select Save and Close, the transaction shows in my register in the account of 12000 - Undeposited Funds. I am not able to change it to the proper, for example, 3381 - Sales account. In turn, I do not see these transactions on my P&L. Is there a way to log the income to the proper account or am I missing something here?

 

Thank you for your time!

QuickBooks Team

Re: Matching deposits to matched deposits

You didn't miss something on depositing your transactions, @HootyHoo.

 

Let me explain this further for you.

 

If you set up your payment preferences to "Use Undeposited Funds as a default deposit", all payments that you'll received will go to the Undeposited Funds' account. With that being said, the Undeposited Funds account showing in your register is the payment transactions.

 

Also when making a deposit, the amount will be posted to your bank. This will be the process:

 

  • Payment = Account Receivable goes to Undeposited Funds.
  • Deposit = Undeposited Funds goes to the Bank.

The only time the register will show a deposit and posting as an income account if you processed a sales receipt without a sales tax for a service item.

 

On the other hand, to show the income account on your P&L report, you'll need to double check the income account you used in the transactions.

 

Please keep in touch with me here should you need any further assistance. I'll be around if you need any help.