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I have a cash deposit that my staff listed in QB and a corresponding bank deposit slip but I can find no bank receipt and no match on any bank statement. I have to treat this as cash lost, I assume. What do I do with my entry in QB that I cannot match?
I can share insights about bank deposits in QuickBooks Online, @TRCtw.
The expected wait time for credit card payments to be transmitted to your bank is 5-7 banking days. Thus, funds usually reach your deposit bank account within 2-3 business days of the transaction.
It also varies depending on the time of day transactions are entered, the financial institution you choose, and the time it takes your bank to validate and process electronic deposits. Meanwhile, ACH transfers could take 7–10 business days.
Also, you can check the status of the deposit by logging in to your Merchant Services account. You can follow the steps below on how to:
You may also want to know when QuickBooks Payments deposits customer payments into your bank account.
If the deposits exceeded the timeframe given. Then, you can consider contacting our Merchant Services Team. Our phone support will be able to provide you with the information you need to verify these deposits.
Feel free to comment back if you have more questions about bank deposits. The Community always has your back. Have a good one!
I am asking about actual physcial cash. We had a cash deposit that was entered into QB but does not appear to have made it to the bank. So I have no record of the cash deposit making it into our actual bank account. How do I reflect this on the QB entry? I need to show it as money lost.
Hi there, @TRCtw. I'll guide you through the process on how to handle this situation.
To reflect the missing cash deposit in QuickBooks and show it as money lost, we can take the following steps.
First, we'll create an expense account to track the money lost. However, if you're unsure about the specific account to use or need further assistance, it's a good idea to consult with your accountant or financial advisor to ensure proper accounting treatment.
Then, let's record the cash deposit as a loss using a journal entry.
Finally, reconcile your bank account in QuickBooks to reflect the discrepancy between the bank statement and the QuickBooks records. This ensures your financial records are accurate and up to date.
Don't hesitate to ask if you have any other concerns about managing deposits. I'm always here to help. Have a great day ahead!
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