Multiple bank deposits

Welcome to the Community forum, @Lwb01.

Let me give you some insights on categorizing your transactions in QuickBooks Online (QBO).

Matching multiple transactions under the For review section to one sales receipt recorded in QBO is currently unavailable. We can only match one downloaded bank transaction to the manually recorded transactions in QBO. Moving forward, you can record the sales receipts separately to match them.

However, there were other ways to categorize transactions under the For review section without matching them with the sales receipt.

First, since you already have a record of a sales receipt in QBO, you can delete it and categorize the transactions under the For review section by clicking the Add button so you don't have to match them. These steps can save you time, and please use your bank statement as your basis.

Second, if you want to match every transaction under the For review section, you can create a record in QBO for each transaction to match them one by one. However, these steps could be time-consuming.

Please read the resources below, as this can help you match and categorize downloaded bank transactions and ensure maintaining a balanced account:

• Match online bank transactions in QuickBooks Online
• Categorize online bank transactions in QuickBooks Online
• Reconcile an account in QuickBooks Online

I would love to introduce you to the QuickBooks Live Expert Assisted team. They're a group of experienced experts ready to help you smooth out the financial operations of your business needs.

If you have additional questions about matching transactions, please drop them to this thread so we can get back to you as soon as possible. Have a great day!

Thank you. I don’t really care if the deposits offset & match as the bank transactions are accurate & my main source of information.  In researching others who have had this issue, it appears to have been asked for years & I was hoping it was an issue that was being worked on & had been resolved. My only issue is that this is accumulating a rather large amount in my undeposited funds account. What is the best way to “write off” this amount so it doesn’t continue to accumulate?  

You can make a bank deposit to write off the amount that shows in the Undeposited Funds, Lwb01. I’m here to offer insights and guidance on how to navigate this process smoothly.

You can group your deposits based on the transactions in your bank feeds. This ensures that each grouped deposit matches the transactions recorded in your bank feeds.

Here's how:

1. Go to the + New and select Bank Deposit.
2. From the Account ▼ dropdown, choose the account you want to put the money into.
3. Select the checkbox for each transaction you want to combine.
4. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
5. Select Save and close or Save and new.
   

For more details, click this article: Record and make bank deposits in QuickBooks Online.

Also, you can speed up the review of your downloaded bank transactions. Do this by creating bank rules and customizing your sales forms in QuickBooks:

• Set up bank rules to categorize online banking transactions in QuickBooks Online
• Customize invoices, estimates, and sales receipts in QuickBooks Online

If you have any questions regarding how to record a bank deposit or need assistance with QuickBooks, please feel free to reach out. I'm here to provide support and guidance. Take care.

I've tried that before, however it just adds an additional amount to the bank register & double counts what is already deposited.  I don't want to adjust the bank register as it matches the bank.  For example, say cash sales are $557.33 for a day.  Of that, I deposit a $20 check (mobile deposit), a $30 check (mobile deposit), and $500 (at the bank).  I offset the $500 with the $557.33 sales receipt.  However, that still leaves the 2 checks (totaling $50) and the remaining $7.33 as we will never deposit exact change like that.  So I have $57.33 that accumulates in the undeposited funds account.  Adding this up overtime accounts for thousands of dollars just sitting in undeposited funds.  Is there a journal I can do to remove them?  Is there a write off of some sort?  Does it just not matter?  I really only want to make sure our sales match up.  I don't need to offset a deposit each day as I have my bank that does that.  Thank you. 

Having an accurate bank register ensures that all transactions and deposits are recorded correctly, Lwb01. I'll share strategies to ensure proper handling of your situation.

To effectively address the issue, start by manually creating a Journal Entry. From there add the Undeposited Funds account to make the balance zero. For accuracy and appropriateness, consult your accountant to determine the right account and specific details for this entry.

If you wish to transfer money between accounts and adjust your books to achieve specific balances, refer to this link: Create journal entries in QuickBooks Online.

Utilizing journal entries to record transactions allows you to generate and print a report based on a single journal entry. For more details, visit this article: Print a journal entry report in QuickBooks Online.

I value your efforts in managing your deposits within the program, Lwb01. You can get back to me whenever you require additional help with your financial processes by commenting below. I'm always here to ensure you have the assistance you need.

I tried to just debit my undeposited funds account through a journal entry, but I've receiving an error that "please balance debits and credits".  I don't really have an offsetting credit as the cash already appears in my bank account.  If I add a credit to anywhere, it's going to double count.  It's not something I'm removing from Undeposited funds and adding to somewhere, it's cash that is already accounted for but that I can't offset for some reason as I've stated above.  And as I've stated, the bank register is all correct as it comes directly from my bank itself.  I'm not interested in adjusting that.  How should I offset the debit of cash from undeposited funds so that it doesn't actually appear anywhere else since it's already there?