Matching deposits to matched deposits

HootyHoo · ‎June 05, 2019

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

ShiellaGraceA · ‎June 05, 2019

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.

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

View solution in original post

Mark_R · ‎June 07, 2019

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.

View solution in original post

ShiellaGraceA · ‎June 05, 2019

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.

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

HootyHoo · ‎June 07, 2019

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!

HootyHoo · ‎June 07, 2019

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!

Mark_R · ‎June 07, 2019

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.

KellyMK · ‎December 23, 2021

I'm having a similar problem. I record payment to the invoices -- that shows up in my register. And the bank downloads the payment/deposit as well without linking them. Can someone help me resolve or point me to a solution in this thread? I'm trying to read all the information, but it's making my head swim. Many thanks.

ChristieAnn · ‎December 23, 2021

Hi there, KellyMK.

Thank you for visiting the QuickBooks Community. I'll be providing details to ensure your transactions in QuickBooks Desktop will be accurate.

When you connect a bank in QuickBooks Online, it depends on your bank's agreement. Then, the downloaded data in QuickBooks Desktop operated on what your bank shares with us and how they're posted online. Then, all you have to do is review the transactions by matching or adding them. That said, I suggest making sure that you categorize or match the entry so it'll appear as cleared or link both entries.

Then, you can remove or delete the manually created payment in QuickBooks Desktop to avoid duplicate transactions. To do this, I suggest going to the Customer Center and you'll have to locate the payment from there.

1. Click the customer name.

2. Choose the Transactions tab.

3. Locate the payment. Then, click it to expand the page.

4. Click the Delete icon at the top.

5. Choose OK to confirm.

Then, you can also undo the transaction if you manually added this to the banking page by clicking the Banking menu and choose Use Register. Then, click the specific account and locate the added entry so you'll be able to double-click it to expand the page. And, you can choose delete icon at the top to totally undo the transaction.

Lastly, you may refer to this article to view details on how you can reconcile your accounts so they match your bank and credit card statements: Reconcile an account in QuickBooks Desktop.

Just click the Reply button below if you have some follow-up questions about managing your transaction in QuickBooks. I'd be glad to help you some more.

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Matching deposits to matched deposits