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Join nowWhen I create a sales receipt for a payment it deducts it from my bank account. It also places in the undeposited funds to deposit. How can I fix this? No one on the online support has been able to resolve the issue.
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@jmarkanderson RE: When I create a sales receipt for a payment it deducts it from my bank account. It also places in the undeposited funds to deposit. How can I fix this?
This means the item you're using on the face of the sales receipt uses your bank account as the account. It should use some other account, usually an income account.
So, edit the item on the Items list and change the account to another non-bank account. Then this will stop happening.
When you edit the item, you can change the sales account that's used. There's a pick list there to pick from the allowable accounts.
Thanks for posting here in the Community space, @jmarkanderson. I'm here to help you fix you concern.
Before we start, I'd like to know more details about this issue by asking some question. This way, I can provide accurate information and a resolution. May I know if this sales receipt for refund or credit? Also, a screenshot will also a great help. For us to know why it will be deducted when you create a sales receipt.
I'll be around if you have any additional information. Have a good one!
The sales receipt is for payment recieved for a service.
I create the receipt with service provided and amount. I then hit save and close or save and new. I supposed to just put it in the undeposited funds to be deposited only but it is also deducting from my bank account.
I appreciate you coming back and adding some details, @jmarkanderson. I'm here to help deposit the payment directly to your bank account.
It's possible the Use Undeposited Funds as the default deposit to account feature is turned on in your QuickBooks Desktop (QBDT) account. That is why it's showing on the Undeposited funds account. To resolve this, we can disable the Deposit To field to appear in the sales receipt and choose your bank account.
Let me guide you on how.
For more details on how Undeposited funds account work, see this article: Deposit payments into the Undeposited Funds account in QuickBooks Desktop.
For your other concern, it's quite odd if the sales receipt payment shows as a deduction on your bank account. Thus, it should be added as an income. To further check this, I'd like to verify if it shows a credit on your bank statement? Could you also please send a screenshot of it? Also, make sure to hide personal information when sharing it.
For your future reference, check out these links on how to edit bank settings, match, categorize, add account numbers.
Keep me posted in the comments how things go on your end. I'll be right here should you need further help. Have a good one!
On the bank statement. It puts my sales receipt under the payment. Which makes is subtract from the account every time I make a sales receipt.
I responded to another post of yours on the same topic but assumed you were using QB Online. If you're using QB Desktop, make sure the income account on the item selected on the sales receipt isn't assigned to a bank account. It should be assigned to an income account. If you have a bank account assigned to it, it will do exactly as you describe - it will appear as both a payment and deposit in your bank account.
So do I add a income account or is it something already listed?
Presumably, you want to report the sale of items on your sales receipt as income, yes? If so, there will be a default income account in your chart of accounts. You can use that, edit it, or create your own.
yes i want to report it as income. which on there is the default income account? or how to I create a income account?
Thanks for confirming on what you want to achieve, @jmarkanderson.
As an additional insight, payments from sales receipts are automatically deposited by QuickBooks into the Undeposited Funds account.
Now, should you prefer to deposit it in an income account, you can follow the steps shared by my peer MirriamM to disable Undeposited Funds as the default deposit account.
By doing so, you can now select another account each time you create a sales receipt. All you need to do is to review the Deposit to field so you'll know where your payments are going.
Additionally, QuickBooks creates a default income account as
Rainflurry mentioned on his post. Basically, your chart of accounts gives you different account types to categorize transactions:
You can check out this article for more insights about how the chart of accounts works in QuickBooks Desktop.
Should you need to add more accounts to track other types of transactions, follow these steps below:
You can also modify the existing accounts or add new ones so you can better track your income and expenses. See this article for you reference: Add, edit, or delete accounts in QuickBooks Desktop.
Keep in touch if you need more help in tracking your transactions, @jmarkanderson. I'll be around to guide you more.
@jmarkanderson RE: When I create a sales receipt for a payment it deducts it from my bank account. It also places in the undeposited funds to deposit. How can I fix this?
This means the item you're using on the face of the sales receipt uses your bank account as the account. It should use some other account, usually an income account.
So, edit the item on the Items list and change the account to another non-bank account. Then this will stop happening.
When you edit the item, you can change the sales account that's used. There's a pick list there to pick from the allowable accounts.
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