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CaaDesign
Level 1

undeposited funds fix

I have searched the web (You tube, forums, google etc.) for an answer but with no luck for a fix for this.

I am using the desktop Mac version of QB 2020.

 

This is what happens.

1) I received payments into QB

2) When the payment cleared my bank account, using on line banking, I matched the payment with the bank info.

3) The payment goes into my register as a Accounts receivable, the invoice shows paid.

But

4) I did not realize this, the button for " undeposited funds" was checked and now I have all these payments labeled undeposited.

 

This might be a separate issue but the payment then sits in AR, so my AR is not zeroing out.

 

I'm looking for a nice step by step to clear this up. I am a craftsman trying to keep my own books. Any and all help would be appreciated.

3 Comments 3
JoesemM
Moderator

undeposited funds fix

Thanks for reaching the Community space, @CaaDesign.

 

QuickBooks Desktop (QBDT) uses the Undeposited Funds account to hold customer payments. That's why your payments are labeled as undeposited and go directly to this account when receiving payments.

 

You can edit the payment that you've added to avoid duplicate transactions after you make a deposit.

 

To make a bank deposit, please have your deposit slip handy as your reference so you can choose the correct account. I'll guide you how:

 

  1. Go to Banking from the top menu. 
  2. Click Make Deposits
  3. Select the checks you want to combine in the Payments to Deposit window and click OK.
  4. Choose the appropriate account from the Deposit To drop-down.
  5. Enter the deposit date. 
  6. Add a memo as needed.
  7. Check the Deposit Total to ensure the account and selected payments match the deposit slip from your bank. 
  8. Hit Save & Close.

 

You can also check this article for more details about the process: Record and make bank deposits in QuickBooks Desktop.

 

Once done, you can now match the transactions so the 

A/R will be zero out.

 

I've added these articles that you can use for matching and reconciling transactions in QuickBooks:

 

 

Also, you can use this manual as your reference in QBDT for Mac: QuickBooks Desktop Mac 2020 User's Guide.

 

I want to make sure everything is taken care of for you, so let me know if you have any other issues or concerns by leaving a comment. I'm always happy to help. Have a great day!

CaaDesign
Level 1

undeposited funds fix

Hi

 

Thanks for the response but this looks like a method for going forward and not how to change what has already been done. How do I change an existing payment to show that the payment is recorded properly and shows as income and does not stay out there in AR.

JenoP
Moderator

undeposited funds fix

Hi there, CaaDesign.

 

The payments are reported in the Accounts Receivable because they're recorded in your bank register using the A/R account. You can open each transaction and edit the account from A/R to income. Then, check if the amount in the A/R account is changed. 

 

More tutorials and instructions on how to use QuickBooks for Mac 2020 are shared here: https://qblittlesquare.com/wp-content/uploads/2020/02/QuickBooks-for-Mac-2020-2002-copy.pdf.

 

You can also reach out to our Technical Support Team for QuickBooks for Mac. They can do a screen-share with you to double-check why the payments are still reported under A/R. Here's how:

 

  1. Go to this link: https://help.quickbooks.intuit.com/en_US/contact.
  2. Select QuickBooks Mac Desktop.
  3. Click Using QuickBooks for Mac.
  4. Scroll-down a little bit and click Start a Message

Don't hesitate to reach out to us again if you need anything else.

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