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Level 3

2 Questions - Receive Payments

Hi - I have 2 questions and thanks in advance for any help


1) If the "Deposit To" filed is empty on the Receive Payment page, what affect will that have?

2) We have a JE made in 2016 for payment that was received in 2014 but never recorded in QB. As the screenshot below shows, the payment date was recorded as 2014 (but entered in 2016) and the payment amount on top shows zero, however 2,100 is still being applied per the JE. 

Since we do taxes on cash basis, will the way it has been entered mean it would have been picked up as income in 2016? I am hoping so, otherwise our 2014 taxes will have been wrong and this is not the only example of this.

3 Comments 3

2 Questions - Receive Payments

Hello there, @haskenazi1.


Thank you for posting in the Community. Allow me to help share some insights about receiving payments in QuickBooks Online. 


Let me start with your first question. If you leave the Deposit to field blank, the payment will post to the Undeposited Funds account. It'll be the temporary holding account for that invoice payment. 


Next, since your accounting method is cash basis, the Payment date on the Receive Payment page should be for 2016. This way, the transaction will be reported as income in 2016.


I've attached an article about receive payments for additional reference: How to record a customer payment.


Also, if you need to reach out for more help, our Customer Care support agents will be able to assist you in getting this resolved.


Here's how: 

  1. Sign in to your QuickBooks Online account.
  2. At the top right, click the Help icon.
  3. At the bottom, click Contact Us.

That should get you back on track. I'm just a post away if you should have any other questions about receiving payments. I'll be happy to help you further. Have a great rest of your week.

Level 3

2 Questions - Receive Payments

Thanks for your answer. Some follow up Questions:


1) It says Amount Received = $0.00 in the top right corner. What significance/impact does this have?

2) To confirm, since the payment date says 2014, that means it would not have been picked up on income for 2016 even if entered then correct? Since this journal entry did not mess up our reconciliation, I assume - and will confirm - that we did actually pick this up in 2014 tax returns. We didnt use QB then, so I think the meaning of this JE was to simply update QB with previous transactions that had not initially been entered when we first set up the books. It was already factored into the opening balance equity though


Not applicable

2 Questions - Receive Payments

Hello, @haskenazi1.


Thanks for getting back and providing further clarification about the Journal Entry you created. Let me help share additional information.


You can update the Journal Entry created and use a Clearing account so that the payment will not be posted in 2016. Setting this account will move money from one account to another account when you cannot move the money directly.


Here's how you can set it up in QuickBooks Online:


  1. Go to your Chart of Accounts and select New.
  2. Choose Bank as your Account Type.
  3. You can use any Detail Type, then you can enter either a Clearing Account, Barter Account or Wash Account in the Name field.
  4. Do NOT enter an opening balance.
  5. Click Save & Close.

Here's how to update your journal entry.


  1. Go to your Journal Entry and update it by adding the Clearing account.
  2. Save the Journal Entry.
  3. Then create a second Journal Entry.
  4. Add the Clearing account.
  5. Add the AR account to which you are moving money.
  6. Then in the Receive Payments, link the Journal Entries together.

receive payment.PNG

If you need more information about the Clearing account, you may find this article helpful: Set up a clearing account.


Please keep me updated if you have additional questions about the process. I'll be here to help however I can. Have a great weekend.

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