I need help with a client's sales receipts and how they are being recorded in QBO.
Our client is completing a service for someone and recording payment as a sales receipt. He has coded the SR to Undeposited Funds so when the bank feed happens, we have a bunch of individual items coded to Undeposited Funds. There are no cumulative deposits associated with the SR.
1. In order to move $$ from Undeposited Funds to his checking account balance, do I complete a JE?
2. In the future, do I change the default coding on his SR's to his checking account?
There's no need to complete or create a journal entry to move the amount from Undeposited Funds to a checking account. What we'll do is to create a bank deposit and select the sales receipt to get this thing done. Here's how:
Go to the +New button.
Select Bank Deposit under Other.
Select checking account in the Account field.
Tick the sales receipt. Then, save it.
About changing the default coding on your sales receipt to your checking account, you'll need to record them to Undeposited funds so you can just select when depositing them to the right account. For more details and tips, you can check the articles below: