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DMichaelweaver
Level 2

Matching undeposited fund payments to downloaded transactions

I have 9 transactions in un-deposited funds that I need to match to an existing deposit.  The deposit account is already reconciled with the deposits downloaded from the bank.  The person wasn't doing the deposits correctly and we just caught this.  The undeposited funds are for a payment of a Quickbooks invoice, 1 per month.  The deposits in the bank register includes the deposit for the invoice payment.

What is the best way to fix this, can I match these payments up to the older deposits.  Should I just delete the amounts in the undeposited funds since the amounts are already in the bank and reconciled?  I read that I could just do a net zero deposit and clear them.  While that did clear them, i didn't like the way the negative amount showed up on the balance sheet (or it is possible that I'm doing it wrong :)  )

Any help, insight would be appreciated.

Solved
Best answer March 25, 2020

Best Answers
BigRedConsulting
Community Champion

Matching undeposited fund payments to downloaded transactions

To fix this, edit the deposits, click the Payments button at the top and add the correct payment(s) to each deposit.  Delete the existing detail line(s) of the deposit which aren't linked to payments. 

 

When you get done the deposit should be for the same amount, so the change won't negatively impact your reconciliation.

View solution in original post

4 Comments 4
BigRedConsulting
Community Champion

Matching undeposited fund payments to downloaded transactions

To fix this, edit the deposits, click the Payments button at the top and add the correct payment(s) to each deposit.  Delete the existing detail line(s) of the deposit which aren't linked to payments. 

 

When you get done the deposit should be for the same amount, so the change won't negatively impact your reconciliation.

View solution in original post

LucasMicromatis
Moderator

Matching undeposited fund payments to downloaded transactions

Hi @DMichaelweaver,

 

@BigRedConsulting gave some great instructions for you.  Those should get you on your way!

 

Let us know if you run into any issues.

 

Thanks,

Lucas

CQ80304
Level 1

Matching undeposited fund payments to downloaded transactions

Does this also work with QB Online?

MarsStephanieL
QuickBooks Team

Matching undeposited fund payments to downloaded transactions

It has a different process with QuickBooks Online, @CQ80304.

 

You need to delete the payment that was posted in the Undeposited Funds and link it to the open invoice. Or delete the deposit, create a bank deposit from Undeposited Funds and reconcile it manually.

 

To manually reconcile a transaction, here's how:

 

  1. Go to the Gear icon and select Chart of Accounts.
  2. Look for the account that affects the transaction.
  3. Select View register and find the transaction you need to reconcile.
  4. Under the Reconcile column, click the blank field to mark the transaction "R" (reconciled).
  5. Select Save and Yes.

 

Here are some insightful resources to help you along the process:

 

 

Once done, you can check the Undeposited funds in the Chart of accounts to ensure that the payments have been cleared out.
 

You're always welcome to let me know in the comment section if you need further assistance. I'd be happy to help. Take care.

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