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Level 2

Paid invoice but not deposited

I have two transactions from the same client that were paid and deposited but for nearly a month, their status will not change to "Deposited" it stays in a purgatory of "Not Deposited" is there a way to fix this? It's throwing off all my numbers.

Solved
Best answer 11-16-2018

Accepted Solutions
Moderator

Re: Paid invoice but not deposited

Hello there, @dmriddell.

 

I'm glad you joined the Community. I can help you change the status of your paid invoices from Not Deposited to Deposited in QuickBooks Online (QBO).

 

Before we proceed, one possible reason why the paid invoices stay on the Not Deposited status is that you might have chosen the Undeposited Funds as the Deposit to account when receiving your client's payment. To deposit these payments, here's how:

 

1. Go to the Plus icon at the top.
2. Select Bank deposit under Others column.
3. On the Choose an account drop-down, select the bank account you wish to deposit the payments.
4. In the Received from column, select the invoices by putting a checkmark on the box.
5. Then, click Save and close.

 

Once done, go back to the Invoices page and the status should now change to Deposited. For your reference, you can visit this article for further guidance: Bank deposits.

 

That's it! Please let me know how it goes. Feel free to post again or leave a comment below should you have additional questions. I'm always here to help. Take care and have a great weekend.

View solution in original post

9 Comments
Moderator

Re: Paid invoice but not deposited

Hello there, @dmriddell.

 

I'm glad you joined the Community. I can help you change the status of your paid invoices from Not Deposited to Deposited in QuickBooks Online (QBO).

 

Before we proceed, one possible reason why the paid invoices stay on the Not Deposited status is that you might have chosen the Undeposited Funds as the Deposit to account when receiving your client's payment. To deposit these payments, here's how:

 

1. Go to the Plus icon at the top.
2. Select Bank deposit under Others column.
3. On the Choose an account drop-down, select the bank account you wish to deposit the payments.
4. In the Received from column, select the invoices by putting a checkmark on the box.
5. Then, click Save and close.

 

Once done, go back to the Invoices page and the status should now change to Deposited. For your reference, you can visit this article for further guidance: Bank deposits.

 

That's it! Please let me know how it goes. Feel free to post again or leave a comment below should you have additional questions. I'm always here to help. Take care and have a great weekend.

View solution in original post

Level 2

Re: Paid invoice but not deposited

This appears to have worked.  I'm just surprised it didn't auto deposit these like it has the rest being as they are all processed by QuickBooks payment processing.  I will know the process moving forward.  Thanks! 

Level 1

Re: Paid invoice but not deposited

I just went through this process and it made my numbers even more off than before. This happens CONSTANTLY! I'm about to use a new service, because you have caused my accounting to be wildly off. WHY if someone is paying me directly through QB, do you not apply it appropriately? QB seems to know I was paid, it knows the money was sent to my account, but it doesn't record it. Right now my QB balance and my bank balance are 5 figures different. This shouldn't be a problem, yet it is.....

Moderator

Re: Paid invoice but not deposited

Thanks for looping in, MKH_27.

I'm here to help you with correcting your QuickBooks balance and bank balance.

 

One of the reasons why your QuickBooks and bank balance are off it's when you make a deposit for the payments but did not include the transaction fees. To ensure the balance matches. you can record the transaction fee by entering it as a negative amount when making a deposit.

 

Here's how:

 

  1. Click the Plus icon (+) at the top.
  2. Under Others, click Bank Deposits.
  3. Enter the deposit. Under Account, choose Credit Card Fees.
  4. Enter a negative amount, under Amount.
  5. Click Save and close.

Also, these articles are a good reference:

 

Should you need more help with correcting your QuickBooks and bank balance, please let me know. I'm here to help.

Level 2

Re: Paid invoice but not deposited

Holy cow thank you. My bookkeeper had a whole other workaround and I can't believe that we have to do this but now we know how, thank you thank you thank you!

Level 1

Re: Paid invoice but not deposited

I had money in my undeposited funds account, but I issued and expense because I paid cash and things are great, my dashboard still indicates that my deposit has to be done to the bank. Are all monies that are on undeposited funds account have to be deposited to bank? Can we deduct expenses from undeposited account if I have it cash before I deposit? My banks balances are all ok, but the dashboard still says that I have to the deposit. Do you have a solution?

QuickBooks Team

Re: Paid invoice but not deposited

I'll explain how Undeposited funds works, Nbandi.

 

This account is created by the program to temporarily hold funds until you're ready to deposit them to your bank account. Having said that, you'll have to add the deposits to your bank account. If there's a fee or deduction, you can deduct expenses on the Bank Deposit page. Or, you can create an expense transaction for any cash out.

 

To know more about Undeposited Funds, I've got you the perfect article: What’s the Undeposited Funds account?.

 

Feel free to visit the Community if you have other concerns. We'd be happy to work with you again. 

Level 2

Re: Paid invoice but not deposited

I have the same problem as MKH_27. I did follow those steps you show but after i click on bank deposits i couldn't find the "credit card fee"? Should i create one ? Thank you. 

QuickBooks Team

Re: Paid invoice but not deposited

Thanks for joining this thread, @LUCYTRAN.

 

Allow me to step in and help guide you on how to record transaction fee in QuickBooks Online (QBO). 

 

You can add an expense account for credit card fee to your Chart of Accounts and use it on the bank deposit when recording the transaction fee by entering it as a negative amount. 

 

Here's how to create an expense account:

  1. Click the Gear icon and select Chart of Accounts.
  2. Select New in the top right corner. 
  3. Click on the Account Type drop-down to select Expenses on the account type.
  4. Select the Detail Type to specify the type of account that you want to add.
  5. Enter the name of the account in the Name field. (ex Credit Card fee, Transaction fee. etc.)
  6. You have the option of including information in the Description field and an amount in the Balance field. 
  7. Click Save and Close.

For additional reference, you can check this article to on how to create a new parent account or subaccount.

 

Once done, you can now record the transaction fee by following the steps provided by my colleague RoseMarjorieA. 

 

That should do it! Fill me in if you have any other questions about recording transaction fee. I'll be around to help you out. 

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