QB Payment Deposit vs Payment

Thanks for reaching out to us here today, @TerryGH.

I'll share some information about QB Payments in your Bank Feeds. QuickBooks groups all your customer payments process each day and then deposits them as a single bank deposit into your bank account. That said, you'll see the term "deposit" in the Bank Feed Center. Just make sure to match your QuickBooks transactions with your bank statements.

Learn more about QB Payments in this article: Automatically record QuickBooks Payments bank deposits.

If you need help with other payment tasks, click this link to go to our payment topics with articles. 

I'll be here if you still have questions or concerns with QB Payments. Drop them in the reply section below and I'll be happy to answer them for you. Take care and have a lovely day ahead.

Thanks for the reply, Shiella  but I am familiar with QB Payments in terms of every-day use.  But per my original question the terms used (deposit vs payment) was unusual so my basic question is this to be concerned about or just an anomaly?

Thank you for getting back, and I've read your original post, Terry.

It's my pleasure to share with you some insights about payments and deposits from the For Review tab.

If you're referring to payments coming from your customers, the funds will post as income or deposits to your business. Similar to expense and bill payments as expenditures. Since your reports are all correct, then there must be no issues with the posting of your entries.

If these transactions are coming from your bank, you can request your financial institution to modify the terms used to avoid confusion and identify them easily. QuickBooks is only dependent on whatever information is recorded or added into it. 

On the other hand, you can also upload your transactions manually using an Excel CSV file. From there, edit or enter a unique description for each of your transactions. For your guide, you can check out this article: Format CSV files in Excel to get bank transactions into QuickBooks.

Once you're done categorizing your entries, you're now ready to reconcile your account to get accurate calculations and avoid duplicate records. I'm adding this link as your reference: Learn the reconcile workflow in QuickBooks.

If you have any other banking questions, please let me know by adding a comment below. I'm more than happy to help. Cheers for more success!

Thanks for the reply, Angelyn -- I do understand that QBO entries wind up as either deposits or expenses, but a couple of payments came in and were referenced as "deposits" which in almost every case over the past 7+ years QBO would call it a "payment" -- but instead was called a "deposit"...  The bottom line as mentioned before is the payments are correctly identified in the client's transaction list so will assume its just a software glitch that didn't really have a negative impact.

      Thanks again for your help ... TGH

the transaction lis

I have a problem: some of my invoice payments are showing up as payments and some as deposits?

They should all be deposits?

Hello there, @kevin. I'm here to help you with your invoice payment concern in QuickBooks Online (QBO). 

If you're using QuickBooks Payments, the program will combine all the customer payments you process each day and make them as a single bank deposit into your bank account. That's the reason you see them as a "deposit" in the bank feed page. 

Also, the program is only dependent on the details recorded or added into it. If the entries are coming from your bank, you can ask your financial institution to change the terms used to prevent confusion and identify them easily. 

For additional guidance, feel free to read this article: Take and process payments in QuickBooks Online with QuickBooks Payments.

Then, in case you want to match a bank deposit to an existing payment in your QBO, you can refer to the steps in this link: Categorize and match online bank transactions in QuickBooks Online.

I'll include this helpful resource that you can use as a reference to learn when will the customer payments be deposited on your account: Find out when QuickBooks Payments deposits customer payments.

If you have any other concerns managing your invoice payments in QuickBooks, please don't hesitate to leave a reply below. Have a good one and stay safe. 

A week ago, the payments system ceased recording deposits in the banking register. The deposits were banked, and the fees are in the register but not the collected payments. The checks that were collected in the undeposited account work as expected. It is not clear to me if I made changes, but I did not intend to.

How can I get the payment system to insert deposits in the register so that I can match them and provide an accurate P&L?

Hello there, @treasurer121. I appreciate you for joining the thread.

Let me help you achieve your goal today. To insert your deposit in the register to match, we'll need to make a bank deposit to those affected payments.

After that, go to your Account and settings, select Payments, and ensure that those affected payments must be deposited directly to the bank and not in the Undeposited Funds.

For now, let's exclude what's in the banking. Then, perform a bank deposit manually for payments under the Undeposited Funds.

Here's how to exclude bank transactions:

1. Go to the Banking tab, and choose Banking.
2. Select a Tile or a Bank where your affected bank deposits are located.
3. All the bank transactions will show below. Put a checkmark on the box beside the affected bank deposit.
4. Select Exclude above.
   
   

Performing these processes will let you insert the deposits in the register and match them. Then, you can proceed with having an accurate P&L report.

You might want to have a snapshot of your company's financial standing, you can read this article: Run a Profit and Loss report by bank account in QuickBooks Online.

The Community is committed to providing you with the best customer service possible. Click the reply button for additional questions. We'll be happy to assist you. Take care, and have a blissful day!

Thanks for the reply. I think that this will fix future payments. However, several payment deposits are recorded in my bank account but do not show up in the QB bank register.

For example, here is the designation in the bank account:

INTUIT 22007535 DEPOSIT 230419 CCD 524771990653702

which corresponds to a payment deposit ID of 49122007535. But it does not show up in the QB bank register, and thus it cannot be matched. Two transactions in the deposit, corresponding to invoices 10118 and 10119, are both for $400. However, they show up as undeposited funds. 

The fee which exists in both the bank and the register is:

INTUIT 14337545 TRAN FEE 230419 CCD 524771990653702

So, my question is, how can I force existing payments deposits into the QB bank register without changing the existing payment fees and other designations?

Thanks,

Bob

I should add that when the payments system works, I get the following entries in my bank:

Regards, Bob

I've joined this thread to help you, treasurer121, with the missing transactions in your QB bank register.

If you did not deposit payments to your bank register in QuickBooks, they would appear as Undeposited Funds. We can begin creating a bank deposit to clear your undeposited funds and match the transaction amounts on your bank statement in QuickBooks. Let me show you how:

1. Click the + New button.
2. Choose Bank Deposit.
3. Select the account you want to deposit the money into from the Account drop-down menu.
4. Pick the box for each payment you want to add. Make sure the deposit total and selected payments match your deposit slip. 
5. Hit Save and Close or Save and New. 

I've included a link you can use as a reference on how to deposit for payments showing in the Undeposited Funds account: Record and make Bank Deposits in QuickBooks Online.

Once done, you can start categorizing the transactions. Let me share this guide for the step-by-step process: Categorize and match online bank transactions in QuickBooks Online. 

Additionally, let me add this great resource that you can use for future reference. This provides complete information on reconciling your account accurately: Reconcile an account in QuickBooks Online. 

Let me know if there's anything else you need or if you have follow-up concerns. I'm still here to help you more. Have a great day!

I appreciate your help; I appreciate it immensely. I don't know whether I'm describing a new problem or an old problem, but nevertheless, it is a problem.

I have transactions involving the Payments system that leave transactions categorized as undeposited while it is clear from the bank account that the deposits have been completed. One transaction involves a credit card, and the other a bank transfer. Both are for $400, our annual dues. The bank entries are:

I appreciate you for coming back to the thread for adding extra clarification about your concern. Let's perform troubleshooting steps to verify the cause of why deposits were categorized as undeposited after clearing from the bank account. Then, ensure that you are directed to the appropriate support team to assist you further with this situation.

Please know that each day, QuickBooks Payments combines all of your customer payments (both sales receipts and paid invoices) for the day into a single record. This record is called a deposit. I suggest visiting your Merchant Services account and checking the status of deposits from there. This way, you can verify why the transactions are categorized as Undeposited in your QuickBooks. 

Here's how:

1. Sign in to the Merchant Service Center.
2. In the homepage, select Activities & Reports and Deposits.
3. Choose the date range in the Dates field.
4. Select Search.

Additionally, this lists all your daily deposits, when we put them in your bank account, and the totals. To view the individual payments that are part of a deposit, click the arrow ▼ in the Fee column.

Also, if there's an issue with a deposit, you'll see Withheld or Batch Deposit Returned in the Status column. You can choose the arrow ▼ in the Fee column to review details. Then, you'll get an email from us with steps to fix the issue.

Furthermore, I also suggest contacting our Merchants Services Support Team. This team is the best resource for such inquiries, as they're able to request account information. They can also further verify the status of the deposits and why they appear as UF.

Lastly, you may refer to this article to see how QuickBooks Payments deposits work in QuickBooks: Common questions about payments deposits in QuickBooks Online.

Don't hesitate to post again here in QuickBooks Community if you have additional questions about deposits in QuickBooks. I'm always around to help, treasurer121. Have a great day!

Thank you, just what the doctor ordered. We still have some internal bookkeeping issues, but you have directed us to some tools that will help identify where the problems exist.

Over and out (I hope).

Bnicholls, Treasurer QBA

Thanks for getting back to us, treasurer121.
 

We're happy to hear that the resolution provided by my peer, @ChristieAnn, was able to help you with your issue. It's always a pleasure seeing customers satisfied with the assistance we provide.
 

You're always welcome to swing by the Community if you have additional concerns performing specific tasks using QuickBooks Payments. We're always here to help. Take care, and have a wonderful day!

My apologies for the lack of clarity in the past. Now I can better explain my problem. 

• Over the last two months, we have received 46 payments which have been combined into 10 deposits.
• Of the 46 payments, 22 transactions have failed to reduce the Undeposited Funds account when a deposit is made by the Payments system.
• All of the invoices have been paid and the service category changed to QBA Dues but there has been no reduction in the Undeposited Funds account
• All of the payments have been deposited in our bank account with the correct ID
• All of the fees associated with the payments have been taken from our bank account

The 22 transactions represent $8,933.33 and remain on the books. They are seen in the Balance Sheet as an asset. I can't speculate on why the Payments system misses reducing the Undeposited Funds account but it does.

Any help is appreciated, particularly as I have a board meeting and a financial review.

Regards,

Bob Nicholls

Thanks for always sharing additional details about the payments, Bob.

I've read the previous responses and I can see that all possible troubleshooting steps including selecting the right deposit account have been shared with you.

In this case, I would recommend reaching out to our phone or chat support teams. They have screen-sharing capabilities to take a closer look at the transactions and check why they are not reducing the balance of your Undeposited Funds account.

Here's how to reach out to them:

1. Go to the Help menu in the upper-right hand corner to open the QB Assistant window.
2. Type in "talk to a human", then press Enter.
3. Click Contact Support Team, then inform them that you need hep with online payments not reducing the balance of the UF account.
4. Press Enter once again.
5. Select No, I still need help, then choose Contact Support Team.
6. Look for the Chat option and click on it.

Additional information and guidance when receiving online customer payments are also shared here in case you might need them: 

• Fix Rejected ACH Payments or Fees in QuickBooks Payments 
• Request a Rate Review of QuickBooks Payments Discount Fees 

Please know you can always visit us again and post new questions if you need anything else. We'll make sure that everything is sorted out when working in QBO.

Can I change the deposited status on an invoice so that I can go back and match? If it says paid, it lets me go to the invoice and delete the payment so that I can go back and match. But the deposited ones aren't letting me do that...

Thank you for posting here in the Community, @ja52. 

I’m here to help and share information about invoice status in QuickBooks Online. 

When receiving payment in QuickBooks Online, if you chose to deposit the payments under the Undeposited funds account, then this is the reason why the status of your invoice was showing as paid but not deposited.

To change the status to deposit, then you may need to do Bank Deposit. 

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.

Also, here are some helpful articles that you can check on for future reference about receiving invoice payment in QuickBooks Online:
 

• Record customer payment in QuickBooks Online
• Bank Deposits
• What’s the Undeposited Funds account?
  
  

Feel free to post again or comment below if you have additional questions. I'm always here to help. Take care!