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jengebhardt
Level 2

QB Point of sale is putting cash sales transactions into the bank account

My client is using QB as their point of sale. It looks like their credit card sales are showing up properly deposited into their bank account, but the system seems to be recording any cash transactions as "Accounts Receivable" and depositing them into the bank account as well. Shouldn't these be coming up as "undeposited funds?" The bank balance is incorrect when I go to reconcile the account from these extra "deposits." Is there a fix for this?

Solved
Best answer September 28, 2021

Best Answers
Archie_B
QuickBooks Team

QB Point of sale is putting cash sales transactions into the bank account

Hello there, jengebhardt.

 

I'd like to share some information about the process in taking payments in QuickBooks Desktop Point of Sale.

 

You're right. Checks, credit card, and debit card transactions are placed in the Undeposited Funds account. On other hand, Cash payments from QuickBooks Desktop Point of Sale are placed by default in the Cash In Drawer account.

 

That being said, once the financial exchange was done, you need to transfer the funds from the Cash In Drawer account to the Undeposited Funds account 

 

Like this:

 

  1. Go to the Banking menu.
  2. Choose Transfer Funds.
  3. From the Transfer Funds From drop-down, select the Cash in Drawer account.
  4. From the Transfer Funds To drop-down, select the Undeposited Funds account.
  5. In the Transfer Amount field, enter the amount of money you want to transfer.
  6. Click Save & Close.

 

Once done, you may now deposit the amount that was transferred. 

 

Here's how:

 

  1. Go to the Banking menu.
  2. Choose Make Deposits.
  3. On the Payments to Deposit window, select the transferred amount along with other payment/s to deposit. Then hit OK.
  4. On the Make Deposits window, select the bank account to which the funds are being deposited to.
  5. Select Save & Close.

 

I've also added this articles for you to learn more about the deposit times for customer payments: Find out when QuickBooks Payments deposits customer payments.

 

You can check out more helpful information about QuickBooks Point of Sale on the list of articles in this link: QuickBooks Point of Sale (POS) FAQ.

 

Get back to us if you still need further assistance. We're always here to help. Have a wonderful day!

View solution in original post

1 Comment 1
Archie_B
QuickBooks Team

QB Point of sale is putting cash sales transactions into the bank account

Hello there, jengebhardt.

 

I'd like to share some information about the process in taking payments in QuickBooks Desktop Point of Sale.

 

You're right. Checks, credit card, and debit card transactions are placed in the Undeposited Funds account. On other hand, Cash payments from QuickBooks Desktop Point of Sale are placed by default in the Cash In Drawer account.

 

That being said, once the financial exchange was done, you need to transfer the funds from the Cash In Drawer account to the Undeposited Funds account 

 

Like this:

 

  1. Go to the Banking menu.
  2. Choose Transfer Funds.
  3. From the Transfer Funds From drop-down, select the Cash in Drawer account.
  4. From the Transfer Funds To drop-down, select the Undeposited Funds account.
  5. In the Transfer Amount field, enter the amount of money you want to transfer.
  6. Click Save & Close.

 

Once done, you may now deposit the amount that was transferred. 

 

Here's how:

 

  1. Go to the Banking menu.
  2. Choose Make Deposits.
  3. On the Payments to Deposit window, select the transferred amount along with other payment/s to deposit. Then hit OK.
  4. On the Make Deposits window, select the bank account to which the funds are being deposited to.
  5. Select Save & Close.

 

I've also added this articles for you to learn more about the deposit times for customer payments: Find out when QuickBooks Payments deposits customer payments.

 

You can check out more helpful information about QuickBooks Point of Sale on the list of articles in this link: QuickBooks Point of Sale (POS) FAQ.

 

Get back to us if you still need further assistance. We're always here to help. Have a wonderful day!

View solution in original post

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