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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?
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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:
Once done, you may now deposit the amount that was transferred.
Here's how:
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!
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:
Once done, you may now deposit the amount that was transferred.
Here's how:
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!
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