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Level 2

Quickbook payments from CC & ACH are going into Undeposited funds and yet show deposited in bank and still in undeposited funds.

Hello! 

 

I am in need of some help understanding Quickbook Payment workflows.  Here is the what I'm seeing and want to know how to correct it.  If you could give me a step by step on how to solve my problem I'd appreciate it. 

 

Client sends an invoice.   The client payment using the Pay now function either thru an ACH transfer or CC.    The payment goes into undeposited funds automatically.   However, in the invoice screen it shows as being paid and than deposited.  I see a bank deposit for the invoice and show the money went into the correct checking account and also says that the payment was QuickBooks Payment-CC/ACH and transaction processed.  I see the correct invoice that it was applied to.   My thought is that it should clear out of undeposited funds and now be applied to the invoice.   When I download the bank transactions I see a "Match" to the invoice.   

 

However, why are the funds still in undeposited funds?   I thought it should automatically clear the payment out of there since they Quickbooks Payment.    Now I have an astronomical undeposited funds balance.   How can I clear this out and prevent this from happening in 2019?   

 

Thank you!

3 Comments
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QuickBooks Team

Quickbook payments from CC & ACH are going into Undeposited funds and yet show deposited in bank and still in undeposited funds.

Hello there, @jsanterre50.

 

Thank you for the very detailed information you've provided to elaborate your concern. I have some information to share about QuickBooks Payments.

 

QuickBooks Online automatically records deposits and fees for your QuickBooks Payments transactions. Make sure your QuickBooks Payments account is configured to match and record automatically. You may check if the appropriate accounts are selected.

 

Here's how:

  1. Go to the Gear icon.
  2. Under Your Company, select Account and Settings.
  3. Choose the Payments tab.
  4. In the Chart of Accounts section, select the your accounts and save. Make sure the deposit account selected is the same account received payments get deposited to. It should also be the same account where fees are deducted from in real life.

Since you're using the Downloaded Transactions feature to connect to your bank, batches will automatically be matched. This is because your payments will automatically go into the Undeposited Funds account in QuickBooks Online as soon as you process them.

 

Once they settle and are deposited into your checking account in real life, the Batch Deposit will automatically be recorded and a separate fee withdrawal will be automatically recorded in Fees withdrawal account.

 

The following article contains an in-depth insights about this matter: https://quickbooks.intuit.com/community/Payments/Deposits-FAQ/m-p/185764https://quickbooks.intuit.co....

 

On the other hand, once you've processed and posted a customer payment to your Merchant Services account, it should automatically flow to the assigned account in QuickBooks Desktop. You'll then be able to see this transaction in both program.

 

To double-check and review the payments posted in your account, I recommend contacting our QuickBooks Payments Team to further verify your payment set up and workflow from Merchant Service to QuickBooks. They also have a secure environment to pull up your account.

 

Please visit this link to reach out support: Which Payments product do you need help with?

 

With this information, you should be able to work with you QuickBooks Payments. Let me know how this goes and don't hesitate to leave a comment below if you have other questions. I'd be glad to answer. Have a great rest of your day!

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Level 1

Quickbook payments from CC & ACH are going into Undeposited funds and yet show deposited in bank and still in undeposited funds.

Did you ever  get this to clear up for you?  I have tried every resolution suggested on the forums and QBO still shows the ACH and Credit Card payments as undeposited.  They clearly have been deposited and every angle mentioned yet does not change?

 

Jenn

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QuickBooks Team

Quickbook payments from CC & ACH are going into Undeposited funds and yet show deposited in bank and still in undeposited funds.

Hello there, @jenc1990.

 

I've checked that you have posted another concern on this thread: https://quickbooks.intuit.com/community/Payments/No-matter-what-resolution-I-have-tried-I-am-unable-.... And this has already been addressed by my colleague.

 

Hope you can respond to that thread so you and my colleague can work together. Thanks!

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