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jsanterre50
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!

7 Comments
MariaAlmaT
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!

jenc1990
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

Alessandra_B
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!

ellichristina
Level 2

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

Hi there, was this issue ever resolved for you?  I am trying to troubleshoot this exact same issue with no success!

katherinejoyceO
QuickBooks Team

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

Thanks for joining in this conversation, @ellichristina. I'm here to help ensure you're able to resolve your QuickBooks deposits concerns. 

 

We can manually deposit the QuickBooks payments and select the account you want to deposit the funds. Here's how: 

 

  1. Click the +New icon, then choose Bank Deposit under Other.
  2. From the Account drop-down menu, select the bank account you want to make a deposit.
  3. Enter the information as necessary, then click Save and close.

 

Once you receive payments, QuickBooks will follow your settings and will deposit payments to the bank account of your choice moving forward. 

 

I've included a detailed guide of our default accounts used when creating transactions or receive payments.

 

For future reference, I'd recommend reviewing some of our QuickBooks Payments FAQ. It has lists of articles that will help and answer most of your questions about payments processing and managing payments account. 

 

Let me know if you have additional questions. We're always delighted to help. 

flyingdogcoco1
Level 1

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

I can't figure this out! Please help.

 

So, The connected bank downloaded the payment for the invoice, there's a match to the invoice and when I add, it goes into "undeposited funds". I tried creating a new bank deposit as instructed above....this just created a duplicate when I click the invoices connected after saving. 

 

Please help. Can we start from the beginning.....right now, there are 3 invoices both paid via quickbook payment. Showing under "Review", 3 are listed, each with 1 record found, which is the payment received for the invoice. Where do I go with this so it can deposit into the bank and showing it deposited instead of "undeposited funds".

 

Thanks!

ShiellaGraceA
QuickBooks Team

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

Thanks for joining us today, @flyingdogcoco1.

 

I'll share the steps on how you can match your payments. Since you already have transactions recorded in QuickBooks, all you have to do is to tick the Match link.

 

Let me guide you how.

 

  1. Go to Banking, then Banking at the top.
  2. Select the bank account you want to match the transactions.
  3. From the For review section, tick the boxes that says 1 record found. See the image below.
  4. Click Accept. You can also mark them one at a time and hit Match.

 

 

 

About the duplicate deposit, you'll want to delete them from the chart of account to correct your account. Just go to Accounting and then Chart of Account. From there open the View register link and delete the deposit you've created.

 

Check out this guide to learn more about matching downloaded transactions: Categorise and match online bank transactions in QuickBooks Online.

 

 

Also, you can browse this link in case you need help with other banking tasks. It has topics with articles that'll guide you along the way.

 

If you still have questions or concerns with bank accounts, please let me know. I'll be around for you. Take care and stay safe.

 

 

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