My sales are all 100% done online and payments via paypal. Using QB desktop I have paypal set up as a bank, I want to record sales directly to paypal, not Undeposited Fund. Currently to help me track my sales i'm entering a sales receipt which puts the funds in undeposited funds, then i have to go and deposit the funds into the "bank" which is Paypal for me. I do not have a drawer and do not have checks etc.. to deposit. I would like to skip the step of undeposited funds account and put directly into my bank called paypal.
Good morning, @Bricktopia. I'm here to provide you with more information on how Undeposited Funds work in QuickBooks Desktop.
The Undeposited Funds account holds invoice payments and sales receipts you want to combine. It's like a drawer to keep your payments in before taking them to the bank (PayPal). When you receive your deposit, then you can make a bank deposit to combine payments in Undeposited Funds to match. This two-step process ensures QuickBooks always matches your bank records. This also makes reconciliations much easier. Here's some articles that provides more information: What's the Undeposited Funds account? and Deposit payments into the Undeposited Funds account in QuickBooks Desktop.
If you have further questions, please let me know. Have a great day.
Can it be turned off? My since in this case i have no cash drawer, my payments hit the bank prior to me having an order since my sales are via online portal.
I do not combine payments, each payment needs to show in the bank account as individual transactions or reconciling would be a nightmare.
You can turn off the deposited funds by going to the Payments page. Let me provide you steps on how to do it.
When creating payments from the customer, you can select the bank to deposit the funds. You can refer to this link for more details on how to make and record bank deposits in QuickBooks Desktop: https://quickbooks.intuit.com/learn-support/en-us/receive-payments/record-and-make-bank-deposits-in-....
If you have any related concerns, let us know. We are here to help you
even when turning it off it still goes into the undeposited funds, I want when i do a sales receipt it automatically deposits the funds in a set bank account not a holding place for me to do a 2nd transaction to show, especially since in this case everything is deposited into the bank account on a per transaction case, when I pull my money from Paypal I then group it and send as a whole to my checking account. I would think this day in age with all the online sales this would be standard. It's bad enough when searching to get QB paypal is intergrated, but then after buying found out it's only intergrated on the online route. So I'm having to enter these payments all manually
Thanks for your response, @Bricktopia.
After turning off the undeposited funds, when creating a sales receipt or receive payment you need to select the Bank account in the Deposit to box.
Let me share this screenshot for a reference.
Let us know if you have further questions. You can always post in the Community. We're glad to help.