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3dxtrusion-gmail
Level 1

In invoices, I received a payment last week. in the status it shows paid, but not deposited. what is this? Overview status it show that amount as not deposited. why?

 
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DivinaMercy_N
Moderator

In invoices, I received a payment last week. in the status it shows paid, but not deposited. what is this? Overview status it show that amount as not deposited. why?

Hi there, @3dxtrusion-gmail.

 

When you've received the payment in QuickBooks Online (QBO), possibly that the account associated under the Deposit to the field is the Undeposited Funds. QBO uses this as a temporary account to holds payments received from invoices before transferring them to your bank. To resolve this, please follow these steps:

 

First, let's check how you recorded the payment in QuickBooks Online (QBO):

 

  1. Select the Accounting menu and click Chart of Accounts.
  2. From the search bar, type the word undeposited and click the View register.
  3. To find the payment easily, hit the Funnel icon and choose Receive Payment in the Transaction type field.
  4. Tap Apply and look for the payment you received last week.
  5. Click the payment and tap Edit. Then, review the Deposit to field, you'll see it under Undeposited Funds.

 

udfa1.....JPG

 

To fix this, you'll need to create a Bank Deposit. Let me walk you through the process:

 

  1. Go to the +New button and select Bank Deposit.
  2. From the Account drop-down arrow, choose the bank account you're depositing the money to.
  3. You'll see all the transactions under Undeposited funds account in the Select the payments included in this deposit section.
  4. Put a checkmark in the box beside the payment to move it on your desired account.
  5. Hit Save and close when done.

udfb2.JPG

 

For more details, see this article: What’s the Undeposited Funds account?

 

Additionally, to have a summary of the transactions you deposited, you can run a report in QBO, here's how:

 

  1. Go to the Reports tab and click the search bar.
  2. Enter the word deposit and select Deposit Detail.
  3. If you want to filter or add columns, click the Customize button to customize the report. 

Please know that you can always post here if you have more questions about QuickBooks. Just hit the Reply button and I'll be around to help. Stay safe and have a good one.

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