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EL18
Level 1

QBO Clean Up: Receive Payments and Match Deposits

P&L shows revenue accounts with a split account to A/R however is that right since I do cash accounting? Should it not be my checking account instead?

Also, I am cleaning up my QBO accounting. I did not have invoices for deposits in the first half of the year. To try and clean it up I did the following: 1) added an invoice for a deposit. 2) Received payment within the invoice. 3) In the P&L Detail report it now showed the Invoice and the Deposit on separate lines. In the deposit line I changed the account to Accounts Receivable. This made the Deposit line go away but now I have 3 lines in Unapplied Cash Payment Income (Invoice, Payment and Deposit). I believe I messed up on my third step. Then I tried deleting the deposit and then the Unapplied lines went away and the P&L looked find but not sure if that is right.

Solved
Best answer May 03, 2021

Best Answers
AileneA
QuickBooks Team

QBO Clean Up: Receive Payments and Match Deposits

Yes you doing it right, EL18. 

 

Once you receive the invoice payment, deposit it to the Undeposited Funds. When the deposit hits your bank account, match it to the existing deposit in QuickBooks Online. 

 

Let me guide you how. 

 

  1. Go to the +New icon, then choose Received payments
  2. Choose the customer, then the invoice..
  3. Complete the Payment date and method.
  4. Enter the exact amount. 
  5. Click the Deposit to drop-down arrow, then choose Undeposited Funds.
  6. Tap Save and close.  

 

Then let's deposit the amount by going to the +New icon. Then pick Bank deposit and select the right account in the drop-down. Then match the deposit. 

  

Please, click this link for more further information: Record and make bank deposits in QuickBooks Online

 

Let me know if you have another concern by clicking the Reply button. I'm always here for you. Keep safe!

View solution in original post

2 Comments
AileneA
QuickBooks Team

QBO Clean Up: Receive Payments and Match Deposits

Yes you doing it right, EL18. 

 

Once you receive the invoice payment, deposit it to the Undeposited Funds. When the deposit hits your bank account, match it to the existing deposit in QuickBooks Online. 

 

Let me guide you how. 

 

  1. Go to the +New icon, then choose Received payments
  2. Choose the customer, then the invoice..
  3. Complete the Payment date and method.
  4. Enter the exact amount. 
  5. Click the Deposit to drop-down arrow, then choose Undeposited Funds.
  6. Tap Save and close.  

 

Then let's deposit the amount by going to the +New icon. Then pick Bank deposit and select the right account in the drop-down. Then match the deposit. 

  

Please, click this link for more further information: Record and make bank deposits in QuickBooks Online

 

Let me know if you have another concern by clicking the Reply button. I'm always here for you. Keep safe!

View solution in original post

EL18
Level 1

QBO Clean Up: Receive Payments and Match Deposits

I prefer to not use undeposited funds account but the rest seems helpful. Thanks.

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