For majority of my clients, I personally process (ACH) payments once a month.
I have processed a payment through online bookkeeping account and cleared the invoice.
A week later funds was transferred to my bank account as a batch (multiple invoice payments), some invoices in my bookkeeping account reflected as "Deposited" as should be and some did not, It is showing as "Undeposited". How do I change Undeposit to Deposit.
Note: I did receive the correct amount of payment per client, the total payment amount as a batch was deposited to the bank, I was able to reconcile the month in my QB.
I have tried several methods mentioned here on your site to trouble shoot the situation. Unfortunately, I was not able to successfully make the proper changes. Perhaps there is another method to resolve this issue?
It seems like there are double tracking of payments, Mona.
If you've created a payment for the invoice already, you'll have to match the deposit to the payment instead of adding it.
I've got you an article for future reference: How to add and match downloaded banking transactions.
You can always get back to this thread if you need more help. Have a great one!
I can help you clear the amounts on the undeposited funds in QBO, @Rohit.
Undeposited Funds is created to hold funds until you are ready to deposit them. It serves as the default Deposit To account when you receive payments, use a payment item on an invoice, or enter a sales receipt.
To clear the amounts, you have to create a deposit transaction:
To learn more about this, you can refer to this article: Record and Manage Bank Deposits in QuickBooks Online.
You can also refer to this link for future reference: https://quickbooks.intuit.com/learn-support/en-us/undeposited-funds/understand-how-the-undeposited-f....
Let me know if there's anything else you need or you have follow-up concerns. I'm still here to help you more.
It's nice to hear back from you, @Rohit.
You are very much welcome with the steps. I'm happy I came across your post and was able to address your concern.
As a confirmation, the only way to clear the undeposited fund is by depositing the amounts to your desired accounts. Meanwhile, I'm adding some more references about QBO. It provides the current updates and tutorials.
Should you have any other questions that I can help you with, feel free to mention me on your posts. It's my pleasure to help you get back on your working track anytime. Cheering you a great weekend!
Hi there, @dgarcia611!
You can undo your transactions accidentally added into your register so you can match them to your existing transactions instead. I'm here to help you accomplish this.
Once completed, you can go back to the For Review tab and match your transactions to your existing records from there.
Lastly, I've also added this helpful article in case you want to review your transactions after matching them: Find, Review, and Edit Transactions in your Account Register.
If there's anything else that I can help you with, please let me know in the comment section down below. I'll be always around ready to help.
Not to worry, joslinjoice. I'm here to help you clear that from your Undeposited Funds account.
In QuickBooks Online, the Undeposited Funds serves as a temporary account that QBO uses to hold payments received from invoice before you deposit them into your real bank account. We can create a Bank Deposit to clear the amounts. Here's how:
That's it! If you have any additional concerns, please add them below. I'll be glad to help.
RATHER THAN HAVING TO DEPOSIT FROM UNDEPOSITED FUNDS ACCOUNT FOR EACH TRANSACTION, CAN I CHANGE THE DEFAULT SETTING SO THAT ALL INCOME TRANSACTIONS GO DIRECTLY TO MY BANK ACCOUNT IN QBO AND NOT THROUGH UF?
Hello there, AJ45,
QuickBooks offers two ways when receiving payments. You can use your bank account or the undeposited funds account.
The Undeposited Funds account holds everything before you record a deposit. If you're using QB Payments, we automatically process and moves transactions into your accounts. You don't need to use the Undeposited Funds account.
If you don't want to use the Undeposited Funds account, you can select the bank account in the Deposit to field when creating a transaction. This will directly affect your bank register. Thus, you don't need to create a bank deposit.
Here's an article for more information about recording bank deposits: Record and make bank deposits in QuickBooks Online.
Let me know if you have more questions. I'll be happy to answer them for you.
I have many small transactions, so is there a way to make the bank the default in the" deposit to" box so that I do not have to edit all the transactions individually. This would save so much time and essentially wasted effort because all my income is paid directly into the bank and I do not have any real life undeposited funds.
Good day, AJ45!
I'm joining this thread so I can share more info about bank deposits.
QuickBooks Online doesn't have an option to set a default deposit account. However, we can turn on the pre-fill feature. This will automatically fill fields, like the Deposit to, based on the last saved transaction so you don't have to reenter it.
If you need help in reconciling your account, you might want to check this link: Reconcile an account in QuickBooks Online.
Don't hesitate to post again if you have other questions. We'll be here to help.