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safoglio
June 14, 2024
Question

Memorizing Deposit Transactions that include Undeposited Funds

  • June 14, 2024
  • 4 replies
  • 37 views

I’m the book keeper for a sports organization with approximately 900 hundred customers (players). Each customer is assigned to a ‘class’ for reporting. The ‘class’ is a designated as a Team Name.

Each ‘customer’ has an Accounts Receivable balance that gets reduced each month according to a payment plan.

Payments are received via a sports registration company (Sports Engine)—consolidated and direct deposited (minus their service fee) into the organizations bank account.

 

In order for Quickbooks Desktop to properly receive the funds and simultaneously reduce each customers outstanding A/R balance, I follow these procedures:  

 

  1. “Receive Payment” for each transaction. (900 customer transactions monthly).
    1. As these transactions are ‘Saved” they move to ‘Undeposited Funds’
  2. Once all payments are received for the month.
    1. Go to “Banking” “Make Deposit” where I add the “Undeposited Funds” previously entered
    2. I also add lines for the ‘Service Charge” from Sports Engine. These are deductions.
    3. “Save and Close”

 

I’m seeking a process to minimize the extensive hours of data entry. I’ve tried memorized transactions, deposits etc without success. Attached to this text are:

 

  1. An snip example of a deposit.
  2. An error message received when trying to memorize a deposit that includes “Undeposited Funds”.

 

     

4 replies

KayePeQuickBooks Team
QuickBooks Team
June 14, 2024

The option to create a memorized invoice payment and deposit with customer payment isn't available in QuickBooks Desktop (QBDT). Memorizing a deposit with customer payment will result in an error message, @safoglio.

 

Considering your customer's substantial accounts receivable balance that decreases each month, the procedure that you've performed is the recommended one to ensure that the transactions are properly recorded.
 
To streamline your workflow, you can consider creating recurring invoices moving forward for their monthly dues instead of single big invoice. Then, connect your bank account to the program so the payment will be automatically downloaded.
 
Once the lumpsum deposit is imported, you can match it to the multiple open invoices from different customers to mark them as paid. Then, use the resolve difference option to record the service charge so the downloaded payment will match correctly with the invoice. Note that this feature is only available in the Advanced Mode.
 
When you're ready, here's how to match them and account for the fees:
 
  1. Go to Banking, then Bank Feeds.
  2. Choose Bank Feeds Center and select an account.
  3. Locate the deposit, then select Match to existing transactions from the Action column.
  4. Check the unpaid invoices, then tick the Resolve checkbox.
  5. Head to the Resolve transactions table and select the financial institution charging the fee from the Payee column.
  6. Select the appropriate expense account you use for tracking fees, then enter the amount of the fee or difference.
  7. Add a memo as needed, then hit Save and add to register.

 

On the other hand, you may also use this article as a guide if you're ready to reconcile your accounts in QBDT: Reconcile an account in QuickBooks Desktop.
 
I can always provide the necessary information about handling deposits in QBDT. Should you need further clarification, leave a comment below. You can count on me at any time.
safoglioAuthor
June 21, 2024

I will give this a try and see if the solution significantly reduces the manual entries. More to follow. Thanks

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