Problems with deposits after issues with FNB supposedly resolved

Hello there, Mark.

Let me help you clear things up. Since the account is from your real-life bank, it's not considered undeposited, you need to select an account in the Category field to put the transaction on the correct one. 

Moreover, looking at your screenshot, the amount falls into the Receive column. You can place this transaction into an income account as an example. However, for accuracy purposes, I recommend reaching out to your accountant. 

If you want to learn how to review downloaded bank and credit card transactions and put them in the correct accounts, feel free to read this article: Categorize and match online bank transactions in QuickBooks Online.

It's great to have you here. If you have additional questions, please come back here. I'll be happy to lend a hand. Take care, and have a blissful week!

Thank you for the response Bryan but that is not correct. The funds are going from Undeposited Funds to the bank account. All sales receipts (we are a restaurant, so we do not invoice - it's cash or credit card) go into Undeposited Funds as they are made up of cash and credit card payments. Cash goes to Cash on Hand as a deposit (we do not deposit cash into our bank account as we use it to pay suppliers) and credit cards go straight into the bank account. I have always done it this way and it worked fine until the issue with our bank.

Hello there. I'm here to share additional information about your depositing your transactions to QuickBooks Online (QBO).

In QBO, the option to categorise the sales receipt transactions to the Undeposited Funds account on the Banking page is unavailable. You'll have to record it first inside the program and match it after.

To do so, when recording the sales receipt, ensure that it is assigned to the Undeposited Funds account in QBO. Here's how:

1. Select the +New menu and choose Sales receipt.
2. Next, enter the customer's name and fill in the needed details (Make sure that the date and amount match the transaction on the Banking page.).
3. Then, ensure to select the Undeposited Funds account under the Deposit to field.
4. Click Save and close when done.

After that, let's match the transactions. I'll guide you on how:

1. Click the Banking menu and select the Banking tab.
2. Choose your FNB bank account.
3. From there, locate the sales receipt you want to assign to the Undeposited Funds account (make sure it has the same date and amount).
4. Select it and choose Find Match.
5. Next, look for the sales receipt you record in QBO.
6. Check the box and select Save.

Once done, we can now check the sales receipt and verify that this is allocated to the Undeposited funds account. Refer to the steps below:

1. Select the Magnifying glass icon located at the upper right corner of the screen.
2. Look for the Sales receipt transaction.
3. Click it to open and verify the account under the Deposit to field. 

It's also recommended to perform the reconciliation process regularly to make sure the balance of your QBO account matches your real-life bank statement. 

I'm always here ready to lend a hand if you have other concerns managing your bank transactions in QuickBooks. Have a good one, and stay safe. 

Thank you for your response. Maybe I did not articulate my issue clearly enough. I am NOT trying to categorise sales receipt transactions to the Undeposited Funds account! When I post a sales receipt, it is "banked" to the Undeposited Funds account as it is a mix of cash and credit card payments. From there the cash portion is transferred to Cash on Hand. When the credit card deposits come through the bank account the deposit is categorised as a deposit from the Undeposited Funds account, thus bringing the Undeposited Funds account balance to zero. I have always done it like that and never had a problem until the issue with FNB arose. I have subsequently been informed that the issue with FNB has not been resolved yet, so I presume that is why I am getting an error message.

 Hi, Mark.

I understand the process you're attempting to describe when managing bank transactions and transactions posted to the Undeposited Funds account. 

However, in most cases, If you connect your bank and credit card accounts, QuickBooks automatically downloads all of your transactions. This means you don't need to combine downloaded transactions or use Undeposited Funds since QuickBooks already has the information from your bank. All you have to do is categorize your downloaded transactions.

Also, there have been reports of other users experiencing random banking errors with First National Bank (South Africa). But if you're one of the affected users who experience an ongoing issue, our backend team typically sends out important updates to let you know if there is any progress or a solution you can use. 

I'm adding these resources for more information about Undeposited Funds:

• What’s the Undeposited Funds account?
• Deposit payments into the Undeposited Funds account in QuickBooks Online

Leave a comment below if you still have concerns or any follow-up questions about banking. I'll be here to assist. Have a great day!