Are you facing deposits in QuickBooks and want to get rid of this problem? So read the full article. In this article, we’ll help you fix Undeposited Funds in QuickBooks Online. In the meanwhile, you can contact the experts through toll-free number +1 800-213-6058 to get expert solutions to the problem.
Read: How To Align Your Cheques In QuickBooks Online Simple Steps
What is an Undeposited Funds account?
The Uncredited Money account stores payments made in QuickBooks until the payment is credited to your actual bank account. Most banks combine the deposited payment into a single transaction. When you receive a deposit slip, you can identify payments that are combined by your bank and you can also add them to QuickBooks. You must hold the payments in an uncredited funds account before combining them into a single transaction. Next, you need to collect the deposit slip and then consolidate the payments into one transaction. This will help you match your bank statements in QuickBooks.
Method to put payments in an Undeposited Funds account
Let’s take a look at the steps you can take to keep your payments in the uncredited fund’s account.
Step 1: Transfer the payment to the uncredited fund account
There are three separate cases in which you need to make your payment to an uncredited money account.
Case 1: If your QuickBooks is linked to your bank and credit card accounts
You need to know whether your QuickBooks account is linked to your actual bank account and your credit card account. If you find that your QuickBooks account is linked to your actual bank account and your credit card account, you don’t need to use the Uncredited Money account and you don’t need to combine downloaded transactions.
In this case, your QuickBooks Online account will automatically download any transactions you make. All you have to do is sort and categorize the transactions uploaded by your QuickBooks Online account.
Case 2: Combine processed payments with QuickBooks Payments
- First, you have to click on “New”.
- Click “Receive Payment”.
- Open the Customers drop-down list, then click “Customers.”
- And click on the checkbox of the invoice for which you receive payment.
- Then you have to open the drop-down list “Deposit to”, then click on the option “Undeposited funds”.
- And fill all the required fields and follow the steps given on the screen correctly.
- Click “Save & Send” or “Save & Create” or “Save & Close.”
Case 3: Payments that are not processed with QuickBooks Online or Payments that are processed outside of QuickBooks Online
- First, you have to click on “New”.
- Click on “Receipt”.
- Open the Customers drop-down list, then click “Customers.”
- Then you have to open the drop-down list “Deposit to”, then click on the option “Undeposited funds”.
- Complete all the required fields in the remaining sales receipt and follow the on-screen steps correctly.
- Finally, click “Save & Send” or “Save & Create” or “Save & Close.”
Note:- You should check the “Submit to” field carefully to make sure that your payments are going to the right place. If the bank records the lump-sum deposit as your deposit, you don’t need to combine it, and you can put the payment directly into an account in QuickBooks Online without having to be credited to the deposited fund’s account.
Step 2: Make a Bank Deposit
Now you have to deposit in the bank. Let’s see the process
If you have a bank deposit slip, you will be able to record the bank deposit and then successfully add the payments to QuickBooks Online. The bank deposit window covers all payments from uncredited fund accounts. You will now use the deposit slip to correctly combine payments and make bank deposits.
Step 3: Review the Undeposited Funds
Now the next step is to check the deposited money account carefully and ensure that any pending payment is paid promptly. Let us see the steps for review or verification of uncredited funds account
- First, you need to open the “Accounts” menu.
- Click on “Chart of Accounts”.
- Then look for the “Undeposited Funds” account in this list.
- And click on “Show Registry” option.
Conclusion
We hope you can now fix the Undeposited Funds in QuickBooks Online yourself. Just follow all the steps carefully and keep in mind the three cases mentioned above in the article. We recommend that you read the complete article and go through all the steps carefully without skipping a single step. If you need help from us through the experts in QuickBooks, you can give us a call. And also do comment in the box your important feedback it is motivated us.