How to Deposit Undeposited Funds in QuickBooks

As we know, an undeposited funds account holds the entire customer payments in QuickBooks till the accountant or the account manager deposits them in the bank. In this case, you can do one thing, and that is, you can combine all the undeposited funds into a single record. And exactly, in this blog, we are going to know how to deposit undeposited funds in QuickBooks, or how to set up an undeposited fund in a way.

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So let’s start:

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Steps to Deposit Undeposited Funds in QuickBooks:

In this section, we will see how to put payments into your Undeposited Funds. It consists of three steps they have explained below.

To hold payments that you want to combine, for that it consists only of a single Undeposited Funds account. While combining you can decide on which accounts in QuickBooks to set the deposit. For setting the payments and to input the transactions into QuickBooks follow the below steps mentioned below. 

Step 1: Download Transactions

Download the transactions which you have been downloaded from your bank and credit card in QuickBooks online.

QuickBooks will automatically download all your transactions when you link your bank and credit card accounts. It contains all your information from your bank so we don’t need to download the transactions or use the Undeposited funds.

Transaction Set With QuickBooks Payments:

It is not necessary to set the Undeposited funds because QuickBooks will maintain the account payments you set in it. For to combine payments fixed outside of QuickBooks payments, To do this follow the steps mentioned below.

  • Choose (+) New.
  • Then click on the ‘Receive Payments‘ option.
  • Select  the clients from the “Customer” drop down menu.
  • Choose the checkbox for the bill where you receive the payments.
  • Select the Unpaid Funds option from the Deposit drop down..
  • Fill for the remaining form.
  • Choose Save and Send, Save and New or Save and then close it.

Transaction Receipt For Payments Which You Set Outside Of QuickBooks:

  • Choose (+) New.
  • And select the ‘Sales Receipt‘ option fom the ‘+New‘ drop-down list.
  • Then choose the clients from the ‘Customer‘ drop down menu.
  • Select Unpaid Funds option from the Deposit drop down menu.
  • Fill the remaining transactions receipts.
  • Choose Save and Send, Save and New, or Save and Close.

Note: 

To know about where your payments are going, analyze the “Deposit to” field. We can track it easily. You can directly set the payments into an account in QuickBooks in case if your bank records a unique payment process deposit so we do not need to combine it, then avoid the process of Undeposited Funds.

Step 2: To Create A Bank Deposit

We can record a bank deposit and group together the payments in QuickBooks, Payments under the Undeposited fund’s account will be displayed automatically in the Bank Deposit window while you receive your pledge slip. After that decide how to combine the payments once you have your Pledge slip with you.

Step 3: Review the Undeposited Fund Account

To check your Undeposited Fund account and to clear any payments waiting to be deposited for this, analyzing your Undeposited Funds account is the right and better way.

  • First step is to go to the “Accounting” menu.
  • Choose a Chart of accounts.
  • Deduct Undeposited Funds accounts on the list available.
  • Choose ‘View Register‘ option.

Final Words

We hope, this article will help you to deposit undeposited funds in QuickBooks, further if in case, you are unable to deposit undeposited funds in QuickBooks or have any doubts regarding this topic, then you can get our instant expert support through the toll-free number +1-844-405-0904.

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How to Deposit Undeposited Funds in QuickBooks