Last Updated on August 31, 2020 by Editor Team
As we know, undeposited funds account holds the entire customer payments in QuickBooks till the accountant or the account manager deposit at them in 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 undepodited funds in QuickBooks?’.
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So let’s start:
Steps to Deposit Undeposited Funds in QuickBooks:
Follow the below steps one by one, so that you can understand process easily, and also can follow it.
Step 1: Enter Payments Into the Undeposited Funds Account
Payments Processed with QuickBooks Payments:-
If you have made payments through QuickBooks Payments for Desktop then there is no need to combine payments into a single transaction or move them to an account as QuickBooks will do everything.
Invoice Payments you Process Outside of QuickBooks:-
If you have followed the workflow to receive payment for an invoice then QuickBooks automatically puts them into Undeposited Funds. You need to move to Step 2 to deposit the payments.
Sales Receipts for Payments You Process Outside of QuickBooks:-
The QuickBooks application directs sales receipt payments into the Undeposited Funds account. You just have to create a sales receipt and QuickBooks will do the rest.
If you did rather select which account you put payments into:
- Open your account, then go to the Edit menu, and then click on the option of Preferences.
- Go to the given list page and click on the option of Payments. Then, you can click on the option of the Company Preferences tab.
- Click on the option and uncheck the Use Undeposited Funds as a default deposit to the account checkbox.
- Finally, you need to click on the option of OK.
Whenever you create a sales receipt then you can select an Undeposited Funds or another account each time:
- Click on the option of Create Sales Receipt on the Homepage.
- From the Customer drop-down menu, you can click on the option of the customer.
- From the Deposit to the drop-down option, you can click on the option of Undeposited Funds.
- Then you continue to fill the rest of the form.
- Click on the option of Save & Close or Save & New.
Tip:- Always review the “Deposit to” field so you know where your payments are going. If your bank records a single payment as its own deposit that you don’t need to combine this process with others in QuickBooks. Instead, you come into an account and skip undeposited funds, and after that, you can put the payment directly.
Step 2: Create a Bank Deposit
If you have deposited payment in the bank then with the help of a deposit slip you can combine payment in QuickBooks and record the payment in the bank. In the Bank Deposit window, all the payments in the Undeposited Funds account automatically appear, and to combine your payments you can use your deposit slip.
Step 3: Review the Undeposited Funds Account
It is recommended to review your Undeposited Funds Account to clear out any payments waiting to be moved.
- Go and click on the option of the Chart of Accounts from the Lists menu.
- Now right-click on Undeposited Funds and click on QuickReport: Undeposited Funds.
- Choose the option of Dates drop-down menu, and then select All.
- After that, click on the option of Customize Report.
- Select the Filters tab option and Scroll down the Filter list and click Cleared.
- Click on the option of Number, and then select the option OK.
In the report, you can view If there are any transactions left in the Undeposited Find account. If any, you can add these payments to a deposit by following step 2.
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 any doubts regarding this topic, then you can get our instant expert support through the toll-free number +1-888-461-1179 .