There is an Undeposited Funds account in QuickBooks that stores the funds from payment to the company until you deposit them to your bank account. It is a temporary account so you cannot deposit funds directly into it. Once you have deposit slip from your bank then you can combine these payments into single transactions. Here in this article we will learn How To Deposit Undeposited funds In QuickBooks. If you have any queries or issues then you can contact QuickBooks Support Phone Number +1888-551-1563.
Step 1: Put 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 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.
Select The Account Where You Put payments into:
- Open the Edit menu and then click on Preferences.
- Choose Payments from the list and then select the Company Preferences
- Click and uncheck the Use Undeposited Funds as a default deposit to account
Whenever you create a sales receipt, each time choose an Undeposited Funds or another account:
- Choose Create Sales Receipt On the Homepage.
- Select the customer from the Customer drop-down menu.
- Click Deposit to drop-down and choose Undeposited Funds.
- Fill out the rest of the form.
- Click Save & Close or Save & New.
Step 2: Make A Bank Deposit
If you have deposited payment in the bank then with the help of deposit slip you can combine payment in QuickBooks and record payment in the bank. All payments in the Undeposited Funds account automatically appear in the Bank Deposit window. You can use your deposit slip to combine your payments.
Step 3: Review your Undeposited Funds Account
It is recommended to review your Undeposited Funds Account to clear out any payments waiting to be moved.
- Select the Lists menu and click Chart of Accounts.
- Now right-click on Undeposited Funds and click on QuickReport: Undeposited Funds.
- Choose the Dates drop-down menu and select All.
- Click on Customize Report.
- Select to the Filters tab and Scroll down the Filter list and click Cleared.
- In the Cleared section, select No. Then select 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.
Get Technical Help
The above steps will help you in depositing the undeposited funds in QuickBooks. If any issues occur then you can contact QuickBooks Support +1888-551-1563. Our QuickBooks Customer Service will help you to fix any type of error in QuickBooks. Our helpline is open 24×7 for your assistance.