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M
MRusty
September 11, 2024
Question

Default "Deposit To" Account

  • September 11, 2024
  • 1 reply
  • 0 views

In other threads Intuit employees have stated that there is no way to set up a default "Deposit To" account.  The actual default deposit to account is "whatever account was used last."  That is annoying, useless and problematic.

Our business is using an integration that brings transactions in from our online platform (which is beyond common today).  As a result, many more "Payments" come in that get "Deposited To" the "Credit Card Merchant Asset" account than any other account.  Therefore, any time a human creates a payment, the "Deposit To" account is set to the "Credit Card Merchant Asset" account which is almost NEVER used when creating payments in the office.  Therefore, the operator must always change the "Deposit To" account when creating a Payment which nullifies the theoretical benefit Intuit things they are providing by just lazily leaving the last used account in place.

Unfortunately, Intuit can not be expected to make their system work for real accountants.  Therefore, unless any posts after this say, "We have updated the system to allow you to set a Default Deposit To account," then you are just out of luck.  Get used to the fact that your deposit to account will get changed without your approval, and you will probably have to go back and edit that payment you just entered...every time.

    1 reply

    K
    KimAnnVA
    September 30, 2024

    I am a bookkeeper and I have worked with software integrations and this is an issue I come across and unfortunately, the best solution is to default in your integrated software sync settings that all payments go to "undeposited funds" and then create a deposit as you receive them in your bank account, not ideal if you have a lot of transactions but I do this for my clients that have integrated software and want to make sure money is being recorded properly otherwise bank reconciliation is a nightmare. I do a lot of QuickBooks clean up and taxable income is always way off!  Also an office person can record a payment or wrong payment amount that you never received in bank account, a very common issue.  Undeposited funds is also helpful in case you receive a check and forgot to deposit, it will remain in undeposited funds until cleared. 

     

    Example

    In the integrated software, your office person, accepts a payment of $100 and applies to the invoice. If Automatic sync is set up, it will sync over an invoice and take the payment of $100 and put it into "undeposited funds"

    From there, as a bookkeeper, when I see a deposit come through on bank feed, I go to the top left of QB screen >+New>Bank Deposit - from there you will see "undeposited payments" under the "Select the payments included in the deposit".  You select the bank account to put it into at the top left and select date to match bank feed deposit.  Than you choose select and close.  This will put deposit into your bank account but the deposit will still be in your bank feed to clear, just click on transaction and select "match", select deposit you just entered.  Sometimes you have to refresh your browser at top to get it to show the one you just entered. 

     

    Again not ideal, but it actually is a pretty smooth process, just sounds like a lot because you are best to create a deposit slip to match it to. 

     

    When doing credit cards, most merchants now take the fee out separately but if yours does not, no need to panic, just select the credit card transactions for deposit, than go down to "add funds to this deposit" categorize as merchant fee account and manually key in the fee amount with a - in front.  Then check your deposit amount total if it matches, hit save and close. 

     

    Anyone who has any other suggestions, let me know, but I find putting false transactions into my bank account and than reconciling them later a horrible idea, as this can affect your payroll and other overhead payments your trying to find out if you have the money in account to pay. 

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