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L
louise-tmlbookke
October 3, 2022
Question

Are we no longer able to select Undeposited Funds from Bank Deposits for cash received on last day of month but physically deposited following month

  • October 3, 2022
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

LieraMarie_A
LieraMarie_A
October 3, 2022

Hi there, @louise-tmlbookke.

 

It's a delight to have you here in the Community! I'd be happy to assist you day and share some information about making a bank deposit.

 

To clarify, did you encounter any issues? You can still record your bank deposits from your Undeposited Funds (U/F) or Payments to deposit account any time you physically put your funds into your real-life bank. You'll want to check your U/F account to see if any payments are waiting to be cleared out.

 

Here's how:

 

  1. Go to Bookkeeping or Accounting and select Chart of accounts.
  2. Find the Undeposited Funds/Payments to deposit account on the list. You may utilize the search field to locate it.
  3. Select View register.

 

To make a bank deposit, follow these steps:

 

  1. Go to + New and then Bank Deposit.
  2. From the Account dropdown, choose Undeposited Funds/Payments to deposit.
  3. Mark the checkbox for each transaction you want to combine.
  4. Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
  5. Select Save and close or Save and new.

 

Drop me a comment below if you have other concerns or follow-up questions about making bank deposits. I'd be more than happy to assist you again, @louise-tmlbookke.

L
louise-tmlbookkeAuthor
November 5, 2022

Hi LiereMarie,

 

Thank you for your response and for making yourself available to further assist with my question - I will  clarify my question:  

 

We receive donations (we are a church), so we are not recording any sales.  We process transactions reflected on the bank statement, we do this via New Deposit.  However when donations are received on a Sunday, we can physically only deposit on the next working day which would be the following month.  So we deposit (using New Deposit) into Undeposited Funds directly so that our profit and loss correctly reflects all donations received for that month.  Then, when funds are physically deposited, we journalise from Undeposited Funds to the Bank Account (as and when it appears on the bank statement in the following month.  

 

I have been processing this way for a while now, until recently, the drop-down arrow for new deposits does not list current assets (Undeposited Funds) as an option.  So I have been depositing into the bank account on  31st, transferring amount to Undeposited Funds on 31st and then journalling from Undeposited Funds to Bank Account on the 1st.  I am confused because I was able to do this directly 

into Undeposited Funds using New Deposit - now it is the long way around.   Is it a settings issue?  Is it possible that I could have changed settings in error.  

 

Thank you so much - appreciate your thought and time on helping me with this

 

Kind Regards

 

 

 

 

 

MaryLandT
MaryLandT
November 5, 2022

I appreciate you clarifying things on how to deposit donations to the Undeposited Funds account, louise-tmlbookke.

 

It could be a browser-related issue. You can log into your QuickBooks account using a private or incognito browser. From there, you can try to deposit the donation to the Undeposited Funds account.

 

If it works, go back to your default browser and clear the cache and cookies. Follow the steps to clear the cache for your browser.

 

 

After clearing the cache, make sure to restart your browser for changes to take effect. Then, make again a deposit to the Undeposited Funds account.

 

If it didn't work on the private browser, you can contact our QuickBooks Online Live Team to report the issue. They'll take a look at this behavior and send you updates via email.

 

In addition to this, please know that you should only create journal entries as a last resort or with the help of your accountant. You can also find an Advisor if you need one.

 

In QuickBooks, you can combine all payments you've posted to the Undeposited Funds account. When you're ready to deposit them to the bank account, you can still use the Bank Deposit window. 

 

All transactions in your Undeposited Funds account appear in the Bank Deposit window. Instead of creating a journal entry, you can simply select the bank account from the Account ▼ drop-down. 

 

Once all transactions are recorded on your bank register, the last thing to do is reconcile bank accounts every month. This is to ensure transactions in QuickBooks matches with what you have in the real-bank account.

 

Keep in touch with me if you have further questions. I'll be right here to help you.

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