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andrew-malkin-co
April 8, 2021
Question

Getting used to QB we had posted some receipts to undeposited funds and since reconciled. Are these ok to leave there?

  • April 8, 2021
  • 1 reply
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1 reply

ChristieAnn 11
April 8, 2021

Hi there, andrew-malkin-co.

 

It's nice to see you posting your concern in the QuickBooks Community. I'll make sure to provide how QuickBooks transactions work in the system.

 

The Undeposited Funds account keeps a record of payments in QuickBooks until you physically deposit the same payments at your real-life bank. That said, it holds invoice payment and sales receipt you want to combine. It's not recommended to leave all undeposited funds as is in the system. 

 

You have to deposit them first because undeposited funds should be zero if all payments are received. This ensures QuickBooks always equals your bank records so to prevent any errors when reconciling.
 

Here's how to deposit:

 

  1. Click + New.
  2. Choose Bank Deposit.
  3. From the Account dropdown, choose the account you want to put the money into.
  4. Select the checkbox for each transaction or the receipts you want to combine.
  5. Make sure the total of the selected transactions matches your deposit slip. 
  6. Hit Save and close.

 

For additional information, you can click this article: Record and make bank deposits in QuickBooks Online.

 

Please refer to this article to view steps on how you can find missing payments that you expected to see on the Bank Deposit page: Find missing payments you want to deposit in the Bank Deposit window.

 

You're more than welcome to visit this thread again if you have other questions. Just add the details of your concern here and I'll help you out.

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