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adhskiphire
July 21, 2021
Question

paying undeposited funds into the bank

  • July 21, 2021
  • 1 reply
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When I receive cash payments I show them as going into undeposited funds as I don't get to the bank very often. When I deposit them into my bank , because they are automatically connected it looks like I have received that money twice. How can I transfer the payments from undeposited to deposited without showing dual payments?

1 reply

DivinaMercy_N
DivinaMercy_N
July 21, 2021

Hello there, @adhskiphire.

 

You can match the payments to avoid getting duplicates. This process will help you combine the cash payment you entered in QuickBooks Online (QBO), with the payment automatically downloaded by your bank connected to online banking. Let me guide you on how:

 

  1. Go to the Banking/Transaction menu and select Banking.
  2. From the For Review tab find the payment transaction.
  3. Click the transaction and select Find match.
  4. From there, select the transaction that matches the payment.
  5. Once done, click Save. 

 

For more info about the process, please see this article: Categorise and match online bank transactions in QuickBooks Online.

 

Also, for your reference in managing your Undeposited Funds account, check out this link: What’s the Undeposited Funds account?

 

Lastly, to guarantee that your bank balance and QuickBooks are matched, you need to reconcile your transactions regularly.

 

If there’s anything else I can do to assist you in managing your deposits in QBO, please post a reply below. I’m always available to help if you ever need one.

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