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tammydavies559-g
April 24, 2022
Solved

Undeposited

  • April 24, 2022
  • 1 reply
  • 0 views

My POS software is sending sales into undeposited while at also creating an invoice. My bank feed is also downloading the same transaction. When researching quickbooks says I don’t need the undeposited funds, what do I do with it then, can I stop it going there.  

Best answer by Giovann_G

Hello, tammydavies559-g.

 

I'll share some information on how Undeposited Funds work.

 

The Undeposited Funds is a temporary holding account for customer payments. It's possible that your POS system is set up to deposit your sales transactions into this holding account. Can you tell me which POS software you're using? Any information can help find the best solution to your situation.

 

In the meantime, you can record a bank deposit and combine all your sales payments from Undeposited Funds into your real bank account.

 

Here's how:

 

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

 

Once done, you can now start matching the bank deposit to your downloaded bank and credit card transactions. Check out this article for the complete process: Categorise and match online bank transactions in QuickBooks Online.

 

In addition, I've included this resource for future reference about reconciling your account to ensure your QuickBooks balance matches your bank and credit card balance: Reconcile an account in QuickBooks Online.

 

I'll be here if you need further assistance with bank feeds. Please take care and stay safe.

1 reply

T
tammydavies559-gAuthor
April 24, 2022

Transactions you download from your banks and credit cards

If you connect you bank and credit card accounts QuickBooks automatically downloads all your transactions. You don’t need to combine downloaded transactions or use Undeposited Funds since QuickBooks already has the info from your bank. All you need to do is categorise you downloaded transactions. 

G
Giovann_GAnswer
April 24, 2022

Hello, tammydavies559-g.

 

I'll share some information on how Undeposited Funds work.

 

The Undeposited Funds is a temporary holding account for customer payments. It's possible that your POS system is set up to deposit your sales transactions into this holding account. Can you tell me which POS software you're using? Any information can help find the best solution to your situation.

 

In the meantime, you can record a bank deposit and combine all your sales payments from Undeposited Funds into your real bank account.

 

Here's how:

 

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

 

Once done, you can now start matching the bank deposit to your downloaded bank and credit card transactions. Check out this article for the complete process: Categorise and match online bank transactions in QuickBooks Online.

 

In addition, I've included this resource for future reference about reconciling your account to ensure your QuickBooks balance matches your bank and credit card balance: Reconcile an account in QuickBooks Online.

 

I'll be here if you need further assistance with bank feeds. Please take care and stay safe.

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