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M
Merlot1
September 27, 2023
Question

Add (matching) Bank entries to Undeposited Funds(cash deposit into Bank account)

  • September 27, 2023
  • 1 reply
  • 0 views

Using QBO Advanced.

In Banking screen to review/match/add bank entries.

I select bank Account to work with

I have one Undeposited Funds account. (This gets debited from daily sales journal for cash received)

The synced entry from the bank is the cash deposit into the bank account which shows as received.

I now categorize (with a rule), that allocation is to Undeposited Funds.

On ADD the entry I get error message "select a bank account for this deposit" - I am already reviewing synced bank entries?

Anyone that can advise on this error message.  Will greatly appreciate.

 

1 reply

AlcaeusF
AlcaeusF
September 27, 2023

Hi Merlot1,

 

Thank you for posting here in the Community space. I'm here to help you manage downloaded bank transactions in QuickBooks Online.

 

The downloaded income and expenses in QuickBooks are transactions already reflected on your bank and not in the Undeposited Funds. Your rule will not be able to categorize the transaction to the desired account.

 

If your payments are stored temporarily in your Undeposited Funds, I recommend creating a bank deposit. From there, you can select multiple customer payments and show them as a single entry on your register (see screenshot below).

 

This process will allow you to match the deposit in QuickBooks with the downloaded cash deposit in the Banking section.

 

 

Sometimes, you might get duplicate bank transactions in your bank feed. I have a link here you can visit to learn how to exclude them and maintain an accurate bank account balance: Categorize online bank transactions in QuickBooks Online.

 

Don't hesitate to keep in touch if you have more questions about categorizing banking transactions in QuickBooks. We'll be sure to get back to you in this space. Have a great day ahead.

M
Merlot1Author
September 30, 2023
Hi Alcaeus
 
Thank you for the feedback. I am however still confused if you could please explain.
 
Actual events to be recorded are:
Cash received from clients on a daily basis - at end of day Sales Journal I debit Undeposited Funds with all Cash received in till.
The next day only some of the cash is deposited in the Bank Account. So there is not a exact amount to MATCH.
A few days later the Bank feed shows the Deposited amount in the Bank account.
This I want to allocate (with a RULE) to Undeposited Funds to offset the Cash amount originally received.
Is this possible for amounts that do not match?
 
 
R
Rea_M
September 30, 2023

Thanks for getting back to us, Merlot1. 

 

I'll share further insights about how the banking future works and how you can match your downloaded transactions in QuickBooks Online (QBO). This way, you can keep track of your financial data accordingly.

 

With the banking feature, you can only match downloaded bank transactions to your entries in QuickBooks once the payees, amounts, or dates match. Also, it isn't possible for a bank rule (for deposited cash amount) to offset the cash amount in the Undeposited Funds account.

 

That said, you'll want to record a bank deposit to combine the payments in QuickBooks. Then, once the bank feed shows the deposited amount in the bank account, match them accordingly. To match your downloaded deposits, here's how:

 

  1. In the Banking menu's For review tab, find a downloaded record. If you’re in Business View, look for “Records found” in the Assign To column. If you’re in Accountant View, look for “matches found” in the Category or Match column.
  2. Select the downloaded record to expand the view. Note the Date, Description (or Bank detail), and amount spent or received.
  3. Review the Matching records found in QuickBooks for the possible matching transaction already entered in QuickBooks.
  4. Select the link next to each match to get more details. 
  5. If this is the correct match, close the open record and select Match.

 

For the complete guide in matching downloaded bank transactions, please see this article: Match online bank transactions in QuickBooks Online.

 

Once everything is all set, I encourage you to reconcile your account to ensure it match your bank statement. 

 

Additionally, you may want to check out this article as your guide in doing and fixing reconciliations in QBO: Learn the reconcile workflow in QuickBooks.

 

Please let me know if you have any other concerns or if there's anything else I can assist you with in matching bank transactions in QBO. I'll be here ready to help you out.

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