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hts1
February 6, 2021
Question

Bank statements reconciling with undeposited funds

  • February 6, 2021
  • 1 reply
  • 0 views

When customers pay their invoices I make them paid and put them into undeposited funds. Then I go into the category Undeposited funds and mark which invoices were put into the deposit.  For sake of this example, the deposit is $4000 with 4 different invoices paid. This shows up in my register.

The downloaded bank transactions show a deposit of $4000. So now I have two deposits for $4000 show.

How do I get the downloaded bank deposit to show the undeposited funds breakdown?

 

1 reply

R
Rea_M
February 7, 2021

Hello there, @hts1.

 

Thank you for the complete details you've provided above about duplicate deposits showing on your bank register in QuickBooks Online (QBO). With this, I can guide you on the steps you need to correct the issue.

 

You're seeing two deposits for $4000 in your register because you may have added the downloaded bank transactions instead of matching them to the existing entries in QuickBooks. Let's go back to the Banking page, and Undo the added deposits. Then, match them to the invoice payment from your register. Here's how:

  1. Go to the Banking menu.
  2. Select the tile for the account you want to review.
  3. Go to the Categorized tab, find the added deposit of $4000, then click Undo under the Action column.
  4. Go back to the For review tab.
  5. Find the deposit transaction for $4000 with the Match option under the Action column. Select it to expand the view.
  6. Review the Matching records found. 
  7. If this is the correct match, close the open transaction.
  8. Select Match.

 

You can learn more about the process above through this article: Categorize and match online bank transactions in QuickBooks Online.

 

After that, pull up your account's register to check the update. Just go to the Chart of Accounts page, find the account and then select the View register option.

 

Also, I'd recommend reconciling your account every month. This is to effectively monitor your entries and make sure they match with your real-life transactions. For the step-by-step guide, you can check out this article: Reconcile an account in QuickBooks Online.

 

I'm just around to help if you have other banking concerns or inquiries about managing transactions in QBO. Take care always.

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