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L
lengins
March 7, 2023
Question

Correlating sales income with deposits

  • March 7, 2023
  • 1 reply
  • 0 views

We have a problem in banking in QuickBooks Enterprise:

Sales via an online marketplace are downloaded into sales receipts, and normally the income listed on these receipts is deposited into the bank via Make Deposits.

During 2022, the owner of the firm drew lump sums from the marketplace, registering them in QB as deposits to the bank from account Sales (income account type).

This resulted in approx $18,000 in Undeposited Funds.

 

We attempted to resolve this by setting up a Clearing Account (bank account type), "depositing" the sales receipt income into this clearing account, and then changing the account for each relevant bank deposit from Sales to Clearing Account.

 

Alas, this resulted in a decrease in Sales in the P&L.

 

Does anyone have any workable approach to this problem?

 

We called Intuit support and received sympathy but no answer. We were also told that Intuit no longer has accountants on their ProAdvisor support staff.

1 reply

K
Kevin_C
March 7, 2023

Thanks for posting here in the Community, lengins.

 

I want to ensure I can provide a timely solution to your concern. Thus, please provide additional information about your concern so I can come up with the best resolution for you.

 

May I ask which accounts are linked to the Make Deposits when the sales are downloaded into sales receipts? Are the affected accounts Undeposited Funds and the bank?

 

Regarding the 2022 transactions, did you directly add the sales as deposits and use the Sales income for the Received from option? For the clearing transaction, what are the debits and credits? This way, we can check why there are undeposited funds and what causes the decrease in Sales in Profit & Loss.

 

I'd appreciate it if you could provide more details about your concern. I’m looking forward to your response. Keep safe!

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