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ChazMacs
September 30, 2023
Question

How can I stop payments from going into undeposited funds account? They should go directly in to my bank.

  • September 30, 2023
  • 1 reply
  • 0 views
For no reason I understand, all deposits that used to go directly into my bank account are now going into Undeposited Funds account, which creates an extra step for me that I don't want. How can I stop this and go back to the way it was?

1 reply

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Kevin_C
September 30, 2023

Thanks for posting here in the Community, @ChazMacs. Let me help you ensure your deposits will go directly to your bank account in QuickBooks Online (QBO).

 

In QBO, you can easily update where QuickBooks Payments deposits your money in your Accounts and Settings. Here's how:

 

  1. Go to Settings ⚙, then select Account and settings.
  2. Select the Payments tab.
  3. Update the deposit accounts.

 

Furthermore, you may check out these articles for additional reference to ensure your transactions will go to the correct accounts:

 

 

Regarding the deposits that go into your Undeposited Funds account, make sure to deposit them into the correct bank account the same way as they appear in your real-life bank deposits.

 

Don't hesitate to get back to this thread if you have other QuickBooks-related concerns besides handling your deposits. I'm just here to help. Stay safe always!

J
John_K
November 13, 2023

Kevin,

I think something is broken -- payments should move automatically from Undeposited Funds account to the "Bank Account" account -- but this stops working for us too recently.

It looks like it works properly when someone pays by Credit Card, but if they pay by ACH/e-check, the deposit goes in to Undeposited Funds, but never moves out of that account (like it used to for years...).

Note: We use QBO and Intuit Merchant Services, and the *do* are clear to our bank.

    L
    LeizylM
    November 13, 2023

    I understand that you're encountering an issue with the automatic transfer of payments from the Undeposited Fund to the Bank Account.  I'm here to ensure that your payments will deposited to the correct account. 

     

    We can review the accounts selected in your QuickBooks settings. From there, we can verify if the updates have already been reflected. Here's how:

    Here's how:

     

    1. Go to the Gear icon and click Account and Settings.
    2. Select Payments from the menu.
    3. Under the Chart of Accounts section, select the pencil ✎ (edit) icon.
    4. In the Where do you want to record payments? select the correct bank account.
    5. In the Where do you want to record processing fees? choose the proper account for tracking processing fees.
    6. Once done, click Save.

     

    If the issue persists, I suggest contacting our QuickBooks Payments Team. They'll be able to provide specific guidance and help troubleshoot the issue to ensure that payments made via ACH/e-check are deposited directly into the Bank Account account as expected.

     

    Keep me in the loop if you have any clarifications about handling deposits I'm always around to help you, and I wish you more success in your business. 

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