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November 1, 2021
Question

How do I get money deposited into my checking from Undeposited funds account?

  • November 1, 2021
  • 1 reply
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The first batch of payments that I ran I did not have my checking account set up and they went into an "Undeposited funds account" How do I get the money deposited into my checking account now that I have my checking account set up to receive payments from Quick Books?

1 reply

November 1, 2021

Let me provide some information about making deposits in QuickBooks Online (QBO), mike-healingcent. 

 

We can use your checking account as your deposit to account instead of the Undeposited Funds. If your bank records a single payment, we can directly put the payment into your account and skip the default one. Here's how:

  1. From the + New icon, select Receive Payment.
  2. Find the name of the customer from the drop-down menu.
  3. From the Outstanding Transactions section, choose the transactions.
  4. Select the payment method.
  5. Choose your checking account.
  6. Once you're done, press Save and close.

 

If you need to group multiple payments, use the Undeposited Funds account. Doing so will record the payments as a single record. Then, you can make a bank deposit to combine them in QuickBooks. Let me show you how:

  1. Click the + New Plus icon. 
  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. Press Save and close or Save and new.

 

To learn more about Undeposited Funds Account in QuickBooks, see the What’s the Undeposited Funds account? article 

 

You may also want to consider generating a report that shows your total Undeposited Funds. This helps you easily track the amount that needs to be deposited in your bank account. Create a report of your total Undeposited Funds. You can also create a report of your total Undeposited Funds

 

Feel free to visit our Banking page for more insights about managing your bank feeds and reconciling accounts.

 

If you need to take care of other things in QuickBooks, I'm with you every step of the way. Just leave a comment below and I'll get back to you. Have a great day.