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L
lbit
November 5, 2022
Question

Make Deposits

  • November 5, 2022
  • 2 replies
  • 0 views

We have a system that processes our member payments for dues and events.  We export summary GL transactions from that system and import into Quickbooks.  Money is debited into Undeposited Funds.  Once the money is actually processed by the 3rd party payment processor and hits our checking account, we do a GL transaction to move the money out of Undeposited Funds and into the Checking account. The problem is the actual deposit does not match the export transaction due to cutoff times.  So we have hundreds of items in the QB Make Deposits screen.

Example:  On 11/4, summary export/import books $500 to undeposited funds.  3rd party processors deposits $400 into our checking account (the remaining $100 was after the 3rd party processor cutoff time so will post the next day).

Make Deposits amounts match the export/import transactions so I have a deposit of $500 in QB which does not match the actual amount.

How do I get rid of that deposit in Make Deposits??  I will have thousands of them that do not match reality!

 

2 replies

A
AileneA
November 6, 2022

Hello, lbit. 

 

We can create a Journal Entry to record the balance from the 3rd party processors. 

 

Here's how: 

 

  1. Go to the Company menu and choose Make General Journal Entries.
  2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
  3. Press Save & Close.

 

However, for you to be guided correctly in handling your various transactions, I'd recommend reaching out to your accountant. This way, your books will accurate and precise. 

 

Once done, you can refer to these articles on how we can match the transactions:

 

 

Let us know how this works for you. We're always around to help in any way we can.

L
lbitAuthor
November 21, 2022

Yes, that is what we are doing.  We created journal entries to move the funds from Undeposited Accounts into the Checking account to match the actual deposit $ from the 3rd party processor.  We also include credit card fees in this transaction.

 

The annoyance is the Make Deposits count and list.  QB thinks all the summary transactions we imported are deposits that have not been made yet.  We cannot use the make deposits function because, as I stated, the summary imports rarely match the actual bank deposit due to cutoff times. 

Rainflurry
Rainflurry
November 7, 2022

@lbit 

 

I had a business with the same scenario.  I deposited all of the payments from Undeposited Funds and then adjusted only the last day of the period when reconciling.  Although the daily deposits were off due to the payment processor cut-off time, the only day that affected the reconciliation period was the last day since all of the other deposits were compensated for on subsequent days.  Due to the volume of J/Es, there was no other choice.  It would have been too time-prohibitive to reconcile each day.  Not sure if that helps.

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