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A
Angel11-72
July 12, 2020
Question

Only depositing a partial amount of a cash payment in a restaurant

  • July 12, 2020
  • 3 replies
  • 0 views

I'm hoping someone can help me with this.  So some of you may know, I work at a restaurant.  And in any retail or restaurant business you get paid in either credit/debit cards or cash.  So when I enter my journal entry for the sales of the day into quickbooks, I enter those payments into the undeposited funds account until I see the owner or the cc's deposited into the bank.  Now what if that cash payment was used to pay an expense but not all of the cash deposit?  How would I enter just a partial deposited and keep the rest in the undeposited account?

3 replies

MaryLurleenM
MaryLurleenM
July 12, 2020

You've come to the right place, Angel11-72.

 

You can create a bank deposit of the partial amount you've received. You can combine all the payments you received so far.

 

All payments you put into Undeposited Funds account automatically appear in the Bank Deposit window.

  1. Click + New on the left pane.
  2. Select Bank Deposit.
  3. From the Account drop-down▼menu, choose the account you want to deposit the money into.This image shows a normal bank deposit screen with a number of deposits on the page.
  4. Select the box for each payment you want to combine. Make sure the deposit total and selected payments match your deposit slip. Use your deposit slip as a reference.
  5. Select Save and close or Save and new.

Learn more and get detailed steps for how to combine payments and make a bank deposit.

 

Stay in touch with me if you need anything else.

A
Angel11-72Author
July 13, 2020

Maybe you missed understood me.  So say I have 2 deposits for $200.00 each sitting in the undeposited funds account, but I only need to deposit $300.00.  How do I put the extra $100.00 back into undeposited funds?

Rubielyn_J
Rubielyn_J
July 13, 2020

Hello there, @Angel11-72.

 

Thank you for the additional information you've provided. Allow me to clarify some insights when depositing partial payment.

 

We deposit the $300 or partial amount to remove the Undeposited Funds (UF) and post in the bank. Then, the remaining $100 payment will remain in the UF suggested by my colleague @MaryLurleenM. 

 

To ensure that we're able to provide you the exact solution, it would be great if you can add some information on how you record the payment in the Undeposited Funds.

 

I've added this article that can guide you more about Undeposited Funds in QuickBooks Onlline.

 

Just click the Reply button to add your comment. I'm here to help you out. Have a pleasant day.

B
buckeye44837
May 15, 2022

I am having the same issue as several other people above.

 

I am in a mostly cash business that I use Square for to track all my sales including cash and credit cards. When my link squared account updates to my Quickbooks online, it will match up all the credit card deposits with my Business checking account after review.  I will then add all my Cash / Check transactions to Undeposited Funds in which I will build up my cash and make bigger deposits at one time. These will not add up to the exact amounts that I deposit since we keep some Cash on hand.

 

My question is, can I transfer all the Undeposited Amounts into my Cash account and then reconcile my banking deposits by transferring the Cash Bank deposit amounts from Cash to my business Checking which would then show whatever amount that I didn't deposit in my Business checking as Cash ?

 

J
JamaicaA
May 15, 2022

Thank you for following up on this thread, @buckeye44837. I’m here to help address your inquiries about moving your undeposited amounts and reconciliation.

 

I appreciate you giving the complete details of your concern. Yes, you can transfer the transactions from your Undeposited accounts into your Cash account. You can then transfer them to your business checking account.

 

Here’s how:

 

  1. Go to the New menu and select Transfer under Other.
  2. Select the Transfer Funds From drop-down, then click Undeposited Funds.
  3. Choose the appropriate bank where you want to move the money to.
  4. Fill in the remaining fields.
  5. Click Save and close.

 

I also recommend seeking expert advice from an accountant. This way, we'll be able to ensure the correct accounts are affected.

 

You’ll want to read through these articles to learn more about how bank deposits work with the Undeposited Funds account in QuickBooks:

 

You can check out this guide to match your bank statement with the entries you’ve made in QuickBooks: Reconcile an account in QuickBooks Online.

 

Don’t hesitate to leave a comment if you need further assistance with the process. If you also have any other bank deposit concerns, I’m always ready to lend a helping hand.

T
timv
June 18, 2022

I am a QB desktop user and I've been looking at QB Online.  I own restaurants so most of my entries in QB are journal entries.  That's how I get my daily sales, deposits, comps, etc. in QB.

 

In the situation you reference, on the desktop version, I have "petty cash disbursement" setup as a vendor.  If we should have had a $200 deposit but $100 was spent on an expense instore (like say pest control), I enter the cash deposit as $100 and I have a cash account called petty cash that the other $100 goes in.  I then create an invoice payable to my "petty cash disbursement" vendor for $100, I make sure I note what the expense was for in the memo line (pest control), then I go to pay bills and I pay this petty cash disbursement bill from the petty cash account.  That way money is deposited in the petty cash account from your sales entry, then withdrawn when you pay the petty cash bill.

 

This has worked well for me over the years but the online version of Quickbooks does not appear to be really focused on accounting (there is a disclaimer "be careful using journal entries, these should only be used minimally and by accounting professionals") but journal entries, invoice entry/payment is almost my entire accounting so...I think I'm sticking with the desktop until I find another accounting solution.  Quickbooks seems to be moving away from accounting and directing you toward pre-determined methods of accounting for your assets, liabilities and cash flow.  And those methods seems to be ripe with room for error.  Very little ability to customize/personalize based upon your business type.

 

Hope that helps.

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