Skip to main content
S
sbradysfv1
May 28, 2020
Solved

Prior Year

  • May 28, 2020
  • 1 reply
  • 0 views

Hello. I recently started a job where the person before me apparently never did a reconciliation nor did they run deposits for customer payment checks and credit card payments in QuickBooks. I am doing the best I can to sort all of this out and am reconciling one month at a time (the only way I know how to) but I am stumped as to what to do with all of the deposits waiting in the "Make Deposits" window going back as far as 12/2018.

I am really new in this field and have very little experience this deep into things. Any advice would be much appreciated. My boss does not want to pay for an Accountant or CPA at the moment 

    Best answer by JenoP

    hi SashaMC

    Is it OK to leave these deposits in the suspended account until I can talk to an accountant? I am in way over my head here..any help is much appreciated

    @SashaMC wrote:

    I'm so happy that you were able to get it, sbradysfv1! Depending on how your business operates, it is recommended to speak with your CPA for the best practice. Again, the Community and I are always here to help you. Please let me know if you need any further assistance. Take care, and enjoy your weekend.

     


    Hi there, sbradysfv1.

     

    Yes, you can leave the deposits temporarily in the holding or Undeposited Funds account. You can go back to the deposits window anytime after you've reached out to your accountant. 

     

    Let me also share these articles to share additional details what might have caused the payments to show up in the Make Deposits window: 

     

    Let me know if you need anything else. 

    1 reply

    JasroV
    JasroV
    May 29, 2020

    Hi there, @sbradysfv1.

     

    I appreciate you for sharing the details with me. Also, you're doing great in reconciling the account one month at a time. This way, you'll know your accounts are accurate every month.

     

    On the other hand, you'll want to select those deposits and add an offset account as negative in making the deposit to offset the amount. Let me show you how to do it in your QuickBooks Desktop (QBDT) software.

     

    1. Go to the Banking menu.
    2. Choose Make Deposit.
    3. Select those deposits and click OK.
    4. Add the offset or clearing account next to the deposit with a negative amount.
    5. Once done, click Save & Close.

    Here's an article you can read to learn more about recording deposit in QBDT: Record and make Bank Deposits in QuickBooks Desktop.

     

    I also suggest getting in touch with an accountant for guidance in choosing an account to use as an offset. this way, we'll ensure the accuracy of your books after recording this.

     

    Additionally, I got you this great article that you can read for additional reference in reconciling your accounts: Reconcile an account in QuickBooks Desktop.

     

    Lastly, do check our Help articles page for future reference. There, you can read some of our great articles and learn some best practices in managing your QBDT software accordingly.

     

    You can always get back to me whenever you need help. I'll be around to help you anytime. Have a wonderful day!

    S
    sbradysfv1Author
    May 29, 2020

    Thank you! Worked like a charm and cleared out all of those transactions. Is it wrong to put them into a suspense/clearing account until I can get some professional guidance from a CPA/Accountant on where and how to correctly distribute them? Ugh.. I swear, I've been thrown into the fire here..lol. 

    I appreciate your help greatly. Kinda like a life preserver being tossed to me :) Thank you!

    S
    SashaMC
    May 29, 2020

    I'm so happy that you were able to get it, sbradysfv1! Depending on how your business operates, it is recommended to speak with your CPA for the best practice. Again, the Community and I are always here to help you. Please let me know if you need any further assistance. Take care, and enjoy your weekend.

    Terms & ConditionsAccessibility statement