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SueTy
May 28, 2020
Solved

Undeposited funds -- already deposited to bank account, but QB doesn't "get" this

  • May 28, 2020
  • 3 replies
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Hello!

 

I'm about to start trying to reconcile my Quickbooks to my bank's checking account. There are 13 entries in Quickbooks that are categorized as "undeposited funds," but the deposits are already in the bank (I think they're all credit card payments for memberships to our organization, via Authorize.net).

 

Does the fact that they're listed as "undeposited funds" in QB mean that QB hasn't factored them into its deposits? Should I tell QB somehow that these funds have been deposited, and if so, how?

 

I'm trying to get things balanced. Thank you!

Best answer by john-pero

"HOW"  Is create a deposit INSIDE QBO. It is your responsibility to Record In the software what you do in real life. Undeposited Funds is the default temporary holding place for money in. Now look at your bank statement and recreate the deposits that were made in real life.

3 replies

john-pero
john-peroAnswer
May 28, 2020

"HOW"  Is create a deposit INSIDE QBO. It is your responsibility to Record In the software what you do in real life. Undeposited Funds is the default temporary holding place for money in. Now look at your bank statement and recreate the deposits that were made in real life.

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    SueTyAuthor
    May 29, 2020

    Thank you!

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    rvrfrf
    May 29, 2020

    Hi, SueTy.
     

    I'm happy to hear we were able to help get you back to business. That's what the Community is here for. You're correct, any payments that have already been matched and recorded as deposits can't be done a second time.
     

    If you ever have a question, you can reach out to us anytime. Have an awesome Friday!

    G
    GlinetteC
    May 28, 2020

    Glad to have you here, SueTy.

     

     

    In QuickBooks, payments will show in the Undeposited Funds account if you will not deposit them to your bank register. We can start creating a bank deposit to clear your undeposited funds and match the transaction amounts on both your bank statement and in QuickBooks. Let me guide you how:

     

    1. Go to the + New button.
    2. Select Bank Deposit.
    3. From the Account drop-down▼menu, choose the account you want to deposit the money into.
    4. Select the box for each payment you want to combine. Make sure the deposit total and selected payments match your deposit slip. 
    5. Select Save and close or Save and new.

    You can use this article for more details: Record and make Bank Deposits in QuickBooks Online

     

    Once done, you can start reconciling your account. 

     

    If you have any other concerns, please don't hesitate to post them here.

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      SueTyAuthor
      May 29, 2020

      Thank you so much -- this is so helpful! It turns out that, when they came into QB from Wells Fargo (via Authorize.net, because they're credit card payments), even though the payments just said "bankcard deposit," because each was for the exact amount and day, I'd matched them.

       

      So, they were already counted as deposited: When I tried to do as you said, to deposit them, I got a message in QB that they were already linked to a deposit, and I figure that this is why: I'd already matched the payments to a member.

       

      Does this make sense? Again: thank you so much! -- I'm betting that there were a couple I didn't match yet, and in any case it helps for the future, for sure!

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        FlexMgt
        June 9, 2021

        I am having the same issue with deposited credit card payments.  How did you move it from undeposited funds? 

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        LeizylM
        January 17, 2022

         Thanks for getting back to us, BAUSA. 

         

        To clarify, the report shared by my colleague above is to help you trace the deposit. That way, you can see if there's a transaction that need to correct.

         

        I'd suggest consulting an accountant to help and guide how to record this. Your accountant can provide more expert advice in dealing with this concern so your account stays accurate.

         

        You're always welcome to post any questions you have other banking or deposit concerns. I'll be happy to help you some more. Have a good day.

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