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hh5798
January 12, 2021
Question

Using undeposited funds to receive and deposit payments in Quickbooks online

  • January 12, 2021
  • 1 reply
  • 0 views

When I receive a check for an invoice, I receive the payment into Undeposited Funds. After I go to the bank, I create a bank deposit and select all of the undeposited funds included in the deposit. While this ties the invoices to the bank deposit, I need to associate the funds with the account categories, i.e., 5001 Tickets, 5002 Swag, etc. How do I associate the payments from the invoices with the correct account categories?

1 reply

MarsStephanieL
MarsStephanieL
January 13, 2021

Hi there, @hh5798.

 

Associating the funds with the account categories manually is only available on the Banking page. Although, if you just want to track the sale on the sales forms or bank transactions, you can utilize the class list feature in QuickBooks Online.

 

I'll show you how to assign a category on the banking page. Here's how:

 

  1. Go to the Transactions menu and select Banking.
  2. Choose the bank you want to modify the Category of the transaction.
  3. Click on the transaction and find the Category drop-down and look for the sub-account you want to assign it to.
  4. Verify the details and select Confirm. This is how it looks like:

 

Also, about the class feature, you can assign it in the invoices or bank transactions. To know more details about this, you can check out this article: Get started with class tracking in QuickBooks Online.

 

You're always welcome to tag my name in the comment section if you have other questions. I'd be happy to help. Take care.

H
hh5798Author
January 13, 2021

The deposit has already been reconciled and doesn't show up in the Banking, For Review section. Do I need to un-reconcile in order to assign the account code? 

 

Can checks from mixed account codes be included in the same deposit , e.g.,  will this assignment affect all of the checks in the same deposit transaction?

 

Thanks.

 

#MarsStephanieL

M
MadelynC
January 13, 2021

Thanks for getting back to the Community, @hh5798.


Since the deposit has already been reconciled, yes, you’ll want to unreconcile it in order to assign the account code. That way, the transaction will go back to For Review tab under the Banking page.


To do so:

 

  1. Go to the Accounting menu on the left panel.
  2. Select Chart of Accounts.
  3. Choose the account you’re working on, and click on View Register.
  4. Select the transactions you want to unreconcile.
  5. Keep on clicking the R status until it shows blank or cleared (C).
  6. Click on Save.
  7. Choose Yes in the confirmation window.

 

Check out this link for more insights about unreconciling transactions. It includes articles that can guide you during adjustments and help fix any related errors.


Regarding your second question, checks from mixed account codes will be included in the same deposit since you’ve incorporated the funds as one. And by that, assigning account categories might affects the event. I recommend consulting with your accountant before performing any of the steps. This is to ensure your records remain accurate.


Reach out to me directly if you have additional questions about banking. I'm here to answer them for you. Have a good one.

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