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communityoil
August 31, 2019
Solved

Totally confused again. I have received payments by cheque and have recorded payment against appropriate invoices. How do I record the deposit of those cheques to bank?

  • August 31, 2019
  • 2 replies
  • 0 views
I've gone to Bank Deposit but that is not helping.
Best answer by Rustler

@communityoil 

Oh My God! Do not even start to follow the instructions that @JanyRoseB  provided, it is so utterly wrong as to be incomprehensible.

 

@communityoil 

from what you say you did the receive payment in QB as you should have. When you do a receive payment, on that screen you can pick the account the payment deposits to (third line down). Most of us use the account called Undeposited Funds.

 

Undeposited funds is like a desk drawer where you keep payments received until you actually get to the bank to deposit them. And to show that you did that, that is when you use make deposits.

 

If the payment is not listed in make deposits, then I would guess that you used another account (most likely a bank account) as the deposit to account on the receive payment screen. Check your bank accounts to see if the deposit is made already. If it is in the right bank account, edit and change the date deposited if necessary. If it is in the wrong bank account, you will need to bring up the receive payment screen and change the account deposited to.

2 replies

J
JanyRoseB
August 31, 2019

Hello there, @communityoil.

 

Thanks for reaching out to the Community. I can help walk you through on how to record a customer payment in QuickBooks Online (QBO). 

 

After you've sent an Invoice and received the payment into Undeposited Funds account, you need to deposit the payment into your chequing account. To do this, you'll need to process bank deposit. 

 

Here's how:

 

  1. Select Create (+) icon.
  2. Choose 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.

For additional reference, you can check this article on how to record a customer payment. 

 

If the payment doesn't show up the Undeposited funds, this means that you've already selected your chequing account when recording the customer's payment. 

 

Please know that you're always welcome to post if you have any other questions about the AR cycle in QBO. I'll be around to help you out. Have a good day! 

Rustler
RustlerAnswer
September 1, 2019

@communityoil 

Oh My God! Do not even start to follow the instructions that @JanyRoseB  provided, it is so utterly wrong as to be incomprehensible.

 

@communityoil 

from what you say you did the receive payment in QB as you should have. When you do a receive payment, on that screen you can pick the account the payment deposits to (third line down). Most of us use the account called Undeposited Funds.

 

Undeposited funds is like a desk drawer where you keep payments received until you actually get to the bank to deposit them. And to show that you did that, that is when you use make deposits.

 

If the payment is not listed in make deposits, then I would guess that you used another account (most likely a bank account) as the deposit to account on the receive payment screen. Check your bank accounts to see if the deposit is made already. If it is in the right bank account, edit and change the date deposited if necessary. If it is in the wrong bank account, you will need to bring up the receive payment screen and change the account deposited to.

    C
    communityoilAuthor
    September 3, 2019

    Rustler,

    You beaut!  At last someone from the real world of business.  That was precisely my problem and choosing Undeposited Funds sorted it right away.  Thank you.

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