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Valpaige
August 17, 2023
Question

Deposits/Transfer

  • August 17, 2023
  • 1 reply
  • 0 views

Ok! I need some help.  I am trying to figure out something for a small convenience store.  They use a daily sales summary receipt at the end of the day to record their sales.  The client used the TRANSFER FUNDS function to record the cash/cheque sales that was deposited into the bank.  They then reconciled the bank.  Now my question is because the sales receipt was entered, it shows that the cash and cheques are still outstanding.  How do I apply the transfer that was recorded to the outstanding deposits without it affecting the reconciliation?  

1 reply

T
Trish_T
August 17, 2023

Hi Valpaige,

 

Thanks for reaching out to us here.  It's important that your daily sales are recorded accurately in QuickBooks, to ensure your accounts remain balanced.  I'd be happy to provide some guidance here!

 

QuickBooks puts sales receipt payments into the Undeposited Funds account, by default.  When you record a bank deposit, all of the funds will automatically appear in the Bank Deposit window.  Based on the information you've provided, it seems that the outstanding cheques and cash received, may be duplicate entries.  Once the account has been reconciled, any changes can have a negative impact on your books.  It's important to review the entries in more depth and ensure you're on the right path with balancing your books.  For this reason, I encourage you to connect with an accounting professional for their expertise and best course of action.  If you don't have an accountant, we can help you locate a ProAdvisor in your local area.

 

If you have any other questions, feel free to reach back out.  We'd be glad to help!

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