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T
TRCtw
August 2, 2023
Question

Missing cash deposit

  • August 2, 2023
  • 1 reply
  • 0 views

I have a cash deposit that my staff listed in QB and a corresponding bank deposit slip but I can find no bank receipt and no match on any bank statement. I have to treat this as cash lost, I assume. What do I do with my entry in QB that I cannot match?

1 reply

R
RoseJillB
August 2, 2023

I can share insights about bank deposits in QuickBooks Online, @TRCtw.

 

The expected wait time for credit card payments to be transmitted to your bank is 5-7 banking days. Thus, funds usually reach your deposit bank account within 2-3 business days of the transaction.

 

It also varies depending on the time of day transactions are entered, the financial institution you choose, and the time it takes your bank to validate and process electronic deposits. Meanwhile, ACH transfers could take 7–10 business days.

 

Also, you can check the status of the deposit by logging in to your Merchant Services account. You can follow the steps below on how to:

 

  1. Sign in to the Merchant Service Center.
  2. Tap the Activity & Reports tab and then navigate to All Statements.
  3. Find your most recent statement and select View.
  4. Enter the last 4 digits of your Tax ID number.
  5. View the Date in the Activity Summary. This is the date the deposit was made.

 

You may also want to know when QuickBooks Payments deposits customer payments into your bank account.

 

If the deposits exceeded the timeframe given. Then, you can consider contacting our Merchant Services Team. Our phone support will be able to provide you with the information you need to verify these deposits.

 

Feel free to comment back if you have more questions about bank deposits. The Community always has your back. Have a good one!

T
TRCtwAuthor
August 2, 2023

I am asking about actual physcial cash. We had a cash deposit that was entered into QB but does not appear to have made it to the bank. So I have no record of the cash deposit making it into our actual bank account. How do I reflect this on the QB entry? I need to show it as money lost. 

LieraMarie_A
LieraMarie_A
August 2, 2023

Hi there, @TRCtw. I'll guide you through the process on how to handle this situation.

To reflect the missing cash deposit in QuickBooks and show it as money lost, we can take the following steps.

 

First, we'll create an expense account to track the money lost. However, if you're unsure about the specific account to use or need further assistance, it's a good idea to consult with your accountant or financial advisor to ensure proper accounting treatment.

 

  1. Go to Lists and select Chart of Accounts.
  2. From the Account dropdown, select New.
  3. Choose Expense as the account type.
  4. Name the account, for example, "Lost Cash Deposit."
  5. Complete the account details.
  6. Select Save & Close.

 

Then, let's record the cash deposit as a loss using a journal entry.

 

  1. Go to the Company menu and select Make General Journal Entries.
  2. Enter the date of the deposit.
  3. In the first line, select the "Lost Cash Deposit" expense account you created.
  4. Enter the amount of the lost cash deposit in the Debit column.
  5. In the second line, choose the bank account where the deposit was initially recorded.
  6. Enter the same amount in the Credit column.
  7. Select Save or Save & Close.

 

Finally, reconcile your bank account in QuickBooks to reflect the discrepancy between the bank statement and the QuickBooks records. This ensures your financial records are accurate and up to date.

 

Don't hesitate to ask if you have any other concerns about managing deposits. I'm always here to help. Have a great day ahead!

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