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T
TDF99
July 3, 2024
Question

Payment - Deposits to Bank from Intuit Customer Payments are not Automatically Clearing from Holding Account

  • July 3, 2024
  • 1 reply
  • 0 views

Problem:

My bank's online banking platform changed June 17. Since then, invoice payments received from my customers (via Intuit Quickbooks) that are automatically recorded by the system to the holding account (undeposited funds)  are NOT being automatically moved to my checking account when the bank deposits the payments.

 

History:

We use Intuit QB to invoice customers who pay us through their invoices using ACH.  Historically, the QB system would automatically place the deposits into a holding account (undeposited funds).  Once the bank made the funds from the deposit available, QB would automatically move the funds from the holding account to the checking account. 

 

Atlantic Union Bank changed its online banking platform on June 17  (the routing # and account # did NOT change).  I changed the "Deposit Account" under "Payments" in "Account and Settings" to add a link to the bank's new online platform ("Atlantic Union Bank - New Online Banking").   

 

I then went to the chart of accounts and selected the historical holding account for undeposited funds (where QB auto records payments from customers and Intuit fees) and choose "connect bank".  I selected "Atlantic Union Bank - New Online Banking".  On that screen, QB indicated that I had already linked “Atlantic Union Bank - New Online Banking”  to QB and Intuit.  I choose the “link now" button and selected “Atlantic Union Bank - New Online Banking”.  I then signed into the bank account.  I entered the bank's secure access code.  I get an error message that reads "Sorry, an unexpected error has occurred.  Please try again."  

Absolutely no error code or other information is given to help me problem solve the issue.

 

Since June 17 (the rollout of the bank's new online banking platform), all ACH payments made by customers via Intuit are sitting in the holding account in my chart of accounts even though my bank shows they are ALL deposited.  They have not been automatically moved by the QB Admin from the holding account to the checking account, as was historically done.

 

Is it possible that I need to create a NEW holding account on my COA and link it to the new online banking platform (rather than trying to use the old holding account that has historically been linked to the old banking platform)?  If so, how will the pending deposits in the OLD holding account be married to the deposits in the NEW holding account?

 

I've spent hours over the last weeks on too many calls to count with  QB AND the bank and cannot get this problem solved.  I would greatly appreciate help from others who have experienced this problem.  Many thanks!

 

1 reply

I
IrizA
July 3, 2024

Yes, TDF99. You can create a new holding account for your new online bank. Let me provide further information regarding this.

 

When connecting your bank to QuickBooks Online (QBO), please know that the Undeposited Funds account holds the customer payments in QBO until you deposit them at your real-life bank.

 

With this, you'll need to create a new account instead of connecting it to your Undeposited Funds account. After making a new account and connecting it to a bank, rest assured that the transactions will be sync automatically.

 

If you connect your bank account to the Undeposited Funds account, kindly follow the steps below:

 

Step 1: Disconnect the bank connected

 

  1. Go to the Transactions and then click Chart of Accounts.
  2. Search the name of your holding account.
  3. From the View Register dropdown, press Disconnect Bank.

 

Step 2: Create a new holding account for your transactions

 

  1. Click New.
  2. Choose the Banks option, then save it under your bank account.
  3. Click the Tax form section dropdown, choose Checking, or any option according to your preference.
  4. Enter the Account name. You can also enter the Account number.
  5. Press Save.  

 

Step 3: You can connect your bank to the created account

 

  1. Go to the Transactions and then click Chart of Accounts.
  2. Search the name of your holding account.
  3. From the View Register dropdown, click Connect.
  4. Choose your bank, then click the Link Now option.
  5. Choose which accounts you want to connect, then click the dropdown beside it.
  6. Select a date range to pull the transactions, then click Connect.
  7. Once connected, click Done.

 

On the other hand, if it's not connected to your bank and the issue persists, I encourage you to contact our QuickBooks Online support.

 

You can review and categorize your transactions after connecting your bank account to QBO.

 

When you're ready to balance your accounts, you can access this material: Reconcile an account in QuickBooks Online.

 

I'm still here if you have more questions about bank accounts or any QuickBooks-related concerns. Feel free to let me know in the comment section.

T
TDF99Author
July 4, 2024

Thanks for your response! 

 

Just to ensure we are on the same page, I do not deposit my customer's checks "at my real-life bank".  My customers pay via Intuit and QB sends the money to Atlantic Union Bank. When QB does that, the audit log shows that the QB System Administrator automatically records the pending deposits to my books and debits the holding account and credits accounts receivable by customer.  When QB sees that the pending deposits have been deposited in the Atlantic Union Bank, the audit log shows that the System Administrator reclassifies the activity in the holding account and moves it to the checking account (credits the holding account and debits the checking account).  

 

Unfortunately, when I go to the chart of accounts as you've suggested and select the name of my historical holding account and click on "view the register", the only options I am given are:

Connect bank

Edit

Make inactive

Run report

 

There is no option to disconnect the bank as you've recommended.  

 

Additionally, as an FYI, the bank account (Atlantic Union) where Intuit sends standard deposits made by my customers has never appeared when I select transactions/bank transactions. The only bank account (and transactions) that appear here when I choose transactions/bank transactions is the issuing bank for my credit card (Chase) -- where transactions are downloaded to be reviewed and categorized by me.  

 

Does this clarifying information change the suggestions you offered as a solution?

 

Look forward to hearing back.

 

 

J
jeanbiverly_
July 4, 2024

Hello, @TDF99. Thank you for your detailed response and clarifying how your customers' payments via Intuit are processed. I understand how important it is for your business to have the automatic fund transfers working correctly. Let’s work together to get this sorted out.

 

Considering the complexity of your problem, I recommend reaching out directly to our QuickBooks Payments support team. They specialize in handling payment and deposit-related concerns and can offer the specific help you need.

 

Here's how:

 

  1. Log in to QuickBooks Online.
  2. Click on the Help (?) button at the top right.
  3. Select or type Contact Us.
  4. Type in your concern and click Let's talk.
  5. Choose a way to connect with us.

 

Our support team is available Monday to Friday from 6 AM to 6 PM PT.

 

Also, we encourage you to review some of our commonly asked Payments questions.

 

In the meantime, if there's anything else I can do to help, whether it's guiding you through interim manual processes or addressing other questions, don't hesitate to reach out. Your business is important to us, and we're committed to ensuring your QuickBooks experience runs smoothly.

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