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MeredithB
May 7, 2024
Question

Post Sales Receipts directly to bank account

  • May 7, 2024
  • 1 reply
  • 0 views

In QuickBooks Online, I would like to have sales receipts created using payment links post directly to the bank account, NOT first to Undeposited Funds.  I found answers to this for Desktop, but not QBO.  Is this possible?

1 reply

J
JamaicaA
May 7, 2024

I can provide a workaround, MeredithB, as sales receipts are initially recorded in the Undeposited Funds account.

 

The Undeposited Funds account is a built-in feature in QuickBooks Online (QBO) that enables you to monitor payments until you deposit them into your bank account. Unlike QuickBooks Desktop, it does not have preferences where you can disable the Use Undeposited Funds as the default deposit to account feature.

 

In the meantime, you can change the Deposit to account to eliminate the Undeposited Funds from this default box when generating sales receipts. This system will then retain this update until you change it again.

 

Here's an article for holding payments into the UF account: Deposit payments into the Undeposited Funds account in QuickBooks Online. 

 

To learn more about combining the transactions into a single record, check out this reference: Record and make bank deposits in QuickBooks Online. 

 

Please let me know if you require more information about your Undeposited Funds account. I'll be happy to assist you. Have a great day!

M
MeredithBAuthor
May 7, 2024

Thank you for the reply.  This works for manually entered sales receipts, however I am referring to payments made through "payment links" with QuickBooks payments.  In this case, the sales receipt is automatically created by QuickBooks, posting to Undeposited Funds, and the bank deposit is also automatically created to the bank account.  These transactions are on the same date, so there is no need to use Undeposited Funds.  It just creates and unnecessary entry. So far the only solution I have found is to delete the deposit, then edit the Sales Receipts manually.  Is this the only option?

    L
    LouiseG12
    May 7, 2024

    I have other way to do this, MeredithB. 

     

    In QuickBooks Online, the default holding account for customer payments is the undeposited funds. It can be utilized if you haven't selected a specific account from the Payments tab. 

     

    To ensure the payments will be posted to your preferred account, you can follow these steps:

     

    1. Go to the Gear icon.
    2. Click Account and settings, then Payments.
    3. On the Chart of Accounts section, select the appropriate account to deposit the payment from the Standard deposit dropdown
    4. Select Save and Done.

     

    I've also added this article as a future reference in case you need to link a bank deposit to an invoice: Link a bank deposit to an invoice in QuickBooks Online.

     

    Please let me know if there is anything else I can assist you with, and I will be more than happy to help. Stay safe!

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