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DebGer
October 13, 2020
Question

Setting default of where customer payments go

  • October 13, 2020
  • 2 replies
  • 0 views

This is a stupid question but....

 

Currently any payments from our customers get pulled over from our database into Quickbooks Online and get automatically deposited into either our CDN or USD accounts.   I can not for the life of me find how to change it so that all of the payments go into "Undeposited Funds" 

 

    2 replies

    C
    Charies_M
    October 13, 2020

    Any questions you have about QuickBooks are valid and I'm here to help, DebGer.

     

    If the payments were downloaded from your bank to QuickBooks, there's no need to use the Undeposited Funds (UF) since there's already a complete record. All you have to do is to categorize them.

     

    Here's an article you can read for the steps on how to categorize and manage your downloaded transactions: Categorize and match online bank transactions in QuickBooks Online.

     

    If the customer payments were processed with QuickBooks Payments, still, there's no need to use the UF account. However, if you wish to use it for some reason and the payments were processed outside of QuickBooks Payments, here's what you can do:

     

    1. Go to the + New icon.
    2. Select Receive Payment.
    3. Choose the customer from the Customer drop-down menu.
    4. Select the checkbox for the invoice you’re receiving payments for.
    5. From the Deposit to drop-down menu, select Undeposited Funds.
    6. Fill out the rest of the form.
    7. Select Save and Close.

    You can scan this article to know more about depositing payments into the Undeposited Funds account: Deposit payments into the Undeposited Funds account in QuickBooks Online.

     

    If you want to review the transactions from your Undeposited Funds account, you can follow these steps:

     

    1. Go to the Accounting menu.
    2. Select Chart of accounts.
    3. Find Undeposited Funds on the list.
    4. Select View register.

    If you have other questions about QuickBooks Payments, you may want to visit this page to find answers: QuickBooks Payments FAQ.

     

    Get back to me if you have other questions. I'd be happy to address it. Have a good one!

    D
    DebGerAuthor
    October 13, 2020

    The ones downloaded from the bank are okay.  It's the ones that come from our database.  I need them to go into undeposited funds so that I can match them properly with the ones downloaded from the bank so we don't end up with a bunch of duplicates again 

      R
      Rea_M
      October 13, 2020

      I'm here to guide you on how to handle customer payments in QuickBooks Online (QBO), @DebGer.

       

      The Undeposited Funds (UF) account serves as the temporary holding area for your customer payments before you deposit them into the bank. With this, you can easily categorize your transactions and make sure they're recorded to the correct account.

       

      If you're using a third-party application to process your payments, you'll have to consult your provider on how to get your transactions to go directly to the UF account in QBO.

       

      If you're using QuickBooks Payments, you don't need to put your customer payments into the UF account as mentioned above. This is because the system processes everything for you. However, all your transactions created outside QuickBooks Payments can be mapped and recorded to UF.

       

      For invoice payments, you can refer to the steps provided by my colleague above. For sales receipts payments processed outside QuickBooks, here's how:

      1. Go to the + New button.
      2. Select Sales receipt.
      3. Choose the customer from the Customer drop-down menu.
      4. From the Deposit to drop-down, select Undeposited Funds.
      5. Input all the necessary information needed.
      6. Select Save and Close.

       

      I've attached a screenshot below that shows the last four steps.

       

      In case you've developed you're own program to record all your customer payments, I'd recommend visiting our Intuit Developers page. They can further guide you on how to implement your task in depositing your customer payments directly to the UF account in QBO.

       

      Once done, you can do a bank deposit to record your payments to your account. For the detailed steps, you can refer to this article: Record and make bank deposits in QuickBooks Online. It also includes steps on how to remove a payment from a bank deposit.

       

      Additionally, I'd also recommend reconciling your bank accounts every month. This is to monitor your income and keep your books accurate. For the step-by-step guide, you can refer to this article: Reconcile an account. It also contains information about editing completed reconciliations.

       

      Just select the Reply button below if you have a follow-up inquiry about categorizing and matching transactions in QBO.  I'll be around to help. Take care always.

      J
      JohnnyAirTime
      June 13, 2024

      When I "receive payment" against an invoice, I do NOT want to manually assign them to Undeposited Funds.  I would like to change the current default of the Bank a Bank Account to default to Undeposited Funds.  

       

      I know what Undeposited Funds is used for.  

      This is useless to me "Go to the + New button. Under Customers, select Receive Payment. Choose the customer from the drop-down arrow. Select the invoice for payments. From the Deposit to, select Undeposited Funds. Hit Save and close."

       

      When I "receive payment" against an invoice, I do NOT want to manually assign them to Undeposited Funds.  I would like to change the current default of the Bank a Bank Account to default to Undeposited Funds. 

       

      Change default, change default.  Please no QuickBooks 101 replies that do not answer my specific question.  Thank you.

      R
      RoseJillB
      June 13, 2024

      Let me chime in on this thread to address your concern about recording payments in QuickBooks Online (QBO), Johnny.

       

      When setting up QuickBooks, default accounts are created depending on the company's business entity. This one includes the Undeposited Funds (UF) account or the so-called Payments to Deposit account. QBO uses this as a default account when recording payments. Therefore, once you start recording your payments, there'll be no need to manually choose the UF account as the destination as it will automatically posted there.

       

      Know more about default and special accounts through this article: Manage default and special accounts in your QuickBooks Online chart of accounts.

       

      Stay in touch if you have additional questions about managing payments or any accounts in QuickBooks. Stay safe!

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