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casualheroescard
January 12, 2024
Question

Bank Deposits and Undeposited Funds

  • January 12, 2024
  • 1 reply
  • 0 views

Good Morning,

 

I am looking for guidance surrounding linked Bank Deposits and undeposited funds. I use a POS named Rain POS. They integrate with QBO, I am unable to change any of the mapping that they are sending into my books.

 

When a sale is made here is the entry, this also creates a Sales Receipt in QBO.

 

Undeposited Funds xx.xx

   Merchandise Sales xx.xx

   Sales Tax  xx.xx

 

When the bank deposit uploads into the account automatically, the entries, by default, have an action of Transfer. I don't use this because I am not transferring between banking accounts. When I try to Match the only thing that pulls up are Invoices, which doesn't work. If I was to categorize the sale to Sales of Product Income that doesn't touch Undeposited Funds. I am stuck at what I need to do.

 

Any help would be greatly appreciated.

1 reply

G
GenmarieM
January 12, 2024

Welcome to the Community space, casual.

 

I am here to share some insights about your bank deposits and undeposited funds in QuickBooks Online (QBO).

 

First, since you mentioned that you can't change the mapping of your accounts, I suggest contacting your POS provider to correct the mapping.

 

Also, once the sales receipt was auto-created, you need to make sure that it was posted in the undeposited funds to create a bank deposit to move the funds from Undeposited funds to the correct bank account. After that, you can match the downloaded deposit and the one you created.

 

Furthermore, I am adding this helpful article as your reference in matching your online bank transactions in QuickBooks Online: Match online bank transactions in QuickBooks Online.

 

Please don't hesitate to return to this post if you have other concerns about bank deposits and undeposited funds in QuickBooks Online. I'll be here to lend a hand. Have a good one!

C
casualheroescardAuthor
January 12, 2024

Thank you so much for response. Yeah the first step that I did was contact the POS and see if I could change the mapping and they said no. So I'm stuck with mapping that I have right now.

 

It sounds to me like what I need to do is manually create a bank deposit to match to the undeposited funds. Is that correct?

R
Rasa-LilaM
January 12, 2024

It's nice to have you back in the Community, casual.

 

Keeping your sales records organized is vital when running a business. I'm here to point you in the right direction on how to handle your bank deposit.

 

Yes, you'll have to create a bank deposit to match the Undeposited Funds (UF) account. To add one, simply follow these steps:

 

  1. Go to the + New and select Bank Deposit.
  2. From the Account dropdown, choose the account you want to put the money into.
  3. Select the checkbox for the transaction.
  4. Click on Save and close or Save and new. 

 

Here's a guide that covers various topics about managing your deposits, as well as tracking entries to the UF account: Record and make bank deposits in QuickBooks Online.

 

Furthermore, these resources will help you navigate the process of classifying downloaded data accurately, ensuring it is assigned to the right category, effectively tracking payments, and maintaining a balanced account:

 

Should you have any queries on how to track deposits in QBO and other sales-related concerns, click the Reply button and tag my name. I'm always ready to lend a helping hand. I wish your business continued success, casual.

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