Skip to main content
January 13, 2024
Question

Clearing out payments to deposit

  • January 13, 2024
  • 1 reply
  • 0 views

I use Square for my payments and have noticed that my sales are doubled. All of my accounts are reconciled correctly and show a $0 difference. I have noticed the account "Payments to Deposit" on the Balance Sheet, and I believe that is what is contributing to the doubled sales. 

 

How do I zero out this account? I don't seem to have the option to match these deposits to anything. Unsure of what to do and Live Bookkeeping is unavailable on the weekend. 

1 reply

January 13, 2024

I appreciate your continued participation in the Community space. I'm here to assist you in handling payments in QuickBooks Online (QBO). 

 

Let's begin by checking your Undeposited Funds account to clear out any payments waiting to be deposited. Here's how:

 

  1. Click the Gear icon, then Chart of accounts.
  2. Find the Undeposited Funds account on the list.
  3. Select View register.

 

Once done, you'll have to create a bank deposit to transfer the funds from the Payments to deposit account to the appropriate bank account to clear out the payments. Please follow the steps below:

 

  1. Click + New, then choose Bank Deposit.
  2. From the Account dropdown button, select the account you want to put the money into.
  3. Fill in other necessary fields.
  4. Hit on Save and close.

 

Additionally, please make sure not to add the Square payments on the Banking page. Instead, you can match the entries. If you've already categorized them, you have to undo the Square transactions and then match them to the created bank deposit.

 

You'll want to update your transactions in your account registers. Read this article: Find, review, and edit transactions in account registers in QuickBooks Online.

 

Please touch base with me here for all of your payments-related concerns. I'm always available to help. Stay safe!