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S
Scooters Pizza
September 26, 2020
Question

Sales receipt and undeposited funds

  • September 26, 2020
  • 2 replies
  • 0 views

I have a restaurant and my POS system records my daily sales to QBO every night for me.  I have attached a screenshot of how the daily sales receipt is recorded.  My issue is I am unsure of how to clear out the undeposited funds account as when I do receive payment, it says there is no invoice available.  My bank account is currently understated as it is sitting in my undeposited funds account.  I had everything working well in desktop, but since switching to QBO it is a mess.  Thanks.

2 replies

LeithG
LeithG
September 28, 2020

Hi Scooters Pizza

 

Based on the description, it appears your integration with your POS is putting the undeposited funds into a holding account, awaiting reconciliation for when those funds get deposited in your bank account.  If you have your bank account configured with automatic transaction downloads to your QBO, then your deposits should come across through that interface.

When the deposit shows up on your bank statement in QBO, simply mark the transaction to credit the 'undeposited funds' account, which should be reduced as the deposit in your bank is processed.

I think it should be that easy based on your issue outline... let us know if this helps?

S
Scooters PizzaAuthor
September 28, 2020

I tried to do a deposit and credit the undeposited funds account and it says to select a bank account for deposit.  I have attached a picture of my screen to show the error.  This deposit is coming from my debit/credit card provider evalon directlyto my bank account. 

 

Thanks

J
JamesM
September 28, 2020

Hi there. I want to make sure you get the support you need with this. I recommend contacting our support team for further assistance. One of our specialists will be happy to share your screen and help. Here are the contact details. I'll also leave this post open so other community members can chime in on this. 

F
Former Accountant 2021
March 16, 2021

Why does the app not give me the option of where to "Deposit to" on the Sales Receipts?  I can easily do this on the desktop but it won't let me on the app and I find it adds another step of accounting that doesn't have to be there.  I'm a cash based business and my receipts are instantly deposited into my account.  Please help!

    LeithG
    LeithG
    March 16, 2021

    Hi Former Accountant

     

    If you're doing your sales receipt from +New -> Sales Receipt there is indeed a Deposit To field, shown in the attached.

    F
    Former Accountant 2021
    March 16, 2021

    I do have that option on QB Online but not in the phone App.  In my QB phone App, it only let's me select the type of payment.  I saw old threads where you can disable undeposited funds but I can't seem to find it in the current software

     

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