Talking about the undeposited funds account, it holds the customer payments in QuickBooks till the user deposit them at the bank. After the users gets the deposit slip, they can simply combine these payments into a single record, in order to ensure that the QuickBooks software matches the bank records. Below we have discussed the complete steps that can be performed to put payments into the undeposited funds account in QuickBooks before combining them. Read ahead and learn the process in detail. However, if you aren’t interested in performing the steps manually, then in that case, do not think twice in contacting our accounting professionals at 1-800-761-1787. We are a team of experts who work round the clock to provide best possible support services instantly.
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Steps to deposit payments into the undeposited funds account in QuickBooks desktop
The user can put payments into undeposited funds account in QuickBooks desktop before combining them:
Step 1: Putting payments into the undeposited funds account
Payments processed with QuickBooks payments:
In case the process invoice payments through QuickBooks payments for desktop, QuickBooks takes care of everything for you. The user doesn’t need to combine payments or move then to an account.
Invoice payments you process outside of QuickBooks
When the user follows the workflow to receive payment for an invoice, QuickBooks automatically puts them into undeposited funds.
Sales receipt for payments you process outside of QuickBooks
It should be noted that QuickBooks by default puts sales receipt payments into the undeposited funds account. The user needs to simply create a sales receipt and QuickBooks handles the other things.
Also users would rather have to select which account the user put payments into.
- The very first step is to move to the Edit menu and also select Preferences.
- After that, choose Payments from the list and then move to the Company preferences tab.
- The next step is to choose and uncheck the Use undeposited funds as a default deposit to account checkbox.
- The last step is to select OK tab.
The user can also select an undeposited funds or another account each time the user creates a sales receipt.
- The first step is to choose Create sales receipt on the homepage.
- After that, choose the Customer from the customer drop-down menu.
- And then, select Undeposited funds from the deposit to drop down.
- The next step is to fill out the rest of the form.
- The last step is to select Save and close or Save and New.
It is suggested to always review the deposit to field so that you know where the payments are going.
In case the bank records a single payment as its own deposit, then there is no need to combine it with others in QuickBooks. Else, the user can put the payment directly into an account and skip undeposited funds.
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Step 2: Make a bank deposit
With the help of deposit slip, the user can record a bank deposit and combine the payments in QuickBooks. All payments in the undeposited funds account automatically appear in the bank deposit window. The user needs to use the deposit slip to decide how to combine the payments.
Review the undeposited funds account
It is often suggested to check the undeposited funds account on a regular basis and clear out any payments waiting to be moved.
- The very first step is to select Chart of accounts from the Lists menu.
- And then, right click the Undeposited funds and choose QuickReport: Undeposited funds.
- From the dates drop-down menu and also select All tab.
- After that choose Customize report.
- In the net step, choose the Filters tab. And also, scroll down the filter list and choose Cleared.
- The last step is to select No in the cleared section and also select OK.
The report lists any transactions still in the undeposited funds account. To add these payments to deposit and follow the step 2 for making a bank deposit.
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Summing Up!
Depositing payments into the undeposited funds account in QuickBooks is easy, once the user is good with the steps that are to be performed. However, if the user is still confused with what to do, then in that case we highly recommend to reach out to our QuickBooks technical support team at 1-800-761-1787. We are a team of technically sound accounting professionals who will surely come up with the most effective solution steps for you.
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