Solved: Undeposited funds already deposited to bank account, but QB doesn’t “get” this
That way, we’ll be able to give ways to match your Clio payment to your QuickBooks Online records. Providing screenshots also helps us in resolving this topic. To simplify the deposit process, Intuit provides printable deposit slips. Once you have completed your deposit in Quickbooks, you can print the deposit slip, which can be customized with your company’s name, address, and banking information.
Next Steps: Review your Undeposited Funds account
If you have any other concerns, please don’t hesitate to bookkeeper360 review 2023: pricing features and more post them here. Once done, you can start reconciling your account. It’s great to see a new face here in the Community.
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Now you can select an Undeposited Funds or another account each time you create a sales receipt. I’ve got some ideas on when the money will be transferred to your business checking account, @NikkiB73. I’d like to clarify how you connect your Clio account to QuickBooks Online. Did you connect your Clio account as a bank feds or through app integration on our QuickBooks Online App menu?
Ordering printable deposit slips is easy on the Intuit marketplace. It seems like you haven’t linked the transactions to match the deposit in QBO. You can undo the transactions in your register and cash flow statement match them to avoid any duplicates. I’m more than happy to help you out again if you have more questions about managing your Undeposited Funds account. Would you like to learn more about other processes in QuickBooks?
Step 1: Put payments into the Undeposited Funds account
Undeposited Funds is the default temporary holding place for money in. Now look at your bank statement and recreate the deposits that were made in real life. If your bank records a single who enforces gaap payment as its own deposit, you don’t need to combine it with others in QuickBooks. Instead, you can put the payment directly into an account and skip Undeposited Funds.
- However, if you connect your bank and credit card accounts to QuickBooks, it automatically downloads all your transactions.
- Once completed, the undeposited funds account balance should be zero.
- If you’re not using QuickBooks Payments, please know that the software is only for recording purposes.
- Instead, you can put the payment directly into an account and skip Undeposited Funds.
If you would rather have payments automatically post to a bank account than to an Undeposited Funds balance, turning off the feature is simple. QuickBooks doesn’t post these payments directly to your bank account because it knows there may be a delay before you deposit them. When they are deposited, QuickBooks allows you to pull them together into a single cash deposit on your bank register.
From your response above that is what it sounds like but it apparently is not working. “This can be fixed depending on how these deposits were being deposited. Let’s go over and open the original deposit to which the account should be deposited. From there you can add the payments and remove the manual line item to the sales/income acct. This can be fixed depending on how these deposits were being deposited. I’ll be explaining what you’ll need to do to clear out the amounts from the Undeposited Funds account (and how to ensure your reconciled ending balance is correct).
