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How to use QuickBooks Online's Undeposited Funds account

  • May 10
    The following step-by-step example will help you understand How to Use Undeposited Funds in Quickbooks Online.

    1. Collect money from your clients. Your consumer has paid you for the goods or services you have provided. If a customer pays an invoice you created in QuickBooks Online and emailed to them, you should record the payment using the Receive Payments option.

    Select Receive Payment after clicking the "+ New" button.

    Enter a sales receipt instead of an invoice if your customer paid you when they made the transaction and you didn't send them an invoice for payment later.

    Make sure Undeposited Funds are selected from the "Deposit To" drop-down menu before saving the transaction.

    Continue entering payments received from consumers until you've entered all of them.

    1. In QuickBooks Online, make the deposit.

    2. Make sure your work is correct. When you check your checking account's Bank Register, you'll find the deposit for the right amount has been posted.

    Because the deposit is composed of many installments, it displays as a "Split" transaction.

    1. Bring the transaction back into balance. You'll be able to match the deposit in your bank feed after it has cleared the bank. Even if you don't use QuickBooks Online's bank feed feature, you can quickly reconcile the deposit when you receive your bank statement.

  • May 10
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  • May 11
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