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How to Use Undeposited Funds Accounts in QuickBooks Desktop

You can learn how to put payments into the Undeposited Funds account in QuickBooks Desktop. Customer payments are kept in […]


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You can learn how to put payments into the Undeposited Funds account in QuickBooks Desktop. Customer payments are kept in QuickBooks’ Undeposited Funds account until you deposit them at a real-life bank. When you receive your deposit slip, you can merge these payments into one record so that QuickBooks and your bank records are in sync.

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Below are the steps of how to put payments into your Undeposited Funds account before you merge them.

Step 1: Put Payments into the Undeposited Funds Account

Payments Processed with QuickBooks Payments

QuickBooks takes care of everything if you process invoice payments with QuickBooks Payments for Desktop. Payments don’t have to be moved to an account or combined.

Invoice Payments you Process Outside of QuickBooks

The funds are automatically placed into Undeposited Funds by QuickBooks after you follow the procedures to receive payment for an invoice. Then move onto Step 2 and then deposit the payments.

Sales Receipt for Payments You Process Outside of QuickBooks

Payments from sales receipts are automatically deposited by QuickBooks into the Undeposited Funds account. Create a sales receipt, and QuickBooks will take care of the rest.

If you want to select which account to deposit money into:

  • By going to the Edit menu you have to select Preferences
  • From the list, you have to select Payments and then you have to go to the Company Preferences tab.
  • Then you have to select and uncheck the Use Undeposited Funds as a default deposit to account checkbox.
  • Lastly, you have to select OK.

Each time you create a sales receipt, you can now choose an Undeposited Funds account or another account.

  • You have to select Create Sales Receipt from the Homepage.
  • From the customer drop-down menu, you have to select the customer.
  • Then you have to select Undeposited Funds from the Deposit in the drop-down menu.
  • After that, you have to fill out the rest of the form.
  • Lastly, you have to select Save and Close.

You don’t have to combine payments in QuickBooks if your bank records a single payment as its own deposit. Instead, you can exclude Undeposited Funds and deposit the money directly into an account.

Step 2: Make a Bank Deposit

You can record a bank deposit and combine the payments in QuickBooks with your deposit slip in hand. All the payments that are in the Undeposited Funds account will automatically appear in the Bank deposit window. To combine the payments you have to use your deposit slip to decide.

Next Step: Review Your Undeposited Funds Account

It’s good to regularly check your Undeposited Funds account and clear out any payments that are waiting to be moved.

  • You have to select Chart of Accounts from the Lists menu.
  • On the Undeposited Funds, you have to right-click and then select QuickReport: Undeposited Funds.
  • Then you have to select All from the Dates drop-down menu and then select Customize Report.
  • Now you have to select the Filters tab. After that, you have to scroll down the Filter list and then select Cleared.
  • Select No in the cleared section. After doing all you have to select OK.

The report will list any transaction that is still in the Undeposited Funds account. Follow step 2 “Make a Bank Deposit” to add these payments to a deposit.

This article covers all the important information related to the use of undeposited funds accounts in QuickBooks Desktop. Step by step all the information related to this topic has been mentioned above. In case you face any issues related to this then you can simply connect with Dancing Numbers expert via LIVE CHAT as they are available round the clock.

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Frequently Asked Questions (Faqs)

How to use Undeposited Funds on QuickBooks Desktop?

● You have to select Preferences from the Edit menu.
● Now you have to select Payments and then choose the Company Preferences tab.
● Use Undeposited Funds as a Default Deposit to Account by clearing the checkbox.
● Lastly, you have to select OK.

Why would Undeposited Money be used in QuickBooks?

To keep combined invoice payments and sales receipts, use the Undeposited Funds account. It resembles the drawer or lockbox you use to keep payments before bringing them to the bank. Make a bank deposit in QuickBooks once you receive your deposit slip to combine payments in Undeposited Funds to match.

How does the Undeposited Funds Account work?

Simply put, Undeposited Funds is a holding account that keeps track of customer payments that haven’t been placed into your bank account. This is your “desk,” to put it literally. Before they have been deposited it is where checks live once they have been applied as payments.

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Imports

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Supported Entities/Lists

Dancing Numbers supports all QuickBooks entities that are mentioned below:-

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Receive Payment
Estimate
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Sales Receipt
Sales Order
Statement Charge

Vendor Transactions

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Purchase Order
Item Receipt
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Banking Transactions

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Journal Entry
Deposit
Transfer Funds
Bank Statement
Credit Card Statement
Credit Card Charge
Credit Card Credit

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Employee Payroll
Wage Items

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Vehicle Mileage

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Frequently Asked Questions

 
How and What all can I Export in Dancing Numbers?

You need to click "Start" to Export data From QuickBooks Desktop using Dancing Numbers, and In the export process, you need to select the type you want to export, like lists, transactions, etc. After that, apply the filters, select the fields, and then do the export.

You can export a Chart of Accounts, Customers, Items, and all the available transactions from QuickBooks Desktop.


How can I Import in Dancing Numbers?

To use the service, you have to open both the software QuickBooks and Dancing Numbers on your system. To import the data, you have to update the Dancing Numbers file and then map the fields and import it.


How can I Delete in Dancing Numbers?

In the Delete process, select the file, lists, or transactions you want to delete, then apply the filters on the file and then click on the Delete option.


How can I import Credit Card charges into QuickBooks Desktop?

First of all, Click the Import (Start) available on the Home Screen. For selecting the file, click on "select your file," Alternatively, you can also click "Browse file" to browse and choose the desired file. You can also click on the "View sample file" to go to the Dancing Numbers sample file. Then, set up the mapping of the file column related to QuickBooks fields. To review your file data on the preview screen, just click on "next," which shows your file data.


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Dancing Numbers offers four varieties of plans. The most popular one is the basic plan and the Accountant basic, the Accountant pro, and Accountant Premium.


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Dancing Numbers is SaaS-based software that is easy to integrate with any QuickBooks account. With the help of this software, you can import, export, as well as erase lists and transactions from the Company files. Also, you can simplify and automate the process using Dancing Numbers which will help in saving time and increasing efficiency and productivity. Just fill in the data in the relevant fields and apply the appropriate features and it’s done.

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Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


Is it possible to use the Direct Connect option to sync bank transactions and other such details between Bank of America and QuickBooks?

Yes, absolutely. You can use the Direct Connect Option by enrolling for the Direct Connect service which will allow you access to the small business online banking option at bankofamerica.com. This feature allows you to share bills, payments, information, and much more.


Why should do you change the Employee status instead of deleting them on QuickBooks?

If you are unable to see the option to terminate an employee on your list of active employees on the company payroll, this mostly implies that they have some history. Thus, if you change the employee status instead of deleting it on QuickBooks, the profile and pay records remain in your accounting database without any data loss in your tax payments.


What are the various kinds of accounts you could access in QuickBooks?

QuickBooks allows you to access almost all types of accounts, including but not limited to savings account, checking account, credit card accounts, and money market accounts.

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