How to Clean up Undeposited Funds in QuickBooks Online - My Cloud Bookkeeping

Подписаться 4,6 тыс.

Просмотров 36 тыс.

50% 1

There are two ways to clean up undeposited funds in QuickBooks Online. The correct way, and the quick way!
If you have old transactions in your undeposited funds account, this may have happened from a data transfer from QuickBooks Desktop, or another accounting program - the quick way may be an option.
If you would like to do this correctly it may take a little longer, the reward will be accurate results in your QuickBooks Online file!
If you are looking at recent transactions I would suggest that you track down the incorrect entries and match them up to the payment you have recorded. This will take more patience!
In this video, I walk you through both methods.
If you need further assistance check out my Finding and Fixing Duplicated Transactions Course here: learn.mycloudbookkeeping.org/...
A couple of free resources that may help are my Month End Checklist: learn.mycloudbookkeeping.org/... and Bank feed checklist: mycloudbookkeeping.podia.com/...
If you have questions or comments, please use the comments box below. I would love to hear from you :)
Compare QuickBooks Online plans here: www.mycloudbookkeeping.org/qu....
Corresponding Video - What are Undeposited Fund in QuickBooks Online: • QuickBooks Online Unde...
Blog: www.mycloudbookkeeping.org/po...
VISIT MY WEBSITE HERE: mycloudbookkeeping.org/
**********************************
SUBSCRIBE HERE: bit.ly/3eWu8s2
************************************
CONNECT WITH ME:
I absolutely love hearing from you!
TWITTER: / mycloudbooks
FACEBOOK: / mycloudbookkeeping
INSTAGRAM: / mycloudbookkeeping
EMAIL ME: admin@mycloudbookkeeping.org
************************************
• How to Clean up Undepo...
HIT LIKE AND LEAVE A COMMENT BELOW IF YOU'VE ENJOYED THIS VIDEO! 👇👇👇

Хобби

Опубликовано:

14 июл 2024

Ссылка:

Скачать:

Готовим ссылку...

Добавить в:

Мой плейлист

Посмотреть позже

Комментарии : 71

@pamelaolson5756 Год назад

Thank you! Very informative. Grateful you are sharing your intelligence! Learned A LOT!

@MyCloudBookkeeping Год назад

Fantastic! Thank you for letting me know!

@kristineware3201 4 месяца назад

This was so very helpful! Thank you for this video. What I've done was debit the sales and credit the undeposited clearing account.

@MyCloudBookkeeping 4 месяца назад

I'll bet that made a difference to your total sales and profit. Does everything reconcile now? Check out my video on the balance sheet and month end to be sure that your books are accurate. Thanks for reaching out!

@awaishmatani643 7 месяцев назад

Thanks for giving an overview directly on screen

@MyCloudBookkeeping 7 месяцев назад

My pleasure! Delighted to be able to help!

@user-cg1ys2fw9s 5 месяцев назад

The client I serve switched invoicing software mid year in 2023. Not all line items in the Bank Deposit screen were matched to payments. A journal entry was made to "compensate" for the dollar difference. Now, the transactions are still in Bank Deposit and the journal entry is on the Bank Deposit screen as well. This video is very helpful.

@MyCloudBookkeeping 5 месяцев назад

I am so pleased it was helpful! You may be able to offset the journal and the transactions to make a zero dollar deposit. That would give you a nice clean deposit page! Hope that makes sense :)

@isaacleecollins7861 Год назад

Thank you so much! This was very helpful!

@MyCloudBookkeeping Год назад

My pleasure! Thank you so much for letting me know!

@omomoschool930 4 месяца назад

Thank you so much for sharing.

@MyCloudBookkeeping 4 месяца назад

My pleasure!

@user-id5cy5kw3e 10 месяцев назад

I am using the first for 2022 pre taxes and 2nd to clean up 2021 filed taxes. thank you this was very helpful! I would like some videos on after the fact bookkeeping please.

@MyCloudBookkeeping 10 месяцев назад

Thank you so much for letting me know! Can you be more specific about what you would like to know more about? Are you a bookkeeper or a business owner? I would love to make some videos about catch up work!

@kristineware3201 4 месяца назад

Thanks!

@MyCloudBookkeeping 3 месяца назад

My pleasure!! Delighted I could help 😀

@JenniferMolinar-g8x 12 дней назад

Great video. Thank you! What if you have deposits that also appear (incorrectly) as payments? What is the problem there? Exact amounts same customer.

@MyCloudBookkeeping 6 дней назад

Hi Jennifer, I am not sure I understand - payments to invoices? Or payments out of the account? If it is a payment from the customer, why is it incorrect? Feel free to book a session to look at together! calendly.com/kerry-11/one-hour-consultation-us

@MyCloudBookkeeping 2 года назад

I would love to hear which method you chose and why! Also, how much did your income change after this clean up?

@joannajimenez8848 2 года назад

Hi, I’m currently having an issue getting my sales receipts to categorize as Cost of Goods Sold; therefore, the only option I have is to send it to Undeposited Funds. How do I move my Undeposited Funds to my Cost of Goods Sold? Here’s what I’m doing. There will be a deposit made to the bank account which will then show up in my bank feed. I create a sales receipt, match that with the deposit. This is where I need it to go to the Cost of Goods Sold account. Am I doing this correctly? Thank you!

@MyCloudBookkeeping 2 года назад

@@joannajimenez8848 Hi JoAnna - are you selling inventory? If so, then you would set up the product or service to remove an item from inventory to cost of goods sold when you sell it. You can use either the bank account or undeposited funds to match to the bank feed. It is in the product section that you can ensure that the sale (and if it is inventory) cost are properly allocated. I hope that points you in the right direction! If not, let me know.

@joannajimenez8848 2 года назад

Yes, I am selling inventory- the inventory is cattle, so we do not track them by item per say. We usually just create a check when cattle is purchased, match that to the check in the bank feed and categorize that as inventory asset. Then, when a check is deposited for sell I create a sells receipt to match the deposit and I was hoping from here I could categorize this in COGS. Should I be handling this differently? Thank you for the advice.

@MyCloudBookkeeping 2 года назад

@@joannajimenez8848 Hi JoAnna, when you sell the cattle you need to remove it from inventory and add an expense to cost of goods sold. You could do this using products and services. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-Oxew4w0AN7Q.html or ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-lRzk0C-xXo4.html I hope that helps! If you would like to book a working session to look at further you can do so here: calendly.com/kerry-11/one-hour-consultation-us Cheers!

@SheTechs 29 дней назад

I have a question, if you move old Und Funds to bank clearing account and then record as sales, does that not overinflate the P&L and would then affect Corporate Tax Payable?

@MyCloudBookkeeping 27 дней назад

Definitely! You have to be very careful correcting old undeposited funds if you are not going to investigate and adjust for what went wrong in the first place.

@hailiehhayes78 Год назад

I am working with a non-profit in which their QBO has never been reconciled and had a lot of old undeposited funds so I created a "dummy bank account" I like your "right way of cleaning it up" so my question is how do I reverse the "dummy bank account" to put undeposited funds back?

@MyCloudBookkeeping Год назад

Hi, if you created a dummy account it sounds like you went with the second option. If that is the case check out the steps at 9:10 to create an "expense" to clear the dummy account. It won't put the undeposited funds back if you have cleared them. If you no longer want to use the dummy account, and want to go back and properly classify, then you could delete the bank deposit you created into the dummy account - does any of this make sense? I hope I have answered your question! Cheers

@chapter510 11 месяцев назад

Thank you! What would you do if it is an old undeposited funds recording for a check received (from 2021 in my case) that never ended up being deposited into the bank account. This was before I started with the company - they recorded the check into Undeposited Funds when they received it, but then for who knows what reason, they never deposited the actual check so the funds never hit the bank and it is just sitting there recorded in Undeposited Funds.

@MyCloudBookkeeping 11 месяцев назад

Hi! You need to look at where the opposite side was posted - was it to pay an invoice - that invoice would actually be unpaid, or was it directly to income, you would need to reverse that in a current year or you could mess up a prior year tax filing. Does that help?

@myvirzi6983 Год назад

Please help, I just started working at a company that is so far behind with their quickbooks bookkeeping. I'm creating invoices and back date them with payments for the jobs which the checks are already deposits into the account but now since I applied payment to the invoice that I have created is in the undeposited funds so what should I do in this case.

@MyCloudBookkeeping 11 месяцев назад

Have you tried "deposting" the payments? If you have correctly only recorded the payment once it should work.

@user-qu5oh7gi5o 4 месяца назад

Hi and thank you for this video. Can you please tell me the GL accounts affected when undeposited funds are "deposited". I'm not sure that makes sense but I'm trying to understand which accounts in the GL are affected by this process. Thank you kindly and your videos are amazing.

@MyCloudBookkeeping 4 месяца назад

Hi! Undeposited funds is reduced, and the bank is increased. The funds go from the undeposited funds account (with a credit) to the bank account (with a debit) hope that helps!

@jef4music 2 года назад

I accidentally imported two months' worth of deposits (through sales receipt import) and now they are sitting in my bank deposits, but are duplicate entries. I need to delete the duplicates, but am not sure how best to do this. I I have about 200 entries I must delete. Is the only way to do this to open each one individually and delete them? Is it better to void them? Thank you!

@MyCloudBookkeeping 2 года назад

Hi Jeff, how horrible! If you know for sure that they are duplicated you can delete them, and not void them. If you view the transactions in the bank register you may be able to select "delete" without opening the transaction, and also see the duplicated entry alongside to ensure that you are deleting a duplicate. Let me know if that works! Good luck :)

@SusieCone 10 месяцев назад

How do you void those uncleared checks and if all your other account are reconciled will it affect those

@MyCloudBookkeeping 10 месяцев назад

Hi Susie, there are so many factors to consider here I can't give you an accurate response. If you would like to book a session we can look at this together and I can be sure that I fully understand your situation. calendly.com/kerry-11/one-hour-consultation-us K

@user-rt3wt5xk9p 4 месяца назад

I don't see the link for the finding and fixing duplicated deposits and or undeposited funds that are also doubled up

@MyCloudBookkeeping 4 месяца назад

Thanks for letting me know, here's the link: learn.mycloudbookkeeping.org/finding-fixing-duplicated-transactions-quickbooks-online

@longbeachauto8683 Год назад

So I see some undeposited funds from past dates that have already been reconciled. So my question is: If I do the first method to clear them up, would this put my books out of balance?

@MyCloudBookkeeping Год назад

How have they been reconciled if they are sitting in Undeposited Funds? To have gone into the bank they would have cleared the undeposited funds account. Unless they have been recorded twice? I am not sure! If they are only undeposited funds - not sure what they would be reconciled to - so my answer would be - most likely not! You will be changing your results to clear them up - so how far back are they? Hope that helps :)

@meghakamra3855 2 месяца назад

We are cleaning up our cash account inQB, we have balance in books but no physical cash left as we didn’t record everything, now we have to write that off, do you have any suggestions on this.thanks

@MyCloudBookkeeping 2 месяца назад

You could post it to an expense account of some sort - cash over/under would be one I suggest - unless you have an idea where the cash was spent? I hope that helps!

@meghakamra3855 2 месяца назад

Thanks a lot, it is helpful and confirms that we are thinking in same lines.

@MyCloudBookkeeping 2 месяца назад

@@meghakamra3855 Wonderful!!

@user-od1so5nq5e 6 месяцев назад

My situation is that I have two payments processed as paid through Quickbooks Online, however the funds were never received and therefore not deposited. Can I simply reverse the payment by deleting it?

@MyCloudBookkeeping 6 месяцев назад

Hi! I would investigate further before deleting anything. If the payments were collected and not deposited that would be highly unusual - unless there is an error in your bookkeeping I would reach out to determine why you were not paid the funds that were collected.

@saram4406 6 месяцев назад

How do you move CC payments or online QB payments from undeposited funds?

@MyCloudBookkeeping 5 месяцев назад

payments should be appear in undeposited funds. Undeposited funds is an option when you receive funds and have not yet "deposited" them to your bank

@familygernand9027 6 месяцев назад

I have a client that uses a payment called Jobber. For some reason in the undeposited funds there is "Invoice" where payment should be. Why is this the case?

@MyCloudBookkeeping 5 месяцев назад

without seeing it I am not sure. Is it possible that the invoice showing up has been "paid" into undeposited funds?

@lost_and_found_rider Год назад

Thanks a lot for video

@MyCloudBookkeeping Год назад

My pleasure! I'm delighted it helped.

@israelalvarado9720 Год назад

question. What if you already categorized the income without matching it to the invoice and now you you are trying to match the payment to the invoice, but you can't find the invoice because when it was first received it was received with other invoices so the amount is bigger now. how can i find the invoice and attach an undo the deposit from when it was first received and now attach it to the invoice. PLEASE!!!!!!!!!!!! NO OTHE R PERSON HAS THIS VIDEO.

@MyCloudBookkeeping 11 месяцев назад

This is a common error, and can take a while to untangle. I have created a course to walk you through the steps: learn.mycloudbookkeeping.org/finding-fixing-duplicated-transactions-quickbooks-online that may help. You could also book a session: calendly.com/kerry-11/one-hour-consultation-us and we could look at together. It is not something I can give a quick response to unfortunately! Good luck getting it all cleared up. Until you sort it out your numbers will not be reliable.

@nnarkiss Год назад

Chose the second option. Got a customer with lots of undeposited funds from 3 years ago. No one new why.

@MyCloudBookkeeping Год назад

Delighted to help you clean them up :)

@thehammer9164 5 месяцев назад

Do you offer any type of paid QBO training? The new company started in August 2023. Maybe look at my QBO, etc. Thank you. Gary

@MyCloudBookkeeping 5 месяцев назад

HI Gary, yes I do! You can book a time here: calendly.com/kerry-11/one-hour-consultation-us. I can look at your QBO with you, and make sure everything looks okay, and help you to find the most effective way to do things in your business! I hope to see you :)

@thomascook2559 Год назад

what is your address to look at courses you offer.

@MyCloudBookkeeping Год назад

Here is the link: www.mycloudbookkeeping.org/courses let me know if you have any questions, Cheers :)

@kevywilliams3304 6 месяцев назад

Would you happen to give lessons over the Internet?

@MyCloudBookkeeping 5 месяцев назад

Yes I do! Here is a link to my calendar: www.mycloudbookkeeping.org/training

@buildingbybrihandymantrees1318 Год назад

Where do I find HSt owing on QB app

@MyCloudBookkeeping Год назад

I don't know if you can do that from the app - I htink you would need to log into QuickBooks Online and look at sales taxes. I don't use the app!!!

@buildingbybrihandymantrees1318 Год назад

@@MyCloudBookkeeping I know how on the laptop, but not on desk top

@MyCloudBookkeeping Год назад

@@buildingbybrihandymantrees1318 it shouldn't be any different based on the type of computer - you go to Taxes on the left hand side, and all the sales tax information should show up.

@buildingbybrihandymantrees1318 Год назад

@@MyCloudBookkeeping the app is completely different, platform, I wish you had so you could see

@MyCloudBookkeeping Год назад

@@buildingbybrihandymantrees1318 I would suggest reaching out to QuickBooks support - they should be able to point you in the right direction.