What is "Undeposited Funds" and how is it messing up your books? - QuickBooks Online Tutorial

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Check out my video with a deeper explanation of "Undeposited Funds": • Are You Doing Your Ban...
AJ Stockwell is the owner of Learn Bookkeeping Today LLC and Climb CFO LLC. He is a small business accounting and finance expert with a passion for sharing high-quality informative content for:
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-Business owners who want to better understand their numbers or improve their accounting processes and controls.
-CPAs who are looking to bring even more value to their clients and streamline/update their processes.
What sets me apart is the fact that I have been in the shoes of all 3 of these groups. This channel is going to explore a wide variety of topics related to these areas.
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Опубликовано:

6 июл 2024

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Комментарии : 40

@florak1087 Год назад

Great video. This can get messed up. QBO should get some AI and tell us what we are doing/doing wrong..lol

@ashiomaisu9469 2 года назад

Good to have you back.

@Mstroup93 Год назад

This is very helpful, thank you

@saqibrahman1336 Год назад

Very helpful video. Thanks.

@tauseefali7 2 года назад

Welcome back

@kharismaxx7354 11 месяцев назад

Thank you AJ

@cecilletambong1890 2 года назад

Really helpful on me..Thank you..

@gleidismazo9250 Месяц назад

wonderful video!!! Thank you!!!

@MollysMindofficial7 5 месяцев назад

Thank you!!

@omomoschool930 4 месяца назад

Thanks for sharing

@almaphilipson5325 Год назад

Thank you for your video. I have the same question as Carla and I would like to know when you get the bank statement will this transactions are those going to be at the bank register too or you enter them manually? the business sales gift cards and has a bank account just for the gift cards. I would like to understand and tract the sale all the way to reconciliation. could you please help? Thank you!

@tauseefali7 2 года назад

I am an ACCA but now learning Digital marketing.

@carlastewart7519 2 года назад

I guess the only thing I'm missing is how should these steps appear in the bank register. Should they show as deposits or accounts receivable if they came from that account 🤔 😕 🙄 😅

@kathleengriffin599 2 года назад

I'm not a quickbooks user yet, but curious why quickbooks wouldn't send a redflag regarding undeposited funds incorrectly?

@israelalvarado2479 Год назад

I have an amount in A/R when i run my Balance Sheet report and i don't why it's there, i already got paid for all invoice, i noticed in your report there's an amount under a/r but how do we know if that amount needs to be zero or if it needs to be changed???

@periclark9864 2 года назад

I wish I had found out about this earlier.... when do you use accounts receivable then?

@LearnBookkeepingToday 2 года назад

Hi Peri -- That is a great question, and this is an area I see a lot of misunderstanding. I will make my next video about this!

@heidipaterson9207 10 месяцев назад

Great video! Thanks! Question: What if qb 'chat' helped me yesterday to move all the qb checking a/c transactions (because all my sales transactions weren't deposited to my bank last month but instead to qb checking!) to 'undeposited funds' but i can't deposit to my bank account because they don't show up under 'make a deposit'? Plus, they are in my 'undeposited funds' AND my 'accounts recievable'. Accounts receivable shows already deposited to my bank a/c but my bank a/c doesn't show it....

@LearnBookkeepingToday 8 месяцев назад

Hi Heidi, sorry it took me a few weeks to reply here. If you see this, can you please email me about it at aj@climbcfo.com? I'm happy to talk through it to identify the problem!

@user-zj8bv9be2w 3 месяца назад

Thank you AJ. I thought the video was helpful but it didn't address my question. I have a deposit still showing as undeposited even though it has been recorded to income, A/R and the bank account. All entries appear to be correct but the undeposited entry has not been offset?

@LearnBookkeepingToday 3 месяца назад

Hi Angela - It’s a little hard for me to say what’s going on based on this comment alone. But if you are saying that you have a Deposit that is posting directly to Income, then this is the issue. The customer Payment should be added to the Deposit, not a “manual” row posting to Income.

@user-qb1mo5gg6x Год назад

I have clients who are depositing through the invoice, then go down to the bank to deposit a paper check, then the bank imports transactions, and deposits are doubled. yikes! Help!

@familygernand9027 6 месяцев назад

With QB online you can match the deposit. But the Deposit has to be the exact amount. 1) receive payment for an invoices 2) Go to make a Deposit 3) deposit funds in to Bank account in QB 4) Deposit checks into Real life Bank Account 5) When the bank link updates find the matching deposit made. 6) Books Balance:)

@familygernand9027 6 месяцев назад

Also try not to mix Cash deposits, with check deposits, or with credit card deposits. Deposit all your checks with one deposit, all the cash with one, etc...

@marvingarcia8982 4 месяца назад

Thank you for help. Still very confusing. My question is, how come that when the deposit hits your bank feed, and you match it to that payment, its does not take it out of undeposited funds? It should automatically leave the undeposited funds becaus its now in the bank, but it does not. So confusing.

@LearnBookkeepingToday 3 месяца назад

Hi Marvin - If you are properly matching a deposit in the bank feed with a payment, the payment will be removed from ‘undeposited funds.’ Are you sure you are matching the payment? Please feel free to email me some screenshots or more details, and I’ll see if I can help: aj@learnbookkeepingtoday.com

@glendazimmerman460 7 месяцев назад

after adding my deposits through the undeposited funds it isnt adding the amount to my checking account even though the deposit shows. Is there a place to turn the undeposited funds account on that I am missing?

@LearnBookkeepingToday 7 месяцев назад

Hi Glenda, if you are recording a Deposit and not seeing it in the bank account register, you might be recording the deposit as depositing into a different bank account. I would also suggest double-checking the date of the deposit so you're sure you're looking in the correct place in the register.

@ponytales707 Год назад

What if we receive payments that we do not invoice for?

@LearnBookkeepingToday Год назад

Hi Nikki - In this case you would use the "Sales Receipt" function to indicate that payment is received immediately.

@alisonthorngren522 3 месяца назад

how does this work when you are working with third parties, i have a third party pushing me invoices, and i have my bank account synced online so when i match it is making my A/R and undeposited funds way off

@LearnBookkeepingToday 3 месяца назад

Hi Alison - it’s hard for me to say what’s going on here without really seeing it. If you’d like to set up a consultation to look at it together, feel free to email me at aj@learnbookkeepingtoday.com!

@bradlybaldwin2609 11 месяцев назад

Can we just delete the "undeposited funds" account step totally? its a waste for me

@XYZOxyz Месяц назад

But in my case it has nothing to do with cheques. Who receives physical cheques anymore anyway? Could this be something else? What's the journal entry when money from customer is deposited to my account but I haven't applied it to my invoice? This is just a horrible account that's been unfortunately named

@LearnBookkeepingToday Месяц назад

If a payment is being immediately deposited into your bank account, then when you use the "Receive Payment" transaction to record the payment, you can set the "Deposit To" account in the header of the transaction to be the bank account (instead of undeposited funds).

@XYZOxyz Месяц назад

@@LearnBookkeepingToday Thanks. What are some of the other reasons that money would end up in “undeposited funds”? Is that maybe a flow through account for all customer payments?

@LearnBookkeepingToday Месяц назад

Yes, you can think of it as the intermediary when a customer has initiated payment but it hasn't hit your bank account yet. For example, even ACH payments can take a day or two. Sometimes bill.com seems to hold onto payments for up to 5 days after someone initiates it. "Undeposited Funds" is where these payments sit when you want to record that payment has been initiated but not yet reached the actual account.

@petermaclean3984 Год назад

This is the worst explanation video I have ever seen

@Zimoria 8 месяцев назад

You've got to be joking because this is the clearest video I've found so far. All the other videos I've seen about undeposited funds talk from an accountant's point of view, but this guy is talking from the business's perspective which are the people who are probably out here looking for these types of videos since if you're an accountant then you should already know all this. If you know of a better video, please share it so I can see it.