Clearing Undeposited Funds in QuickBooks Online
Hello everyone! Welcome back to our blog. Today, I am excited to share a step-by-step guide on how to clear undeposited funds in QuickBooks Online. This process ensures your financial records are accurate and up to date. Let’s dive in!
Step 1: Access the Bank Deposit Section
First, log in to your QuickBooks Online account, and navigate to your dashboard. In the top left corner, click on the "Plus New" button, which will bring up a menu of options. From there, select the "Bank Deposit" section.
Step 2: Select Undeposited Funds
Once you’re in the bank deposit area, make sure the account listed is "Undeposited Funds." This is essential as it helps in tracking the payments you have received but have not yet deposited into your bank account.
Step 3: Enter Transaction Details
Tag Section
In the "Tag" section, you can enter any relevant tag to categorize the transaction.
Received From Section
Next, navigate to the "Received From" section. Click on the drop-down arrow and select the customer or vendor from whom you received the payment.
Account Section
In the "Account" section, you will need to select an existing account or add a new one that pertains to the income or payment you received.
Payment Method Section
Now, move to the "Payment Method" section. Here, choose the appropriate payment type from the list provided (e.g., cash, check, credit card).
Amount Section
In the "Amount" section, enter the total amount of the payment received.
Memo
If desired, you can also add a memo in the "Memo" box to provide additional context for the transaction.
Step 4: Handle Cash Back
If you need to account for cash back, select an entry for "Cash Back" in the relevant section. Enter the cash back amount you want to process.
Step 5: Review and Save
Below the cash back entry, you will find the grand total. Take a moment to review all the details you’ve entered to ensure everything is accurate.
Finally, the last step is to click on the "Save and Close" button located in the bottom right corner of the screen to complete the transaction.
Conclusion
That’s it! You have successfully cleared the undeposited funds in QuickBooks Online. Keeping your accounts in order is crucial for efficient financial management. Thank you for reading, and stay tuned for more helpful tips in future blog posts!
