How to move undeposited funds in QuickBooks

Intuit likens Undeposited Funds to the drawer or lockbox where payments wait before someone takes them to the bank. When several cheques go in together, your bank shows a single deposit, while QuickBooks holds a separate record for each payment. Moving them out of Undeposited Funds as one bank deposit makes QuickBooks show the same single amount, and that makes reconciling easier. Intuit notes you don't need this step if your transactions download straight from your bank.

Check the payments are waiting in the account. The invoice payments and sales receipts you want to group must have been put into Undeposited Funds, because the bank deposit window lists everything held there. If one you expected is missing, add it to Undeposited Funds before you go on.

Keep your deposit slip handy. Its total is what you check the ticked payments against, and each slip gets a deposit of its own.

1. Select + New (or + Create).
2. Select Bank deposit.
3. From the Account dropdown, choose the bank account the money went into.
4. Tick the box beside each payment that was part of this deposit.
5. Compare the total of the ticked payments with your deposit slip and make sure the two agree.
6. Select Save and new to start on the next slip, or Save and close.

The payments you ticked leave Undeposited Funds and become one deposit in the bank account you chose. Intuit's aim is a deposit that equals exactly what your bank recorded, so QuickBooks can match the grouped payments to the real transaction, which helps when you reconcile the account.

To look back over deposits, go to Reports, select Standard reports, then enter Deposit Detail in the Type report name here dropdown and select it. The report lists every completed bank deposit, and selecting one shows its details.

A payment added by mistake can come back off. Go to All apps, select Sales & Get Paid, then select Sales transactions. Find the payment, whose status should be Closed, and select View/Edit in the Action column. Untick the box for the payment you're removing, select Save and new or Save and close, then select Yes. If credit is applied, select Save as a credit and then Yes. The payment returns to Undeposited Funds and can go on another deposit.

To start a deposit again from scratch, open Chart of accounts from Accounting, find the bank account the deposit went into and select Account history. Search for the deposit, select it, then select Delete and Yes. Every payment on it goes back to Undeposited Funds.

A payment isn't in the bank deposit window? It hasn't been put into Undeposited Funds yet. Once it's there, it appears in the list.

No account to put a bank fee in? Intuit's steps create one from the deposit itself: select + Add new from the account dropdown, then in the New account window choose Expenses as the Account type and Bank charges as the Detail type. Give it a plain name such as Bank fees, fill in the remaining details and select Save.