Tag: undeposited funds account

QuickBooks Online 2022 Tutorial Bookkeepers — Matching Bank Feeds Deposit to Client Invoice Receipt

QuickBooks Online 2022 Tutorial for Bookkeepers – Matching Bank Feed Deposits to Customer Sales Invoices and Receipts 1) Bank Feeds Deposit 2) QuickBooks Payment Deposit 3) Checks/Cash Bank Transfer Deposit 4) Merchant Credit Card Batch Deposit 5) Categorize Transactions – Add vs. Match 6) Undeposited Funds Account 7) Receiving Payment on Sales Invoice 8) Receiving…

May 15, 2022
How does QuickBooks Online produce the Statement of Cash Flow Report?

Statement of cash flow is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents and break the analysis down to operating, investing and financing activities. First, the report run is based on an accrual basis accounting method in QBO. It is hard-coded so you can not…

May 30, 2015
How to enter one bank deposit & match to several different invoices

#1 Create Client Invoices #2 Receive Payment Select Deposit to: Undepeposited Funds account #3 Bank Deposit: match several payments for several invoices to one bank deposit slip. QuickBooks Online: Enter one bank deposit & match to several different invoices

July 24, 2014
How can I default Sales Receipts to Undeposited Funds account in new QuickBooks Online (QBO)?

The setting for “Deposit to” on the Sales Receipt form is “sticky”. All you need to do is save your first Sales Receipt to “Undeposited Funds” accoount under “Deposit to” field. Once saved, the next time you open the Sales Receipt screen – it will default to Undeposited Funds account.

July 4, 2014
How to locate and apply “Undeposited Funds” in new Quickbooks Online?

From the Home page screen Select Create “+” sign (top middle) Select “Receive Payment” under Customers heading Select Deposit to “Undeposited Funds” account This will create Undeposited Funds as debit balance on the current assets account of the Balance Sheet. “Undeposited Funds” account balance is like a temporary clearing account. In order to clear the…

April 16, 2014