Hello there. I'm here to share additional information about your depositing your transactions to QuickBooks Online (QBO).
In QBO, the option to categorise the sales receipt transactions to the Undeposited Funds account on the Banking page is unavailable. You'll have to record it first inside the program and match it after.
To do so, when recording the sales receipt, ensure that it is assigned to the Undeposited Funds account in QBO. Here's how:
- Select the +New menu and choose Sales receipt.
- Next, enter the customer's name and fill in the needed details (Make sure that the date and amount match the transaction on the Banking page.).
- Then, ensure to select the Undeposited Funds account under the Deposit to field.
- Click Save and close when done.
After that, let's match the transactions. I'll guide you on how:
- Click the Banking menu and select the Banking tab.
- Choose your FNB bank account.
- From there, locate the sales receipt you want to assign to the Undeposited Funds account (make sure it has the same date and amount).
- Select it and choose Find Match.
- Next, look for the sales receipt you record in QBO.
- Check the box and select Save.
Once done, we can now check the sales receipt and verify that this is allocated to the Undeposited funds account. Refer to the steps below:
- Select the Magnifying glass icon located at the upper right corner of the screen.
- Look for the Sales receipt transaction.
- Click it to open and verify the account under the Deposit to field.
It's also recommended to perform the reconciliation process regularly to make sure the balance of your QBO account matches your real-life bank statement.
I'm always here ready to lend a hand if you have other concerns managing your bank transactions in QuickBooks. Have a good one, and stay safe.
