The next step is to make the deposit and choose to have the three payments on the same deposit slip. QBRA-2004: Banking > Make Deposit > Select payments to be deposited together Although the amounts show separately on the screen in the make deposit window the total amount agrees to the check. 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.
I have what hopefully is a quick question about quickbooks, it will take a long time to explain though. Each year as I update everything for the end of the year I realize three things 1) There is something a screwed up last year 2) there are things I should be doing better and 3) I don’t understand quickbooks as much as I thought I did. This year I have learned how quickbooks is actually accounting for the invoices and payments when you use their invoice/payments things. This has brought up a question on how I should be doing something which I will explain now. This is for my rental property company by the way. I’ll start off with what I learned thus far and my previous process: When you create an invoice quickbooks increases the Accounts Receivable account as well as the account that the invoice item is referenced to, for me that referenced account would be Prepaid Rent for the specific tenant.
When an invoice is marked as paid it decreases Accounts Receivable, increases the bank account, and keeps the amount in prepaid rent the same. At the end of the month, once the rent has been earned, I then go to the general ledger and debit the corresponding prepaid rent account and credit the rental income account associated with the house the tenant is in. This process has worked great for me because I used to deposit each tenants rent check individually with my cell phone. Now that I have more tenants, I can’t deposit that much money via my phone, so I go to the bank and do them all at once. This creates 1 deposit equal to the sum of the checks. Here is where the problem comes in.
When I used to use the payments thingy in quickbooks it would automatically match with my checking account (as accounted for in quickbooks) keeping the quickbooks checking account balance the same as my actual checking balance and having the ledger for both looking the exact same. Now with the deposits being equal to the sum of all the rent checks, quickbooks can’t find the match. (The $1000 rent payment doesn’t match the $3000 bank deposit transaction because the $3000 is actually three $1000 rent checks). Is there a way to match a single activity quickbooks imports from my checking account to multiple actions completed in quickbooks? (Is there a way to match the $3000 checking deposit imported by quickbooks to the three individual $1000 transactions put into the checking ledger created by using the payments thingy?
) I have tried making a general journal entry of DR- the checking account and CR-the prepaid rent accounts. That does a great job of creating the match, but then I can’t use the payments thingy because it accounts for the money twice. I really like to use the invoice/payment thingies because it does a great job of keeping records associated with each tenant. Sorry for being so long winded.
I hope there is a simple solution.
Undeposited Funds is a default account in QuickBooks that holds funds from payments to your company until you deposit them to your bank account. You can't deposit funds directly to Undeposited Funds, because it's only a temporary account; you can deposit the funds in a single transaction after you take your deposits to your bank account. The advantage to a lump sum payment is that your transactions are still itemized in the account register, but you only have to check the lump sum deposits when reconciling transactions with your bank statements.