QB Issue Resolution:
“what is the other option to retain the bank DEPOSIT transactions that were imported in case I don’t want to DELETE all of them”
You would go to the Original Payments and change them to UF instead. Then, you can open these deposits and use the Payments icon, to select them, and remove the manual deposit posting as Income in the details here. That should be what Michelle Long’s video explains.
This is the method to use to Clean Up UF and not affect the Reconciled status of those deposits.
“i.e. find all the received payments that were directly deposited straight to bank account (and physically), then would I put them into undeposited funds,”
Yes, I pointed out previously you can Open them and redirect them to UF, using the “deposit to” dropdown seen there.
“then deposit to bank account as in the flow chart?”
But if you have a Deposit entry, you need to “replace its details” in this example.
“Or would this even achieve anything at all? I guess I am trying to go back in time and do it properly as I do now? Maybe it isn’t even necessary, but just wanted to ask.”
Using UF makes it easier to reconcile to the bank statement because your Batched Deposit comprised of multiple checks will result in One Single Deposit entry in the QB Bank register, better able to Match to online banking and/or the Statement.
Using UF allows you to correctly specify Dates, since the date you got a payment from a customer might not be the date it was deposited. In bookkeeping, dates matter.
“It’s like the income shows up in QB by receiving the payments from the invoices direct to bank account bypassing the undeposited funds process”
No, Income is seen from the items on the INVOICE, not from payments or deposits. The reports on Cash Basis will use the Date of the Payment, but Income is from the Invoice. Open any invoice and use Ctl Y to prove it.
“and the import is just another way to show that same income…therefore the double entry problem.”
It is a Manual Method posting to income, duplicating the use of income items on the Sales Forms.
“FYI, this may help a little…an example of my transactions for a particular same date…this would apply for the entire year etc.
12/05/2011 DEPOSIT $9080.00 (import (DEP)) (this is the (1) physical bank deposit of several checks (below)”
Yes, Multiple checks which should flow through UF so you can select them all for that one deposit date.
I teach this to every class. Having QB on a large TV and having a white board where I use lots of colors is easier than using text, of course.
Resolution for Issue 'How to fix bank transactions (deposits) that weren’t recorded to undeposited funds and then the QB Deposit feature before physically depositing to bank?' available: Yes (Solved).
Source: Intuit Community forum.
How to fix bank transactions (deposits) that weren’t recorded to undeposited funds and then the QB Deposit feature before physically depositing to bank?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Deposits
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