This tip is all about the “undeposited funds” feature, which gives you the ability to take multiple payments and put them as one deposit in QB.
This makes life SO much easier when you reconcile because your deposits match the exact amount you deposited at the bank.
If you’re looking for the Online version of this video, click here.
Undeposited Funds is like a bank bag before depositing.
3 Ways to Enter Income in QuickBooks:
1. Invoice
2. Receive Payments
3. Sales Receipts
Workflow Chart:
- Create Invoices > Receive Payments > Undeposited Funds > Record Deposits
- Sales Receipts > Undeposited Funds > Record Deposits
**You can check your Deposit in the Check Register
Have you noticed mistakes in QuickBooks and aren’t sure how to fix them?
Join me on my next workshop where I’m going to talk about how to find your mistakes in QuickBooks, (some of the best reports to pull to find them), and what’s causing them to happen so you can avoid making them in the future.
If you’ve tried using journal entries before and still had issues afterward, you’ll learn why sometimes that’s not the best strategy.
Click here to save your seat → Join My Free Workshop
I look forward to seeing you there!
🙋🏻♀️ I’d love to connect with you on Instagram or Facebook
Subscribe for more QuickBooks tips on YouTube
#CandusKampfer
This was great, thank you! I figured there was a way to record one deposit for multiple accounts. I never knew it was even called undeposited funds. I do have a question; is there a benefit to creating an invoice vs just entering the deposit into the check register for simple transactions. We have a small farm and when we sell hay, I just deposit those into the check register and of course associate it with the customers account. Should I create an invoice instead and apply the payment that way (for 1:1 transactions and not undeposited funds)? That seemed like an extra unnecessary step but is there an advantage to do it that way? Thanks in advance!
Hi Linda,
Thank you for reaching out.
Using invoices (and receiving payments) gives you better tracking of sales, customer balances, and reports, but for simple one-to-one cash sales, recording a deposit directly is perfectly fine if you don’t need that extra detail. 🤗
Thank you for being part of our community!
Have a great day.
Robyn, Team Candus
Where were you 15 years ago! You explained this very well.
Hi Darlene,
Thank you for reaching out and for your kind words.
I’m glad you found this helpful. 🤗
Thank you for being part of our community!
Have a great day.
Robyn, Team Candus
That was Awesome , Thanks again
Hi Jamison,
Thank you for reaching out.
I’m so glad you enjoyed our tutorial 🤗
Thanks for being a part of our community!
Have a great day,
Samantha, Team Candus
This was the best TIP ever!!! Thank you soo much.. I don’t like “undeposited funds” guess I’m not used to it.. but I’d rather specify where it’s going!! Thank you so much for this tip!
Hi Pattie,
Thank you for reaching out.
I’m so happy to hear that you found this tutorial helpful 🤗
Thanks for being a part of our community!
Have a great day,
Samantha, Team Candus
Thank you Candus 🙂 Sometimes I receive one check from a customer that covers several invoices for various branches/locations … would this be a good situation to use the ‘undeposited funds’ ? Would that make it quicker to reconcile?
Hi Susan,
Thanks for reaching out.
Yes, it would.
If you’d like to learn more about how to optimize QuickBooks for your business, I recommend
checking out our Confidence with QuickBooks program. To learn more you can attend our Customizing QuickBooks workshop. Save your seat here:
https://CandusKampfer.com/workshop
Have a great day,
Samantha, Team Candus
This was exactly what I needed to learn this week. Thank you so much!
Yay Jolie! 🤩
Thank you, I didn’t know about making the change in Preferences. I will have to check that out.
Love it Karen! 🤩 ~Kindra/Team Candus
Thank you very much for all your information.
Hi Nadia,
Thank you for reaching out.
We’re so glad you enjoyed our tutorial!
Thanks for being a part of our community.
Have a great day,
Samantha, Team Candus