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Robert M.
Robert M., Consultant
Category: Financial Software
Satisfied Customers: 9103
Experience:  30 yrs. of computer experience in financial and marketing departments.
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My recently installed Quickbooks Pro 2016 does not reveal my

Customer Question

My recently installed Quickbooks Pro 2016 does not reveal my deposits when I go to Make Deposits. I am entering my cash, checks, etc. in a General Journal Entry. I have used Quickbooks for years and have sold our company, but devoted I would get the new company set up with Quickbooks. I have been such a fan of it in the past but neither my accountant, myself or Intuit (without purchasing a one year plan) are unable to determine why it is doing this. I've only been using it 2 weeks. HELP!
Submitted: 1 year ago.
Category: Financial Software
Expert:  Lane replied 1 year ago.
Hi,...It sounds like you may not have enabled the undeposited funds account when you installed Quickbooks Pro 2016....The Undeposited Funds account is an Other Current Asset account that’s automatically created by QuickBooks to record funds received by a company that are not immediately deposited in a bank account....In order to use the Undeposited Funds account, you first need to enable this preference. Click on the Edit->Preferences menu selection to open the Preferences window. Click on the Sales & Customers sub-menu on the Company Preferences tab and check the box on the Use Undeposited Funds as a default deposit to account.
Expert:  Lane replied 1 year ago.
Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit”)…I receive no crediting at all unless you rate in this way....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986
Expert:  Lane replied 1 year ago.
Hi,...I’m just checking back in to see how things are going...Did my answer help?...Let me know…...Thanks,Lane…
Customer: replied 1 year ago.
I Clicked on Edit->Preferences> Sales & Customers > Company > but there IS NO BOX to check to Use Undeposited Funds as a default deposit to account. The boxes that are showing are Usual Shipping Method, Usual FOB, Warn about duplicate invoice numbers, Choose template for invoice packing slip Enable collections Center, and two options under Custom Pricing.
Expert:  Lane replied 1 year ago.
Ok, so sorry, weve isolated the problem, but apparent that fix isn't working for you....here's what QB said 7 days ago to someone in a similar situation: ...You use Receive Payment and make sure this is Flowing to UF.Then, OPEN the existing deposit and use the Payments icon to get the pop up, for you to select the transaction(s) sitting in UF.You cannot Edit your entry. You want to think of the deposit as an Envelope. You need to "open the envelope and swap its contents."
Expert:  Lane replied 1 year ago.
Also, maybe you can give me details on how you are recording the payment?...The process should be, receive payments and group with undeposited funds, ... from there make deposits, ...confirm your bank account, ... the payments in undeposited funds that match you real life deposit, ... save the transaction.
Expert:  Lane replied 1 year ago.
I just asked my assistant to enable, and he did so by using the directions I provided ... Something's amiss. ...I may just give intuit a call....While you're waiting, maybe this will help (or at least provide some context) be right back:...http://www.smallbusinessdoer.com/undeposited-funds-or-directly-into-account/#.VzShzfkrKjQ
Customer: replied 1 year ago.
I am making general journal entries. Cash to Undeposited Funds, Checks to Undeposited Funds, Bankcards to a Bankcard Account, Cash & Check Returns to Undeposited Funds, Bankcard Returns to Bankcards, Charges and Charge Returns to A/R which gives me my total sales. All cash & check items have always gone to Undeposited Funds in the past. Then I to to Make Deposit which shows various Deposit To Accounts when I pull it up ????? If I change Deposit to Master Checking, my screen which shows my Undeposited Funds does not appear. We have never used the Receive Payments Option. When I did go to that. The only items that showed up were from my Customers, Accounts Receivable Payments Received. None of our cash sales are showing in this list.
Customer: replied 1 year ago.
I found in Preferences under Payments, Company Preferences, the Use Undeposited Funds as default deposit to account. I clicked that and restarted. When I went to Make Deposit, the deposit account was shown as Cash. This changes periodically. Hence, no undeposited funds appeared.
Expert:  Lane replied 1 year ago.
I'm so sorry, I'm stumped at this point .. I'll opt out and see if others can help...If I get a call back from intuit, I'll post the answer here. Have you tried calling them?
Customer: replied 1 year ago.
Yes but they want to charge me and I don't think I should have to since this is new and has been doing this all along for the last two weeks since inception.
Expert:  Lane replied 1 year ago.
Ok, I'll keep looking ... and we're all around it ... The "receive payments and group with undeposited funds," may be a part of the answer....But I'll also opt out so tat maybe other can help ...If I get a call back from intuit on this I'll post here (I use one of the pro packages from intuit for my tax clients, and they may not answer a question specific to 2016pro, but it's worth a shot)
Customer: replied 1 year ago.
Here is the way my daily journal looks:
Entry No: sales
Undeposited Funds Debit 1,289.12 Memo:cash Name: cash
Undeposited Funds Debit 375.77 Memo:checks Name: checks
Bankcards Debit 1,745.33 Memo: bankcards Name: bankcards
Accounts Receivable Debit: 1,844.28 Memo: charges Name: customers
Undeposited Funds Credit 28.94 Memo: cash returns Name: cash returns
Returns A/R Credit 37.98 Memo: charge returns Name: customers
Sales: Sales Govt Non Profit Credit 299.75 Memo: govt non profit Name govt non profit
Sales: Sales Resale Credit 99.96 Memo: resale Name: resale
Sales: Sales Taxable Credit 4,866.41 Memo: retail sales Name: retail salesThe undeposited funds in this general journal entry go directly to my Undeposited Funds Account. When making a payment into Undeposited Funds the window pops up showing all cash receipts I have!
Expert:  Robert M. replied 1 year ago.
when do you actually make the deposit to the bank account ?it looks like you just make a journal entry for the money. it is stuck in deposited funds until you actually show the deposit.
Customer: replied 1 year ago.
We go to Banking>Make Deposit> and click on all the cash accounts listed above, which gives us a total to deposit. We make a journal entry for all of our Accounts Receivable when our customers pay on their charge accounts. This also shows on our Make Deposit screen on the days we make the deposit.
Customer: replied 1 year ago.
It is held in undeposited funds until we make the deposit; however, when go to Make Deposit, the screen does not pop up to show what we are depositing. We have not used in the previous company the Customers>Receive Payments window.
Expert:  Robert M. replied 1 year ago.
Maybe you should try that. But it seems as if you are not using qb as a business program so much as trying to fool it into being a general ledger program There should be no need to make journal entries for every sale You should be creating invoices and taking payments against the invoice.
Customer: replied 1 year ago.
We have 600 accounts receivables and two point of sales. We are making total journal entries for the entire day of our total sales, etc etc.
Expert:  Robert M. replied 1 year ago.
Why would you have to do that when they should already be there from the invoices ? If you keep track of that somewhere else and just use the quickbooks for an additional summary i would think that there are some cheap GL programs that would do it a lot easier and more the way you want it.
Customer: replied 1 year ago.
Our business uses Epicore software for a/r, pos, and sales. We take the end of day totals from the Epicore EOD report and transfer those totals to Quickbooks. Our individual invoices are kept in the Epicore system. We take payments in the E system as well and we record the EOD totals of payments in QB. We also use QB for our payroll. Yes, there may be another system do to what we do, but we have been very happy with doing all of our journal entries, deposits, payroll, and all of our account tracking with QB.I just need to get any debits or credits I enter in to Undeposited Funds to show up when I make a deposit and it isn't.
Customer: replied 1 year ago.
Does Intuit have a tech that could make this work as it has in the past for us? Or could you help with that?
Expert:  Robert M. replied 1 year ago.
does this help you any ?When you record each payment, choose Group with other undeposited funds instead of Deposit to a Bank account.When you have all the checks entered and you are ready to actually deposit them in your bank, use Bank Deposits which is found under the Plus Sign Icon at the top of QuickBooks Online.In the Bank Deposits screen you can select at the top which bank account you'd like to deposit to.Select the appropriate Date at the top right.If you have Track locations turned on you can select a Location.You will see a Payments section. These payments listed are the ones you recorded and marked to go to undeposited funds. You can now select which of these payments you'd like to include in this deposit for the day.Note: These will be listed in the order the payments were received and not by the date the payment was due.Click Save.
Expert:  Robert M. replied 1 year ago.
or perhaps on this page ?http://smallbusiness.chron.com/deposit-undeposited-funds-quickbooks-59180.html
Expert:  Robert M. replied 1 year ago.
if those don't help i will opt out. maybe somebody that comes to this from the cpa side of things can help better than i can. I come at it from the computer end.
Customer: replied 1 year ago.
I'll check out the suggestions tomorrow; however, this still isn't how we have done it for years. I'll reply back tomorrow.
Expert:  Robert M. replied 1 year ago.
ok let me know. that is the way you are supposed to do it. The way you have been doing it may work and it may still work if you do something but i don't think that i can tell you what because you have been doing things a very non standard way.
Customer: replied 1 year ago.
Well, these ways aren't working. I located a local Quick Books Pro and CPA who will be coming to set me up next week. Since my issue wasn't resolved, will I receive a credit?
Expert:  Robert M. replied 1 year ago.
sure email***@******.***