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QuickBooks: Resolving Problems with Banking Deposits


After you have posted all of the customers' payments, you will want to make a bank deposit. To do so, go to "Banking" on the main menu, then click "Make Deposit." A deposit window will open. Be sure the date in the deposit window matches the date you received your customers' payments. It is best for these dates to match so you can determine if all the amounts were deposited correctly. If the dates are not the same, you will end up with amounts in the account called "Un-deposited Funds." This account is Quickbooks' mechanism for clearing payments received to deposits into the bank. If there is a balance in this account, you have made an error somewhere along the way.

There are various techniques to find where the error has occurred. The best way, I find, is to review the detail of the account. Typically errors occur at the end of the month. If this is the case, you will notice that there is a balance of the account for the last few entries of the month and a "zero" balance appears directly before these entries. If your error is not at the end of the month, start by finding a zero balance as close to the end of month as possible and review all entries from that point through the month end.

Once you have located the amounts that are potential errors, you will need to open the entry by double clicking it. After opening the entry, click "Ctrl-H," which will show you the "history" of the transaction. Review the information of the dates the payment was received as compared with the date it was deposited. If these do not match then you have found a discrepancy. It is better to change the date of the payment received to match the date of the deposit unless there was an error dating the deposit. Check your deposit date to your bank statement to confirm. Once you have corrected your errors, the balance of the account will be zero. To record the amounts in your checkbook, click on the payments icon in the deposit window and choose the payments you will be depositing. Once the deposit is complete, you can begin to use the money.

For those customers who do not pay on a timely basis or those who have only made a partial payment, you can create "Statements" to remind them that there is an outstanding balance. To accomplish this, go to "Customers" in the main menu and choose "Create Statements." From there, make the appropriate choices regarding; dates, template, and whether you will assess finance charges. Finance charges need to be set up in the company preferences. To do this, click "Edit" from the main menu and then choose "Preferences." Just fill in the appropriate rate, minimum charge, grace period, and the account in the general ledger to which the finance charges will post.

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