How to Handle Bank Deposits after Running Financial Exchange


Handling Bank Deposits after Running Financial Exchange

 By default, cash from Point of Sale is placed in the Cash In Drawer account in QuickBooks, while checks and credit/debit transaction are placed in the Undeposited Funds account.

To perform a deposit after you have completed the Financial Exchange process with QuickBooks (using the default mappings), you will need to transfer the funds you wish to deposit from the Cash in Drawer account in QuickBooks to the Undeposited Funds account.

To make a bank deposit in QuickBooks:

  1. In your QuickBooks financial software, from the Banking menu, select Transfer Funds.Transfer Funds window

  2. Select the accounts to transfer from and to.

  3. Enter the Transfer Amount (usually the entire balance in the Cash in Drawer account) and save the transfer.

Normally this would be a transfer from the Cash In Drawer account to the Undeposited Funds account. If you have set up custom account mappings between Point of Sale and QuickBooks financial software, you will need to specify the custom accounts that you use.

 

   4.  Select Make Deposits from the Banking menu.

Make deposit

 

   5.  On the Payments to Deposit window, select the items in the list you wish to deposit. If depositing the entire balance from the Undeposited Funds account, click Select All at the bottom of the window.

 

   6  Select OK.

 

   7.  On the Make Deposits window, select the bank account to which the funds are being deposited and save.

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