Handling Bank Deposits after Running Financial Exchange

Financial Exchange Overview | FAQs

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

Learn more about using the default or custom account mappings

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

To make a bank deposit in QuickBooks Desktop:

1. In your QuickBooks Desktop financial software, from the Banking menu, select T ransfer Funds.

2. Select the accounts to transfer from and to.

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 Desktop financial software, you will need to specify the custom accounts that you use.

This window displays the current balances in each account.

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

4. Select M ake Deposits from the Banking menu.

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.

Alternate Method

In QuickBooks Desktop financial software, go to the Banking menu and select Make Deposits. Select the items to deposit and then select OK. The cash that was transferred from Point of Sale does not appear on this list. Add a new line to the deposit list, selecting Cash in Drawer as the From Account and entering the amount of cash to be deposited. Select Save & Close.

Related Topics

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