QuickBooks is a renowned and respected accounting software developed and marketed by American business and financial software company, Intuit. QuickBooks offers products that are geared towards small and medium-sized businesses. They also provide on-site accounting applications and cloud-based versions that accept and manage invoices, as well as business payments. One of QuickBooks’ main features is its undeposited funds, which will be the main topic of this discussion. Discover how you can use and benefit from QuickBooks and its Undeposited Funds.
What is QuickBooks Undeposited Funds?
Undeposited funds account is the default account for QuickBooks. This feature is where payments from your company are kept until you decide to transfer them into your bank account.
In other words, the Undeposited Funds account is like an online safe where you keep the money that you receive from clients and other external sources until you’re ready to transfer them into your bank account. It’s pretty much like PayPal – minus the hassle and sophistication.
Using and Recording Funds as QuickBooks Undeposited Funds
Before you record your funds, make sure you enter your transactions into QuickBooks the same way your bank did. If your bank considers a group of funds as a single payment, you have to do the same. It will ensure that your online registration for the QuickBooks undeposited funds report is the same as your monthly statement from the bank. Here are some simple steps to follow:
- In your QuickBooks account, click the plus (+) icon at the top portion and select ‘Receive Payments‘.
- Fill in the customer information sheet and the date that the payment was made.
- Choose the specific payment method.
- Enter the check number in the ‘Field-Labelled Reference Number‘.
- Click ‘Deposit to‘ and select ‘Undeposited Funds‘ from the drop-down list.
- Click ‘Save‘ and press the close icon.
Follow the above steps correctly to record your payments as undeposited funds.
How To Clear Your Undeposited Funds in QuickBooks Online?
In the event that you committed an error while recording your undeposited funds, or you executed a deposit transaction without matching the received payment, you will have to clear up your account. Here are a few steps that you can follow to clear your account without going through any hassle. If changes are made as part of a dated review, do the following:
- Head to the menu bar and click the ‘Accountant‘ option.
- From the drop-down menu, select ‘Client Data Review‘.
- Under the ‘Account Receivable‘ group, click the ‘Clear Up Undeposited Funds‘ option.
If the changes are not part of a dated review, use these steps:
- In the menu bar, click the ‘Accountant‘ option.
- Click the ‘Client Data Review‘ and select ‘Clear up Undeposited Funds Quickbooks‘.
Afterward, make all the necessary changes and select ‘Refresh‘ to save changes. This process is how you can transfer undeposited funds to your bank from Quickbooks.
Entering Undeposited Fund Transactions
To enter undeposited fund transaction to your bank account, do the following:
- Click the banking menu and select ‘Make Deposits‘ from the drop-down.
- From there, click ‘Payment to Deposit‘ and click the ‘Payments‘ option.
- Select the amount that you wish to deposit. Click ‘OK‘.
- Click ‘Deposit to‘ and select the desired bank account from the drop-down list.
- Enter all the required information.
- Click ‘Print‘ and ‘OK‘ to save.
That’s all you need to know when using QuickBooks Undeposited Funds. Know that apart from QuickBooks, there are a ton of other options out there that can help you offer, accept, and manage payments.
ReliaBills 2-Way Sync with QuickBooks
Are you used to using QuickBooks but also want to try out ReliaBills? Now you can get with ReliaBills’ 2-way sync feature. Once you’ve integrated both systems, you can use them simultaneously with maximum ease and efficiency. Want to get notified on both platforms whenever your customer updates their payment information? Done! Want to create an invoice on QuickBooks but want to take payment via ReliaBills and vice versa? Done and done!
What Can ReliaBills Do?
Whether you want to create invoices via ReliaBills, sync them over to QuickBooks, or the other way around, ReliaBills has you covered! Notable features of our 2-way sync with QuickBooks include:
- Sending invoices based on customer’s mailing preferences (email or snail mail).
- Full QuickBooks recurring invoicing automation – for customers who are on a continuous payment plan.
- Email tracking so you’ll know if your invoices have been delivered, opened, and viewed. You’ll even get notified for any email bounce (That way, your customers can’t lie about not getting an email from you).
- Automated payment reminders for late-paying customers; you can customize and schedule them according to your preferences.
- Automatic application of scheduled late fees.
- Retry failed payments (depending on the reason for the failure).
- Customer portal – that way, you won’t have to manage your customers’ accounts yourself; they can do that for you.
The Best Partner to QuickBooks: ReliaBills
ReliaBills is an excellent option and is created to synchronize with your QuickBooks account. We offer a hassle-free system for processing and managing invoices and other payments. If you have multiple clients that you need to bill, we can create an invoice for you and track them at all times.
ReliaBills also sends updates and creates a streamlined process for your receivables. That way, you can send and accept payments without unnecessary confusion and frustration. The best part is that ReliaBills is FREE! The only time you’ll have to pay is when you want to upgrade your account to PLUS and get paid even faster.
Does Your Business Need Recurring Billing?
Recurring billing is the process of automating your payment processing repetitively. Suppose your business offers products or services on a subscription basis. In that case, you can take advantage of ReliaBills, and its top-notch recurring billing feature to make your billing process easier and more efficient.
Here are other things that you need to know about recurring billing:
- Get to know the different building blocks such as payment gateways, security, tokenization, and more.
- Next, add the dollar amount you will bill to your client, the date of billing, the frequency you will bill your client, and the customer’s payment information. Combine all of these factors, and you now have the most basic form of recurring billing.
- The core of recurring billing can bill your customers the same amount on a regular billing cycle. However, the amount can change depending on certain factors. Whatever it might be, you can integrate this change and inform your customers seamlessly with the help of recurring billing software.
- Your internet provider is an excellent example of a company that uses recurring billing. As long as there are no extra fees, you’ll be billed the same amount every month. If you have a card or bank account on their file, payments are made automatically. Other excellent examples of recurring billing include your mortgage or rent payment or Netflix subscription.
- Quarterly billing is also considered recurring billing, with the only difference being the frequency of the billing cycle being longer than the regular monthly basis.
- Ease of payment is seen as the greatest benefit of recurring billing to customers. With it in place, your customers won’t have to remember any payment dates, making it much more convenient for them. Keep in mind that the easier you make it for your customers to pay, the more likely they will pay you on time.
- On the other end, the benefit of recurring billing to the merchant is that they will get paid automatically and on time and save them a ton of time on their invoicing duties. With recurring billing software in place, invoices are sent, and payments are received automatically.
To put it simply, recurring billing is a popular option for businesses that bill regularly. So if your services require you to bill your customers regularly, then recurring billing is an excellent addition to your payment process. Achieving sustainability and overall stability is a challenging opportunity to miss out.
If you want to improve your billing process while also enticing more and more customers to come back for your business, then recurring billing is the best solution for you. Fortunately, ReliaBills has this feature, and it’s ready to help make your billing simpler and easier.
Getting you paid on time is what ReliaBills does best. For more information, visit our website at www.reliabills.com now. For inquiries, send us an email at email@example.com. You can also call our hotline at 1-877-932-4557.