Clean up Undeposited Funds (Payment to Deposits), New QuickBooks Invoice Interface Must See!!

[@sandracanunayon2237]

Hi Claudia! I know my question is off topic. But I wanna ask, what does it mean when you have a sub customer and a parent customer in quickbooks online?

[@ClaudiaXperts]

Hi Sandra, it would be like having a chain of restaurant where the parent would be client a the sub customers would be the different locations.

[@DBRBookkeeping]

Hi Claudia, what if the balance sheet has a negative undeposited fund balance? How do you clean negative UF? Thanks!

[@ClaudiaXperts]

You will need to go into the undeposited funds register and find the transaction that created the negative amount. It is probably a Journal Entry. The other possibility is that a deposit was created before the invoice.

[@rainedeleon937]

Hi Claudia. Thank God I found this video of yours. The Payment to deposit account of my client is ballooning. I have both Deposit and Payment with the same amount. Basically referring to same transaction. The QBO Care told me to edit the Sales Receipt or Payment in the Register and change the account where it should be deposited. So I changed it from Payment to Deposit Accounts to the Bank Account of my client, did I do it right? I'm going insane with this.

[@ClaudiaXperts]

No, sounds like there are duplication going on. Check if both transactions have the same invoice. If not there are duplication for sure, in this case you will need to delete the duplicated transaction. Be careful when doing not to delete what you should not. If you have a third party app integration and also enter invoice in the system it will create duplication

[@jefftv3749]

Hi Claudia. correct me if Im wrong. The way I understand merchant charges is to deduct first the charges just like in your example which is $10 then we click save. We go back again to reconciliation to reconcile the deducted amount to make the transaction zero...

[@ClaudiaXperts]

We record the deduction when we record the deposit then we match the transaction in banking. If done right it will reconcile exactly

[@jefftv3749]

@@ClaudiaXpertsI got it, thank you so much for your tutorial there is so much to learn.

[@shoeb3818]

I have a question to you, When I'm meeting or a call with my client which topics, I should talk with them? Or how to handle them while I'm on call with them in a professional way? I 'm new accountant, just completed my graduation in accounting and finance background. I wanted to start my life like you as a bookkeeper, please help me madam.

[@ClaudiaXperts]

It depends, the first thing I do is to look for discrepancies. I will go into the profit and loss and balance sheet and see what is going on there. Then look into the account register and see if it was reconciled correctly. There is a lot that goes into the first meeting.