QuickBooks - How To Correct A Reconciled Deposit With A Customer Payment

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[@kadickerss]

I have used this video three times this year to walk me through correcting reconciled deposits. It is Indispensable for people using QuickBooks.

[@nerdenterprises]

Thanks Keith!

[@qnina2007]

You rock! Just saved me 8 months of re-reconciling!!!

[@nerdenterprises]

You have to change the payment to go to undeposted funds. This means you will "break" the reconciliation so once you correct it you will have to re-reconcile. I would correct any/all mistakes first and keep track of the dates you have changed things on. Then re-reconcile all periods affected.

[@southern2thecore111]

Thanks so much Seth! This was the only information I found to attach a reconciled deposit to a customer so the transaction would be included in the Sales by Customer report for B&O tax reporting purposes. The issue was created when we received subsidy funds via direct deposit from neither a customer nor vendor so I just made a deposit. I did add depositor as a customer just for purposes of assigning a name on the deposit. Since we are a non-profit, I'd never used sales receipts, only invoices. Ended up doing some research to figure out why that deposit wasn't included on the SBC reports and learned exactly what a sales receipt is for - it's not always for a sale but to attach $ to a customer in real time so no AR. But I couldn't just create a sales receipt in 3/2022 for this company for their reconciled $ deposited on 3/2021. This is where you come in! It worked brilliantly. Had my P&L and BS printed prior to doing the fix, saw the differences when sales receipt was created (used original deposit date of 3/2021 - think that's important), then went through the steps you outlined and voila!!! P&L and BS are as they should be, not showing double income for the deposit and the deposited amount is included in Sales by Customer reports!!!!!! You rock Seth!!!! Thanks again for this invaluable video and all your others!

[@nerdenterprises]

Thank you! I am so glad this helped! When you begin to understand how using these forms makes the money flow where you want it to on the Balance Sheet or Profit and Loss, it make a whole world of difference in terms of what you can do with QuickBooks Online.

[@southern2thecore111]

@@nerdenterprises Hi again! Since you've enlightened me, I realize I have another company with a similar issue but the sum of one deposit is for several different companies. My question is do your same steps follow when have several companies or deposits making up the whole of the deposit? Do I make sales receipts for each company, go into original deposit, see all these companies that make up the deposit (from newly created sales receipts), check them off so they're included in original deposit, then delete the original deposit line?

[@nerdenterprises]

@@southern2thecore111 Any time you have several items in a deposit the steps will be the same. You just swap out the amount of the payment you are fixing. If the deposit is already itemized then you remove the line item that represented the customer payment that was booked incorrectly and add in the payment from undeposited funds. If the deposit is in a lump some and somehow includes the payment you are fixing, then you reduce the deposit amount by the amount of the customer payment and add in the payment from undeposited funds (Payments to Deposit). As long as you don't change the deposit total you are all good.

[@southern2thecore111]

@@nerdenterprises Got it!!! Thanks again Seth!!!

[@secretaryelc5761]

Oh my gosh you have saved me like I cant even tell you how much!!!! Thank you SOOOOOOOOOOOOOOOO much.

[@nerdenterprises]

You're welcome :)

[@sheilaschmitt383]

You do a great job. Nice to find when I am in a pinch

[@shanquaharrison1069]

I may have to review this again but thanks! Much help. I have subscribed.

[@verybadsyntax]

Thanks. It was helpful to solve my deposits headache.

[@nerdenterprises]

Thanks so much! So glad this helped!

[@patrickking4901]

Is there a way to do this in QuickBooks online 2018??

[@mijolina30]

Hi Professor, Thanks your videos help me a lot!!! I just start to work in a company, and I found this exactly problem, a deposit already reconciled but not applied to the invoices. But it is my big problem, they have selected the bank deposit option on the same receive payment window so, when I record a customer payment it is directly deposited on the bank acct.I don't need go to the option make deposit to deposit the customer payment. how can I fix it if I don't have the Make Deposit option?

[@kshundley]

Brilliant! Saved me several times already!

[@TayaSeattle]

I love your video but you speak so fast that Its takes me watch it again and again.:( I wish you can slow down , because everything what you said has a great value ! Thank you !!!

[@charlesknipper484]

WOW, it worked THANK YOU!!!

[@nerdenterprises]

*Need to clean up your **#QuickBooks** ?* This might help! A LOT!

[@nerdenterprises]

Unfortunately at this point you have to manually go in and delete the duplicates!

[@dinkydao]

Not sure if you can help, but I was just getting started with Quickbooks and had entered a bunch of charges on my credit card, and then later downloaded my online banking statement and now have a bunch of duplicates in my payment and credits column. How do I fix that (or do you have a video already posted explaining it)? Thanks for any help I can get. I know it must be something very close to this but I cant seem to get there from here :D

[@halecortez7429]

Hello Seth, I work for a non profit organization and every time I do the BR and closed it......there is always some money or amount that still there for prior months......how can I clean them up........any tips how to do it .......thank u

[@sherriobrien3953]

Hi Seth, Thank you for your video. I think you can help me. I have customers that I have paid through entering bills, then paying bills but my in my check register it shows they are in *Accounts payable. I have already reconciled my checking account. What I want to do is take them out of accounts payable to cost of goods but quickbooks won't allow me to. I have two accounts payable one that says Accounts Payable that I created and one Quickbooks created with an asterisk *Accounts payable. Is there any shortcut or workaround you know of. Thanks Sherri

[@STLEO1]

What is the cost of your class or is it free

[@nerdenterprises]

Hey Derrick! You can sign up at www.schoolofbookkeeping.com and take our course for as little as $28.00/month and then there are also options that include 1:1 time with me there if you want additional help.

[@sherrysingh1655]

Hi! your videos are awesome.But you speak very fast.If you can describe a little slower that would be more helpful. Thanks a lot

[@bethryannancylonghenry8846]

Hi Seth! I need help! I just started working for a business and all deposits for the past 2 1/2 years are wrongly entered. The invoices all seem to be correct but it will be very difficult for me to correct all the deposits becuase I don't know them or have them. There are many that were manually entered into the check registrar and deleted as well. It is a serious problem and causing the books to be wrong. How do I correct this?

[@officialversetile1770]

This. Video is the definition of me ...

[@TheSugarplum770]

Please zoom in some more. Thanks.

[@nerdenterprises]

@softronixredplanet Thanks!