When I receive a payment the deposit amount goes on the list that opens when you click record deposits. When I click on the deposit I just received payment to it will not let me change from undeposited funds to income, how do I change that?
Hi ascaggs,
First, you need to understand what and how Undeposited Funds works. You Create an Invoice. The Items on the Invoice are tagged to an Income Account. You go to Received Payment and the payment is Deposit To Undeposited Funds. Un means not, so Undeposited Funds means Funds are not yet deposited in the Checking Account. The Undeposited Funds is just holding payments received, like in a moneybag, waiting to be taken to the bank.
OK, so you created an Invoice. You went to Received Payments. The Income is already record by the Invoice. Now you have to move the payment out of Undeposited Funds and into the Checking Account. You don't change iit to Income because Income is already recorded from the Invoice.
So, go to Make Deposit. A Payments Received window will appear. You will see all payments received which this is the Undeposited Funds Account. Select each payment that is on the deposit slip and going to the bank. Click OK> Now you are in the Make Deposit screen with the Checking Account open. You should see each payments that you just selected. Click Save & Close.
If this helped you, please mark this Solved so Intuit can close this thread. Thank you, ascaggs.
Laura Kaniuk
