Post a new topic
    5 Replies Latest reply on May 31, 2008 6:52 PM by GraniteGuy

    Quickbooks and Payments

    Excellent Adventurer

      Can a payment, applied to an invoice in Quickbooks, appear in two different accounts making it appear to be a double payment?

      Following is what my "customer" page looks like for one client:


      Payment 2029 11/15/07 Undeposited Funds $186.97
      Invoice 5438 11/6/07 Accounts Receivable $186.97


      The reason I asked the above question is because when I double clicked on the "payment" (listed above), the payment screen comes up with the invoice listed underneath (5438) checked off. When I double click on the "invoice" (listed above), it's marked paid and when I go into the"history" screen for that invoice, it says it was paid with check #2029 (which is the "payment" #2029). Does this mean the same invoice was paid twice? Would this cause our taxes to be double?
        • Re: Quickbooks and Payments
          LUCKIEST Guide
          Quickbooks and Payments. I am a quickbooks consultant and the answer is No.

          Can a payment, applied to an invoice in Quickbooks, appear in two different accounts. NO

          Without talking to you or seeing your system, the problem appears to be
          Undeposited Funds $186.97

          Do you have an Accountant??

          Good luck, LUCKIEST
          • Re: Quickbooks and Payments
            GraniteGuy Newbie
            Undeposited funds is simply an account used by QuickBooks to "hold" funds until you deposit them to the correct account. (When you setup QB you have an option to use or not to use the Undeposited Funds.) It is best to use UF for several reasons - at least from my viewpoint. First, all payments get posted to UF. You have one simple place to track daily monies received. When you post your actual deposit the box will pop up showing you all the undeposited funds. You select from that box whichever funds you are actually depositing. You of course have the option to date your deposit to match the date the funds actually went into your bank account. In my case we leave the credit card payments in undeposited funds until a.) they have settled and b.) hit our merchant account. At that point we make a deposit from the undeposited funds into the bank account. Thus the dates the money actually hit the bank account matches the dates in QB. Undeposited Funds account is cleared when you deposit the items.

            I like to check the UF account daily to make sure there is no money laying around. If I find something in there that is too old I will ask someone why.

            There should be no reason for a GJ to be created if you are doing your banking correctly.