How does FlexBooks handle Check sales in MindBody?
When you record a check sale in MindBody, FlexBooks will enter a Sales Receipt in QuickBooks with the Payment Method "Check" and send the funds to "Undeposited Funds".
Why can't FlexBooks account for my Check deposits automatically?
Because neither MindBody nor FlexBooks knows when you physically take your checks to the bank and deposit them – neither can automatically help you account for this second step and it will be up to you to do this manually in QuickBooks
What is Undeposited Funds?
The Undeposited Funds account in QuickBooks Online serves a special function – it’s a special temporary account that QuickBooks uses to hold payments received before you deposit them into in the bank. Think of the Undeposited Funds account as an envelope where you keep cash and checks until you take them to the bank.
In newer QuickBooks companies this account is called Payments to deposit. It is the same account.
How do I account for my Check deposits after they've been sent to Undeposited Funds?
First, you need to Create a Deposit:
Click the + Create button at the top of QuickBooks, then Bank Deposit
At the top of the screen, select the bank account that the check payments will be deposited to
Select the date of the deposit (this is important for proper recording and reports)
Below you'll see a checklist of all transactions in the Undeposited Funds. Select all of the Check payments that you deposited at the bank
Click Save and Close at the bottom right of the screen.
Click to see a larger version
Second, you need to Match the Deposit you just created to the Bank Feed deposit:
Your bank feed will bring in the same deposit once the bank has it. Match the two so the money is not counted twice:
In QuickBooks, go to Bank transactions and find the deposit line from your bank on the Pending tab.
If its button reads Match, click it. QuickBooks has found the Bank Deposit you just created.
If it reads Post instead, do not click it. Click the row to open it, choose Match, click Find other matches, set Record type to Deposits, and select the Bank Deposit you just created.
