How do I handle my Check Deposits?
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.
For more information about Undeposited Funds, please see What is Undeposited Funds?
How do I account for my Check deposits after they've been sent to Undeposited Funds?
First, you need to Create a Deposit:
- Click on the Plus (+) Icon in the top of the screen in Quickbooks Online
- Click on 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.
Second, you need to Match the Deposit you just created to the Bank Feed deposit:
Second, you need to Match the Deposit you just created to the Bank Feed deposit: This is exactly the same process as matching your credit card deposits. Please see the article How Do I Match My Deposits? for detailed instructions.