Receiving payments and making deposits

by Daleen
(North Hollywood)

I need some advice on how to adjust or fix the bank register that has a wrong deposit amount entered through undeposited funds. This is a non-profit academy. Entries made are as followed.

1) An estimate was set up for each students tuition and added fees.

2) An invoice was generated from the estimate at the end of each month. (I guess this was set up for tracking the accurals??)

3)Payments were applied to each students invoice (Using a statement of ACH deposits from a third party). For example, students are set up on a payment plan and funds are collected by this 3rd party collector of tuition via ACH. In turn funds are deposited in to the School Academy Bank Account.

The bookkeeper entered all payments and deposited funds greater than what the bank statement shows. The reason the bank is different from what Quickbook entries reflect is due to ACH returns/NSF's.

The Bookkeper entered individual ACH checks, (reflecting in the bank register) for each student's account receivable. The deposit in QB's is left overstated compared to the bank statement and the ACH checks in QB's do not appear on the bank statement. How do I show in receivables the ACH returns and change the actual deposit received by the bank in to quickbooks. Is there a journal entry that can be done to clear the bank register discrepancy? And how do I show this with the individual students AR accounts????

Much help needed here. I hope this makes since to you. Any advise would be So Great!

Thank You
Darleen

Reply:

First go to the Make Deposits window and delete the deposit. This will place all of the money back into Undeposited Funds.

Then go to the Receive Payments window and delete any erroneous entries. The only entries that appear here should be actual money that was received. After that go back to Make Deposits and re-record the deposit so that it shows only the correct activity as per the bank statement.

Comments for Receiving payments and making deposits

Click here to add your own comments

Sep 01, 2011
Follow up
by: Anonymous

What could one do if the ACH deposits were already reconciled from the check register? Would one be able to do a general journal entry?
I really appreciate your help on this.

Aug 21, 2015
ukbestessays NEW
by: Helga

Visit our website and order ukbesteessays custom essay if you want your problems with writing to end. You'll like us, I guarantee it.

Oct 07, 2015
Aliyah NEW
by: Anonymous

Will you mention the fact that dissertation-writing-services-online.blogspot.com is an efficient webpage to apply meant for temporarily posting necessities? Relating to significantly regarding my best registration together with have some sort of composition penned leading to a 7-day period ends up. Me not want less-than-perfect quality content from the amount of time constraint.

Oct 07, 2015
great NEW
by: clark

I hope in future you will continue for sharing such an excellent post. Looking forward for more post and updates in your site. safe move stevenage removals

Oct 10, 2015
sudoapp private browser NEW
by: sudoapp private browser

which comprehend the price omoref delivering the excellent for more useful resource free of charge.sudoapp private browser

Oct 13, 2015
mimi NEW
by: Anonymous

I certainly selected to strive my arm at http://ukcollegepaper.org/. I experience been lesson your blogs on this besides I discovered myself entity challenged to do it. I present apprehend that treatise a observance endeavor is hardly truly that solid.

Oct 13, 2015
Publish Academy Review NEW
by: Publish Academy Review

The matter you we highlighted above is surely value able for anyone to workout. the concept of your article is very true and It will result in a positive way.Publish Academy Review

Oct 20, 2015
Thanks for this post NEW
by: Anonymous

I read it and know about Receiving payments and making deposits. Thanks for this post its very helpful for my daily life. thanks for this nice post. custom decals online for uk

Oct 20, 2015
love your blog NEW
by: Anonymous

I love your blog because it totally full of informative posts. You are nice one and thanks for sharing. peoplematter harlem shake

Oct 29, 2015
Review NEW
by: Anonymous

A well-written medical school personal statement is your first initial "interview" when applying. Here are 6 important things to consider that make your admissions packet stand out from the rest. See more college application personal statement


Nov 08, 2015
trips NEW
by: John

It is superb to read this post and i get many useful point through this post. Please keep posting such kind of post brook hill.

Nov 09, 2015
jkk NEW
by: Anonymous

gospeltracts bible tracks Hello! I just wish to give an enormous thumbs up for the nice info you've got right here on this post. I will probably be coming back to your weblog for more soon

Nov 13, 2015
Security Services in Los Angeles NEW
by: Anonymous

Security Services in Los Angeles - Selecting a security service that’s reliable and affordable can seem like a formidable task. In populous areas like Los Angeles, the challenge of locating a reputable security company without breaking the bank may intimidate interested clients. With the proper criteria in place, however, you can select from among the many security services in Los Angeles to find a dependable solution for your security needs.


Click here to add your own comments

Return to QuickBooks Q&A.