and finally we will learn how to manage sales receipts with bank feeds when you make receipts
from your QuickBooks Online phone app what exactly happened well you got paid immediately and you
recorded a sale receipt in your phone and that was the right thing to do well what's the problem the
problem is in this case the customer or client put the money directly into your bank account at the
moment you got paid when you finished the service but when you make the receipt from your phone it
does not record it into your bank account instead it records it into an account that the computer
makes for you called undeposited funds well what can you do you could log in with the computer and
record a deposit from undeposited funds to your bank account the date of that deposit is the
same day as the day of the receipt or you could match the receipt in your phone with the bank
feeds and the phone will move the receipt from undeposited funds to the bank account and that's
one of the advantages of having our bank feeds come in to your phone when this happens all you
have to do is match the receipt that you already recorded with the transaction on the review list
from the bank feeds and then when you do that the money will be transferred from undeposited funds
to the bank account that you have set up with your phone app so let's take a look at how to
do this in QuickBooks for example let's imagine on July 24th you made a sale receipt to candy
for 200 and it was recorded with the phone the phone app recorded it into undeposited funds not
the bank account but when you got paid on July 24th the clients money went directly into the
bank account then the bank feed shows it at one of the review transactions when it cleared the
bank let's match it to the receipt in undeposited funds and this is how you do it so before we match
let's go to the chart of accounts and see that undeposited funds is the account that's holding
the sale receipt that I had previously recorded if we scroll all the way down we can see that
the total of 1600 and undeposited funds includes this $200 sale receipt that I recorded on July
24th however on July 24th the 200 was directly deposited into the business chase account but
unfortunately when I recorded it with my phone app it only recorded it into undeposited funds and not
into the chase bank account the way to fix that is to match it through the bank feeds so let's
hit the top left arrow to go back ok hit the main menu bars scroll up and tap home whenever you're
lost just go to the main menu and go home now when we tap review transactions you'll notice when we
tap the number of transactions a bail available for review now Chase is suggesting two possible
deposits to match to that receipt this is exactly $200 the one on August 2nd but then if we scroll
down we can see the one on July 24th is also a suggested match that's because QuickBooks makes
the suggestion about which one to match based on the money amount it just so happens that
the $200 deposit on July 24th is the correct one because that's the date that the money for
this sale receipt was immediately placed into the bank account so because that's the correct
one I'm going to tap on it now I will not add I will match and of course if you didn't accept
that match you could tap here find another match and QuickBooks would suggest the other possible
matches that have a similar amount but we won't do that we'll go back and we'll accept this as a
match and if we accept this that means that all of the details that were in the receipt stay however
let's check that it's accepted properly when we come back to the review list we can see that
there's only 29 now available for review and you can see if we tap in QuickBooks that $200 deposit
has been placed in QuickBooks by the bank seeds affecting our financial records have to go back
now you can also notice that if we look at the chart of accounts you can see that it is in its
proper place first of all if we go back down to undeposited funds you can see undeposited funds
is decreased by 200 it was 1,600 now it's 1400 if we open up on deposited funds and scroll to
the bottom you see there was a plus when we made the sale receipt and a minus when we copied the
sale receipt into the bank account just now with the bank feeds so that's something that it added
to the undeposited funds account you can also go back and acknowledge that it's in the bank account
you go back to chart of accounts scroll to the top and here's business checking tap business checking
and you can see here is the 200 acknowledged as being deposit in the business bank account