Reconciling large deposits of multiple checks via Undeposited Checks account

McClay Trails HOA

I have created an Undeposited Checks account to assist with reconciling large deposits (of multiple checks) to the actual invoices. Now I can't figure out how to get it from the undeposited account while reconciling the actual bank deposit. Grateful for any help

Sherlock

The deposit transaction you enter into the actual bank account register is a transfer of the total of the checks you are actually depositing.  This is the amount you expect to appear on the statement.  There are a few ways to enter the transfer.  One way is to open the Undeposited Checks account register and press Ctrl + Shift + T.   I suggest entering the transfer before importing the deposit from the bank.  If you already accepted the transaction from the bank, you may edit the transaction's category to be a transfer from the Undeposited Checks account register: [Undeposited Checks]

Sherlock

McClay Trails HOA said:

He keeps three sets of pencil and paper registers (all the same) so I know the who, how much and when (except the dates he has aren't the dates they were actually deposited. If I'm reading your help correctly, for the deposits already made, I can go into the invoices, show them paid and put them in Undeposited Checks. Then I go into the bank ledger and transfer that money into the bank and delete the downloaded associated deposit.
From here on out, put checks in Undeposited Checks before actual deposit, then when they are deposited I transfer to the bank? Doesn't that create two like deposits? Grateful for your patience....

Again, as the checks are received, you should enter them in the Undeposited Checks register.  When checks are deposited at the bank, enter a transfer for their total from the Undeposited Checks register: open the Undeposited Checks register and press Ctrl + Shift + T.  If you already accepted the transaction from the bank, you may edit the transaction's category to be a transfer from the Undeposited Checks account register: [Undeposited Checks]

[Deleted User]

@McClay Trails HOA - think of the bank deposit account (undeposited check account) as a temporary holding account or a "zero-balance" account because each of the checks deposited to that account will eventually be transferred out of the account to a "resident HOA dues account" when they are matched up with an invoice.  You would not be doing any transfers at the bank.  Only in Quicken.  You would need to set up a "Undeposited Check Account" and as many individual resident invoice accounts you need.  In the individual resident account you would need to enter the invoice amounts due.  As checks come in to the "Undeposited Check Account" you would need to identify who they are from and for what.  You can do this by what was recorded in register, a check copy, or by going to your online bank account as @volvogirl suggested.  The check amount transferred from the "Undeposited Checks" account should offset the amount in the resident account.  Any checks that are unaccounted for, or unmatched, would need to be researched.  The ending result in Quicken would be an account that checks would flow in and out of, and an account for each resident that shows what they owe, what they paid and when, and details such as invoice #.

Sherlock

The deposit transaction you enter into the actual bank account register is a transfer of the total of the checks you are actually depositing.  This is the amount you expect to appear on the statement.  There are a few ways to enter the transfer.  One way is to open the Undeposited Checks account register and press Ctrl + Shift + T.   I suggest entering the transfer before importing the deposit from the bank.  If you already accepted the transaction from the bank, you may edit the transaction's category to be a transfer from the Undeposited Checks account register: [Undeposited Checks]

UKR

A simple transfer transaction, from the Undeposited Checks account to your Checking account, amount matching the total on your deposit slip, should do quite nicely.

Here's how that looks in my test data file:

Note that each of my Daily Deposits transactions brings the account balance back to 0.00

McClay Trails HOA

I'm dealing with deposits that were already made (20+ HOA dues checks a deposit) and am now trying to reconcile them with exactly who those deposits belong to. Our finance guy waits until he gets a few and does them at one time. I'm trying (haha) to get him to use Quicken; I know the personal version but not the business one. At some point someone told me to create the Undeposited Checks account and, as the invoice payments come in, send them to that account. When I do the one step update the deposits don't show from whom they came. Whomever told me to create that account also told me the way to synchronize them (at one point Q will ask you if this is the same as the deposit made on that day) and it will clear the invoices and reconcile the deposit. of course I can't find my notes....we are HOA trustees who volunteer to do this (yes, we are a retired crazy people, wine helps). Does this make any sense to you?

UKR

McClay Trails HOA said:

I'm dealing with deposits that were already made (20+ HOA dues checks a deposit) and am now trying to reconcile them with exactly who those deposits belong to. Our finance guy waits until he gets a few and does them at one time. I'm trying (haha) to get him to use Quicken;

If your finance guy dumps the checks into your checking account without leaving any kind of notes or paper ledger entries (who paid how much and when) or didn't make any photocopies of the checks before depositing them, you'll have a near impossible task to do. The only thing I can think of to do would be to contact every HOA member: "Please send me your HOA dues for this year. If you have already paid, please send a photocopy of your canceled check, front and back. (Images of canceled checks are available at the bank's website)"

volvogirl

My husband has a small self employment business.  I have an Undeposited Checks account I enter the actual checks into.  Then when he deposits them I just enter a transfer in the bank account.  If there is a check I don't have a copy of I can go online and get a copy from the bank account.  Do you have online access to the bank account?  

McClay Trails HOA

He keeps three sets of pencil and paper registers (all the same) so I know the who, how much and when (except the dates he has aren't the dates they were actually deposited. If I'm reading your help correctly, for the deposits already made, I can go into the invoices, show them paid and put them in Undeposited Checks. Then I go into the bank ledger and transfer that money into the bank and delete the downloaded associated deposit.
From here on out, put checks in Undeposited Checks before actual deposit, then when they are deposited I transfer to the bank? Doesn't that create two like deposits? Grateful for your patience....

Sherlock

McClay Trails HOA said:

He keeps three sets of pencil and paper registers (all the same) so I know the who, how much and when (except the dates he has aren't the dates they were actually deposited. If I'm reading your help correctly, for the deposits already made, I can go into the invoices, show them paid and put them in Undeposited Checks. Then I go into the bank ledger and transfer that money into the bank and delete the downloaded associated deposit.
From here on out, put checks in Undeposited Checks before actual deposit, then when they are deposited I transfer to the bank? Doesn't that create two like deposits? Grateful for your patience....

Again, as the checks are received, you should enter them in the Undeposited Checks register.  When checks are deposited at the bank, enter a transfer for their total from the Undeposited Checks register: open the Undeposited Checks register and press Ctrl + Shift + T.  If you already accepted the transaction from the bank, you may edit the transaction's category to be a transfer from the Undeposited Checks account register: [Undeposited Checks]

[Deleted User]

@McClay Trails HOA - think of the bank deposit account (undeposited check account) as a temporary holding account or a "zero-balance" account because each of the checks deposited to that account will eventually be transferred out of the account to a "resident HOA dues account" when they are matched up with an invoice.  You would not be doing any transfers at the bank.  Only in Quicken.  You would need to set up a "Undeposited Check Account" and as many individual resident invoice accounts you need.  In the individual resident account you would need to enter the invoice amounts due.  As checks come in to the "Undeposited Check Account" you would need to identify who they are from and for what.  You can do this by what was recorded in register, a check copy, or by going to your online bank account as @volvogirl suggested.  The check amount transferred from the "Undeposited Checks" account should offset the amount in the resident account.  Any checks that are unaccounted for, or unmatched, would need to be researched.  The ending result in Quicken would be an account that checks would flow in and out of, and an account for each resident that shows what they owe, what they paid and when, and details such as invoice #.

McClay Trails HOA

@Damian
Thanks.....you brought it all together for me. Thanks.