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How are Deposits recorded in QuickBooks Online?
How are Deposits recorded in QuickBooks Online?

Here's how your deposits and transfers from Goodshuffle Pro will be recorded in QuickBooks Online.

Colin Connor avatar
Written by Colin Connor
Updated over a week ago

When funds are first paid to a project in Goodshuffle Pro, the funds will be held in 'Undeposited Funds' in QuickBooks Online.

Financial Account Deposit

As soon as they are set to be transferred to your bank (or 'Paid Out') from Goodshuffle Pro, a Deposit will be created in QuickBooks Online in the 'Financial Account' that is automatically created containing all the payments included within that Outbound Transfer.

The funds included in the deposit will then be moved from 'Undeposited Funds' to your checking account.

Processing Fees will also be included in this Deposit.

You can see the details in the Transaction Journal for the Deposit in QuickBooks Online.

External Account Deposit

This deposit will be matched to the transfer record from created from connected bank in QuickBooks Online.

Inbound Transfer

Should the balance of the transfer be negative (the deposit contains more refunds or expenses than income), then you will see a Journal Entry be created. Journal entries can also be created should the deposit recorded from Goodshuffle Pro not match the record created by your bank.

In the event that a negative Inbound Transfer occurs, Quickbooks Online doesn't support a negative Bank Deposit. When you click on a Bank Deposit linked to a negative Inbound Transfer you'll see the related charges and refunds linked (which on their own would be negative), but they'll also see that the Bank Deposit is linked to a positive amount that offsets the negative balance making the Bank Deposit equal $0.

Inbound Transfer in Goodshuffle Pro

Corresponding Inbound Transfer in QuickBooks Online

If you click on that offsetting transaction you'll see a journal entry between the Undeposited Funds and your bank account, pulling funds equal to the negative Inbound Transfer amount from the bank account into undeposited funds, thereby offsetting the negative balance caused by the charges/refunds linked to the negative Inbound Transfer.

So now a journal entry is created that credits the vendors bank account by a negative $4941.28 (effectively pulling funds from it) and we debit the Undeposited Funds account by negative $4941.28, effectively adding that amount. Finally, the debit to the Undeposited Funds is linked to the Bank Deposit and we get a negative Inbound Transfer in QuickBooks Online.

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