Qusstion for you gurus

[Dusty]

I'm using QB 2002 (basic) to manage a small motel. I only have one question
for the group:
I accept credit cards using QB. When I do a credit card transaction it puts
the funds in the "undeposited funds" account. Then when the funds hit the
bank I use the deposit feature to transfer the funds into my checking
account. The problem is that these transactions are still listed in
"Accounts Receivable" and do not show up as received. So my Accounts
Receivable is showing quite a large negitive balance. Am I logging credt
card deposits incorrectly or is something else going on here?
Thanks,
Dusty

[Joanne]

"Receive Payments" is the way to keep your A/R accurate. You may not have
noticed, but you have another account (probably an Income account) which is
also incorrect. When the entry to "Undeposited Funds" is made, an
offsetting entry is made to another account at the same time (double-entry
bookkeeping).

It would be wise to have an accountant familiar with QB clean up your books
before you go any further. You will probably love it when you see how it
supposed to work.

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Joanne

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"Dusty" <dusty_717(NoSpam)@yahoo.com> wrote in message
news:3c6a1f5e957164b5ee605f75f3ab07e4@news.ultrafeed.com... I'm using QB 2002 (basic) to manage a small motel. I only have one
question for the group: I accept credit cards using QB. When I do a credit card transaction it
puts the funds in the "undeposited funds" account. Then when the funds hit the bank I use the deposit feature to transfer the funds into my checking account. The problem is that these transactions are still listed in "Accounts Receivable" and do not show up as received. So my Accounts Receivable is showing quite a large negitive balance. Am I logging credt card deposits incorrectly or is something else going on here? Thanks, Dusty

[Jack Hatfield]

Do you need accounts receivable? Do you collect the cash up front when
the guest comes in? If you are you should use the cash receipt feature
which allows you to invoice & receive payment all at once. If you use
this then there is no AR and the money goes straight to the bank account
or if you select to the deposits window.

If you are running AR on purpose then you'd want to run the card from
the receive payments window providing you are using QB processing
services. This will credit the correct invoice out of AR and debit
undeposited funds for you automatically then you bank them from there as
you're doing now.

You may need a little phone support on this one to clarify some of the
issues or more detailed email support.


Dusty wrote: I'm using QB 2002 (basic) to manage a small motel. I only have one question for the group: I accept credit cards using QB. When I do a credit card transaction it puts the funds in the "undeposited funds" account. Then when the funds hit the bank I use the deposit feature to transfer the funds into my checking account. The problem is that these transactions are still listed in "Accounts Receivable" and do not show up as received. So my Accounts Receivable is showing quite a large negitive balance. Am I logging credt card deposits incorrectly or is something else going on here? Thanks, Dusty


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