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From within your QuickBooks Online file, click on the + New button on the top left of your navigation bar
Choose 'Bank Deposit' from under the Other heading
Set your bank account that the receipts were deposited to and set the date deposited
This will bring up a list of all available funds to deposit up to the date entered in Step 3.
Tick the receipts that make up your deposit on that day. This will update the total deposit on the top right hand side of the screen
Once you have selected all receipts to be deposited, Click on the green Save and Close on the bottom right of the deposit.
When the deposit is saved, this will creat a deposit transaction in the bank account that you have set the deposit to go to.
On reconciliation of that account, you can then tick off the one transaction instead of several.
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From within your Xero file, navigate to the Banking screen (Accounting > Bank Accounts)
On this screen, you will see your Undeposited funds Account. Click on these account
Click on the Account Transactions tab. On this page, you will see any General Receipts that have been entered to Wise Owl using the Undeposited Funds Account as the Receipt Account.
This page will show the balance after each receipt in this account.Click on the Plus button on the top right of the screen and select Transfer Money from the bottom of the list
This will open up a Transfer Money Screen. Enter in Undeposited Funds as the 'From' Account and the Account that you are depositing the funds into as the 'To' account.
Set the date as per the date the deposit was done.
Take the total amount of the deposit and enter it at 'Amount AUD'
Set the Reference as something meaningful for your firm e.g. Deposit of Trust Transfer on 11 May 2022
Finalise the Transfer
This will move the funds from the Undeposited Funds account to the chosen Deposit account.
Within the Undeposited Funds Account transactions screen, you can mark each of the transactions as reconciled and they will Net out to $0.00.
After each deposit is done, you should check the Undeposited Funds account to ensure the Statement Balances back to $0.00.
To mark the transactions as reconciled, click on the transaction and then choose ' Mark as Reconciled' from the Options dropdown.
