Can I deposit a credit memo into QuickBooks Desktop Undeposited Funds?

Introduction

You can create negative deposits for refunds, if you use an asset account. In this example, we will sync sales and refunds for Amazon.

Can I deposit a negative amount into undeposited funds?

You must create an asset account to deposit all sales and refunds. The QuickBooks undeposited funds account accepts no negative deposits. 

We will create an account of type bank called undeposited funds and a sub account called Amazon TTM:

  1. In QuickBooks, go to lists and click chart of accounts.
  2. Click new.
  3. Create a new bank account called undeposited funds bank.
  4. Create another bank account called Amazon TTM, a child account of undeposited funds bank: cm002.jpg

Configure Connex to Deposit Sales and Create Checks

Next, instruct Connex to make checks for refunds:

  1. Login to Connex.
  2. Click manage.
  3. Expand new order and accounts.
  4. Under undeposited funds, choose Undeposited Funds:Amazon TTM.
  5. Expand refunds.
  6. Select use credit to give refund. Connex will create a check.
  7. As the check deposit account, choose Undeposited Funds:Amazon TTM.cm003.jpg 

What does a check look like?

The deposit account is the asset account and funds are removed, after a refund syncs. Here is how it appears:

cm1.jpg

How do credit memos look in my bank register?

Your will see an entry for the A/R account: 

cm004.jpg

Can I see a demo video of how a deposit appears?

Yes, watch this video.

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