I have recorded daily sales with sales receipts. What do I do next so that EFT amounts match with bank deposits, and cash goes to "On hand" account?

Hi allicooper1,

If you have bank deposits made up of multiple sales, you can combine multiple transactions into a single deposit in QuickBooks Online in order to match this. In these situations, QuickBooks uses an account called the 'Undeposited Funds' account which holds the transactions before the deposit is recorded. You firstly create your sales receipts and put them to the Undeposited Funds account; then, create the bank deposit and select all the payments that will make it up. Finally, you can match the deposit to the amount that comes through the feed.

To create the Sales Receipt:

1. Select +New, then Sales Receipt.
2. Enter the customer details, date, amount and so on. In the Deposit to field, select Undeposited funds account, then Save. Repeat as needed.

To create the Bank Deposit:

1. Select +New, then Bank Deposit.
2. Enter the date and select the account the funds came into using the Account field. 
3. Select the sales receipts/payments that make up the deposit, then Save. 

To match this to your bank feed:

1. Select the Banking tab and click on the transaction to expand the details.
2. QuickBooks may have already located the deposit you created, in which case you can Match it. Otherwise, select Find Match to locate it, then Save.

You can also refer to this article for more details on recording bank deposits with multiple payments/sales. If you have already created the Sales Receipts but allocated them to the bank account, you can go to the Sales tab, click to open these and assign them to Undeposited Funds instead; it is the bank deposit that will be allocated to the bank account rather than the receipts. 

-Kass