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Intuit

How to clear negative entries from Undeposited Funds and the Bank Deposit screen

Sometimes, negative value transactions show up in Undeposited Funds and appear on the Bank Deposit screen (for example, if you issue a customer refund from Undeposited Funds).

You can't deposit a negative value entry by itself. The net deposit must be a value greater than or equal to zero. To resolve issues with negative transactions in Undeposited Funds, make a zero value deposit and record the negative value deposit with it.

Use the following steps to help you create a Journal entry and offset the value of a negative deposit in Undeposited Funds.

Create a Journal Entry

  1. Select the Plus icon (+) on the Toolbar.

  2. Under Other, select Journal Entry.

  3. Enter the transaction date in the Journal date field.

  4. On the first line, in the Account column, select the Undeposited Funds account.

  5. In the Debit column, enter the single line deposit amount.
  6. On the second line, in the Account column, select the bank account.

  7. In the Credit column, re-enter the single line deposit amount (if it does not already appear).
  8. Select Save.

Offset the negative value

  1. Select the Plus icon (+) on the Toolbar.

  2. Under Other, select Bank Deposit.

  3. Select the payment and the Journal Entry you created.
    The total should be zero.
  4. Select Save.

Now you know how to resolve issues with negative transactions.