Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
M
Melkel3633
May 7, 2020
Question

Undeposited Funds

  • May 7, 2020
  • 1 reply
  • 4 views

Hi All - 

My question is regarding Undeposited Funds. I import my Revenue (payments) in from another software. They automatically dump into Undeposited Funds. From this point, I double check they hit my bank and if they did, I either click MATCH on the bank register or I go to Banking > Bank Deposits and do it there. 

In the past, they were no longer listed on the Undeposited Funds screen. Recently, on the Undeposited Funds screen, it is showing the original journal entry and another line showing the Deposit. But it's still viewable on the Undeposited Funds Screen. I don't want it there any longer. If it's been deposited, why doesn't it go away from there? The balance of Undeposited Funds go to zero, but the transaction lines are still viewable. Is this a change? I don't recall this happening before. I need Undeposited Funds clean, as it's easier to manage it when information is "waiting" in there. Any help is appreciated. Attaching a screen shot of my Undeposited Funds screen AFTER the deposit was made.

 

1 reply

R
Rasa-LilaMQuickBooks Team
QuickBooks Team
May 7, 2020

Thanks for reaching out to the Community, Melkel3633.

 

I appreciate you sharing with us a screenshot of the issue. This gives me a clearer picture of what happened to the entries in the Undeposited Funds account. 

 

QuickBooks keeps a record of the transactions even if you’ve already matched them. That’s the reason why they’re still showing in the mentioned account.


To clarify, do you need to use the Undeposited Funds when importing payments? This way, we’ll deposit the funds directly to the correct bank.


Then, match them with the downloaded bank transactions. This process will not show any records in the Undeposited Funds.

 

I'm including a link that goes over the workflow for receiving payments and using Undeposited Funds: Receive Payments in QuickBooks Online.

 

Reach out to me if you have any other concerns or questions. I’ll be right here to answer them for you. Have a good one.

Need QuickBooks guidance?
Log in to access expert advice and community support instantly.
Terms & ConditionsAccessibility statement