Question

Undeposited Funds

Forum|Forum|3 years ago
October 29, 2022
1 reply
15 views

I have over $12,000 in undeposited funds sitting in my QB online account. All of these funds have actually cleared our bank and been deposited into our account and came in through QB online payments. The customers' accounts show that they have paid these amounts. But we can't reconcile our books because these funds show as not being deposited. Any ideas on how to correct this?

QuickBooks Online

C

CharleneMaeF

QuickBooks Team

I know ways to clear the Undeposited Funds account, mendingtrails.

The Undeposited Funds account holds the payments you received from invoices. Thus, the amount is cleared from this account when deposited.

Here's how:

Go to + New and then select Bank Deposit.
From the Account drop-down, choose the account you want to deposit the funds.
Select the checkbox for each transaction.
Make sure the total of the selected transactions matches your deposit slip.
Click on Save and close.

For more details, please see this article: Record and Make Bank Deposits.

Aside from that, you can also edit the Deposit to account for the recorded payment. This removes the transaction that shows up in the Undeposited Funds account. I'll show you how:

Go to Sales and then select Customers.
Click the customer's name and look for the payment.
In the Receive Payment page, change the account from the Deposit to drop-down list to the correct bank account.
Click on Save and close.

Once done, you can now reconcile the account. Then, view, print, or export a reconciliation report for future purposes.

Please keep us posted if you need additional assistance in reconciling your account. We're always here to help you out.

M

mendingtrailsAuthor

Thank you. This did move things out of the undeposited funds account. It duplicated transactions, however. My bank account is linked to QB so when the funds were deposited and credited to the appropriate invoices, they went to the right place. A "ghost" of them just appears to have stayed in the undeposited funds account. But I can't find a reason some did this and some didn't.

Maybe this isn't the same issue, but I also have duplications from my bank account and then quickbook generated "system recorded fees/deposits".

DivinaMercy_N

Moderator

Thanks for providing further details about your concern, @mendingtrails. I'm here to provide additional info about the system generated fees you see in your account.

To clarify, have you recall activating or subscribing to an add-on service (QuickBooks Payments or Payroll) in QuickBooks Online (QBO)? To determine what the fees are for, let's check your Billing and Subscription page. Here's how:

Navigate to the Gear icon.
Next, select Account and settings.
Then, proceed to the Billing & Subscription tab.
You’ll see all your active subscriptions there.

On the other hand, you can also open your Intuit account through the Customer Account Management Portal Site (CAMPS) website to further check the details. Refer to the steps below:

Go to the My Account page and log in using your Intuit account credentials.
Next, select View your transaction history in the Payment and Order Activity section.
From the Payment History page, click the Period drop-down and select a date.
Filter the list by date and time. The payment history can show both payments and refunds in your account within the last 360 days or one year.
Select the Details link next to the payment or refund to see more information.

For reference, please see these articles:

Then, to handle duplicate transactions you can exclude them if they are already recorded in your QBO account. Also, to see who made the changes. in your account, you can open the Audit log report.

Please keep me posted on how this goes. If you have any other concerns about managing managing your transactions in QBO, feel free to leave a reply below. I'll be more than happy to lend a hand. Have a good one and take care.

Sign up

Login with SSO

Let's get you signed in

Login with SSO