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accounting126
Level 1

I never use my undeposited funds a/c. I find matches for every deposit and categorize. My QBO is synced with my bank accounts. I want to make inactive. Is this possible?

My accounts are all reconciled up to the end of the month. I want to inactivate undeposited funds and clear the amount in undeposited funds. How do I do this? Can I do this?
4 Comments 4
PrachiJoshi
Level 5

I never use my undeposited funds a/c. I find matches for every deposit and categorize. My QBO is synced with my bank accounts. I want to make inactive. Is this possible?

You cannot make the undeposited account "inactive."

 

If there is a balance there, you need to figure out why there is a balance. Only then, you can zero it out.

 

 

accounting126
Level 1

I never use my undeposited funds a/c. I find matches for every deposit and categorize. My QBO is synced with my bank accounts. I want to make inactive. Is this possible?

There is a balance because I never use it? 

On another feeds it says if you are connected to your bank accounts you don't need to use it?

As per my previous comments, my bank accounts are all reconciled. I am up to date on accounts receivable. Does anyone else have any input?

Thank you. 

PrachiJoshi
Level 5

I never use my undeposited funds a/c. I find matches for every deposit and categorize. My QBO is synced with my bank accounts. I want to make inactive. Is this possible?

You do not need to use it, even if you do not use bank feed.

 

However, if there is a balance, there is at least one transaction in undeposited funds.

 

You need to check the GL of the account and see which transaction(s) are creating the balance. Then figure out the solution for it. At the moment, you do not know what is the problem. 

 

Trish_T
QuickBooks Team

I never use my undeposited funds a/c. I find matches for every deposit and categorize. My QBO is synced with my bank accounts. I want to make inactive. Is this possible?

Hi accounting126,

 

It's great to hear that you're keeping your books up to date and actively reconciling your accounts to stay balanced.  QuickBooks Online allows you to hide any accounts you no longer use by making them inactive.  I'd be happy guide you through the process of locating the transaction that's holding you back!

 

As mentioned, your accounts have been reconciled for which you may have a duplicate entry that we'll need to locate in the account history.  Here's how:

 

1. Click on the Gear at the top right of your account

2. Select Chart of Accounts

3. Locate the Undeposited Funds account in the list and hit Account History at the far right

4. Click on the drop-down arrow above the Date column to apply filters to narrow your search

5. In the Status Field, select Not Reconciled 

6. The transaction should be visible (if it doesn't populate, repeat step #5 and change the status to Cleared or No Status)

7. Delete the transaction

Note:  Before deleting it, make sure it's a duplicate entry.  If you manually mark it as reconciled, it will throw off the previous reconciliations.

8. Go back to the Chart of Accounts

9. Locate the account and select the Drop-Down Arrow to the far right

10. Hit Make Inactive

 

In addition, you can hide the inactive accounts by following these steps:

 

In the Chart of Accounts, click on the small Gear icon above the Action column

Remove the checkmark beside Include Inactive.

 

I hope this helps you meet your goal!

 

Don't hesitate to reach back out if you have any other questions.  We're glad to assist!

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