Bank deposit module balance doesn't agree to undeposited fund GL balance

OEL · ‎October 06, 2022

How do I fix a bank deposit module that has a journral entry in it that is not the result of a banking transaction but is an adjustment made to adjust the Undeposited Funds GL account to zero. The entry credits the Undeposited Funds GL account and debits an expense account in order to match the balance in the Undeposited Funds GL account to the actual undeposited funds on hand. This journal entry is different from the typical type of entries that are seen in the undeposited fund account. Can this entry be removed from the bank deposit module without deleting it from the GL and without depositing it? ( I can't deposit it anyway because it is a negative amount and even it was a positive amount depositing it to a dummy bank account would not fix the problem because the entry would be Dr. Dummy Bank Account and Cr. Undeposited Funds which would return an amount to the Undeposited Fund GL account.) The reason I don't want to delete the entry is because it balances the Undeposited Funds account to actual. I would just like the entry to be removed from the bank deposit module and not the Undeposited Funds GL account. Basically, I want this one entry to be "unlinked" or disconnected from the bank deposit module. Thank-you

JamesM4 · ‎October 06, 2022

The function that allows you to turn off the Undeposited Funds account is unavailable in QuickBooks. I can see the benefit of having this function and I encourage you to send feedback about this to engineers. To do this, click on the Gear icon and look for Feedback. New product ideas and improvements are based on the valuable feedback we get from users like you. Let me know if you have other questions, I've got your back.

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Trish_T · ‎October 06, 2022

Hi OEL,

Welcome to Community! Creating Journal Entries in QuickBooks Online enables you to move funds between your accounts and balance your books. I'd be happy to point you in the right direction!

Deleting a journal entry can have a negative impact on other areas of your books. When you reverse a journal entry, QuickBooks creates another one to balance it. However, in your particular situation, I suggest reaching out to your accountant for their expertise and best course of action. If you don't have one, we can help you locate a ProAdvisor in your local area.

Please don't hesitate to reach back out with other questions. We'd be glad to help!

OEL · ‎October 06, 2022

Thank-you Trish,

Do you know if we can turn off the Undeposited Funds account in QBO?

JamesM4 · ‎October 06, 2022

The function that allows you to turn off the Undeposited Funds account is unavailable in QuickBooks. I can see the benefit of having this function and I encourage you to send feedback about this to engineers. To do this, click on the Gear icon and look for Feedback. New product ideas and improvements are based on the valuable feedback we get from users like you. Let me know if you have other questions, I've got your back.

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Bank deposit module balance doesn't agree to undeposited fund GL balance