Undeposited funds account

Hello accounting437,

I can see that this is important for you to sort out, which makes sense for balanced books. I want to make sure you're able to take care of these transactions in QuickBooks Desktop and would be happy to point you in the right direction for working through this.

I appreciate the detailed explanation of the transactions you're working with and what's been done so far. Since you're dealing with reconciled transactions and need to manage the currencies between these accounts, I strongly recommend connecting with an accountant to figure out the best way to approach this situation so you can have confidence that the transactions have been handled correctly. They'll be able to help you navigate situations like working with transferring funds between your foreign currency accounts since QuickBooks limits transactions to the home currency plus one foreign currency.

If you don't already have an accountant, check out the Find an Accountant page, which takes you straight to our directory of QuickBooks-certified accountants near you.

You may even get some feedback from accountants here in the QuickBooks Community, so you can keep an eye out for that as well, but for a more immediate response, working with your accountant or seeking out one to work with is the route I recommend.

Take care and feel free to stop by Community again. :)

Hello 

Thank you for your reply.

Can you please clarify what you mean by "help you navigate situations like working with transferring funds between your foreign currency accounts since QuickBooks limits transactions to the home currency plus one foreign currency."?

As far as I know (and work with CAD, USD, EUR).) QB can handle more then 2 currencies.

This issue can only be solved by a QB team member and not an accountant since it was incorrectly posted and I am trying to fix this.

As I explained in my initial post, the issue is that I can only make a deposit to either the transaction currency account or home currency. Neither of these choices would help me.

I would like to add that I did call QB support and was very disappointed by the service (or lack of it).

Thank you for trying to help.

Hi accounting437,

Making sure your entries are entered correctly is the cornerstone of bookkeeping. I can help point you in the right direction.

As my colleague Laura mentioned when it comes to how QuickBooks works we're here to help. When it comes to your account information like how to correct a mistake that was entered in the past, that is when it's best to reach out to an accountant to help. We recommend this as accountants are trained in how to make adjusting entries to get this corrected for you. If you don't currently have an accountant to help you no worries as you can find one nearby using our find an accountant page.

Have a great one!

Hello,

Thank you for your reply.

As I mentioned previously this is NOT an accountant issue.

I know and understand what needs to be done but QB prevents me from doing it.

Since QB will not allow me to deposit to another currency to a non home currency account.

Suggesting I contact an accountant is not the ideal solution that I would expect from the QB team.

Thank you

Additionally, most Accountants don't know how to use Quickbooks or QBO and/or hate it and don't want to know how to use it!

Hi debholmes2,

Thanks for chiming in on this thread. QuickBooks has developed several products to try and meet individual business needs. However, I know QuickBooks isn't for everybody. If you're looking for an accountant familiar with QuickBooks products, I can help you find one. Here's a link that lists QuickBooks Proadvisors: Find an Accountant. 

You're always welcome to share your feedback in the QuickBooks Community. Take care.

Hi

You are absolutely right.

When I see the replies here sending my to check with an accountant it's a bit annoying because as you said - most of them don't know anything about QB.

Thanks

Hi accounting437,

I know it may not always be the reply you're looking for when we advise you to check with an accountant. Let me explain the reason behind it. QuickBooks of any version can be individualized to your business. Each set of books will be specific to the company. Often a one size fits all answer isn't what you need.

As support agents, we are the QuickBooks experts and can provide you with information about the program. When it comes down to the accounting portion of the transactions, we refer you to the accounting experts, your accountant. Your accounting specialist is familiar with your accounts and distinct business setup.

We always want to ensure that you're getting the right advice for your individual business. If you're looking for a helping hand with your QuickBooks product, I'd be happy to help you. All the best.

Hi Accounting437

To further clarify, was the receive payment done via the customer module on the invoice, and the subsequent journal entry done via JE?

Is there a reason you couldn't delete the JE, and do it via New-> Deposit where the payment receipt will be linked to that transaction?  If it throws off your reconciliation you should be able to manually mark the transaction in the bank account reconciled to bring it back into balance.