Why does Undeposited Funds not appear under my Accounting Reconcile dropdown?

csacs100 · ‎November 02, 2018

I want to reconcile my Undeposited Funds account so that I am able to show the items that make up the closing balance in Undeposited Funds in the General Ledger at any particular period end that I might choose.

Those items that are matched should be marked as reconciled, leaving only unmatched entries outstanding. I can then run a reconciliation report which shows me the outstanding items at any period end, the way I can with a bank reconciliation.

The only other way that I can provide supporting information for the balance on the account at period end would be to stop invoicing and banking for the next period until such time as I had reconciled all my bank accounts for the relevant period and then printing off the list of Undeposited Funds in the Bank Deposit screen.

Anonymous · ‎November 02, 2018

Hi csacs100,

Thank you for contacting the Community.

At the moment you are not able to reconcile Undeposited Funds as it is a Current Asset account, and do not show on the list of accounts to reconcile.

I would recommend to leave feedback to the developers of the website so we can look at possibly implementing this into the product. To do so click the Cog wheel and then Feedback. Or click this link.

Thanks, Carly :)

csacs100 · ‎November 04, 2018

Hi Carly,

Thank you for the reply, but the reason you give for not being able to reconcile Undeposited Funds does not appear to be correct.

I am able to reconcile Prepayments, which also appears as a Current Asset and can also reconcile Loans, Accruals etc.

Thanks

Anonymous · ‎November 05, 2018

Hi csacs100,

I'm so sorry about that.

When I have checked again, you are correct in saying that the other Current Assets like Prepayments and Stock Assets are showing on the Reconcile drop down.

When I have looked into this further for you this morning I have found out Undeposited Funds is not an option to Reconcile as it is used as a Holding account and once reconciled the transactions will not be able to be matched on the banking screen, therefore causing issues with your actual bank reconciliation when you need to deposit the payments at a later date.

You can leave feedback to the developers of the website to possibly get this implemented in the further. To do so please click the Cog wheel then Feedback.

Thank you, Carly. :)

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Why does Undeposited Funds not appear under my Accounting Reconcile dropdown?