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Community Contributor *

Undeposited funds not showing up in bank deposit?

I've checked the on-line answers to this, and no - the funds have not already been deposited.  
The other explanation is that the "Undeposited Funds" account type should be "Other Current Assets".  Mine is set to "Current Assets" - but I don't have "Other Current Assets" in the drop down selection list.  Is this the reason?  And how do I make that type?
Solved
Best answer 07-21-2019

Accepted Solutions
Anonymous
Not applicable

Re: Undeposited funds not showing up in bank deposit?

It's nice to see you here, @porthgwarra,

 

I'm here to help you deposit your payments to the Undeposited Funds Account.

 

You're correct. In QuickBooks Online UK, the U/F account is under Current Assets. Let's review if it is set up correctly in the Chart of Accounts to ensure you can track customer payments accurately. Follow the Steps below:

 

  1. Go to the Accounting menu.
  2. Locate the Undeposited Funds account.
  3. On the Action drop-down, select Edit.
  4. Make sure the Account Type is Current assets and Undeposited Funds for the Detail Type.
  5. Click on Save and Close.

Once done, make sure you assign the correct deposit account on the invoice payment. Please see this screenshot:

 

 

Now, go ahead and deposit the payment. Perform the steps I've outlined for you:

 

  1. Click the Create (+) icon.
  2. Choose Bank Deposit.
  3. Update the Account and Date.
  4. Make sure the correct Currency is selected.
  5. All the invoice payments deposited in the U/F account will display on the Select the payments included in this deposit section.
  6. Mark the deposits then click on Save and close.

Please update me on how it goes. I'll be more than happy to help if you needed one. Have a nice day!

 

View solution in original post

Community Contributor *

Re: Undeposited funds not showing up in bank deposit?

Hi Jen_D Thank you very much for that solution! My U/F account was set up correctly, but I hadn't spotted the 'select currency' option on the Bank Deposit screen. Having received the payment in USD and converted it to GBP as I received it to the U/F account, I assumed it was 'there' as GBP. Anyway - it's all good now - so thank you! Peter

View solution in original post

3 REPLIES 3
Anonymous
Not applicable

Re: Undeposited funds not showing up in bank deposit?

It's nice to see you here, @porthgwarra,

 

I'm here to help you deposit your payments to the Undeposited Funds Account.

 

You're correct. In QuickBooks Online UK, the U/F account is under Current Assets. Let's review if it is set up correctly in the Chart of Accounts to ensure you can track customer payments accurately. Follow the Steps below:

 

  1. Go to the Accounting menu.
  2. Locate the Undeposited Funds account.
  3. On the Action drop-down, select Edit.
  4. Make sure the Account Type is Current assets and Undeposited Funds for the Detail Type.
  5. Click on Save and Close.

Once done, make sure you assign the correct deposit account on the invoice payment. Please see this screenshot:

 

 

Now, go ahead and deposit the payment. Perform the steps I've outlined for you:

 

  1. Click the Create (+) icon.
  2. Choose Bank Deposit.
  3. Update the Account and Date.
  4. Make sure the correct Currency is selected.
  5. All the invoice payments deposited in the U/F account will display on the Select the payments included in this deposit section.
  6. Mark the deposits then click on Save and close.

Please update me on how it goes. I'll be more than happy to help if you needed one. Have a nice day!

 

View solution in original post

Community Contributor *

Re: Undeposited funds not showing up in bank deposit?

Hi Jen_D Thank you very much for that solution! My U/F account was set up correctly, but I hadn't spotted the 'select currency' option on the Bank Deposit screen. Having received the payment in USD and converted it to GBP as I received it to the U/F account, I assumed it was 'there' as GBP. Anyway - it's all good now - so thank you! Peter

View solution in original post

Anonymous
Not applicable

Re: Undeposited funds not showing up in bank deposit?

It's nice to hear back from you, @porthgwarra,

 

You are very much welcome! I'm glad I came across your post and was able to help you resolve your concern. Please know that the Community is always open for you and I'm here to lend you a helping hand.

 

Don't forget to mention me anytime. Have a nice week ahead Peter!