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hftjm
Level 1

Undeposited Funds

My Undeposited Funds Account is showing a balance of 6400.00, but all funds have been deposited. How do I correct that and get it to 0.00?

Solved
Best answer February 25, 2020

Best Answers
Candice C
QuickBooks Team

Undeposited Funds

Nice to meet you, @hftjm.

 

It sounds like you might have some data damage with your company file since all of the funds have been deposited. Don't worry. I've got you covered. We can use the Verify and Rebuild data tool to remove the damage from the company file. Here's how:

  1. Go to the File menu, then hover over Utilities and choose Rebuild Data.
  2. Select OK when on the QuickBooks Information window. Follow the on-screen instructions to save a backup.
  3. Give time for the tool to repair your file.
  4. When the tool finishes, Press OK.
  5. Go to the File menu, then hover over Utilities and pick Verify Data.
  6. The tool will now check for data issues.

Afterward, try to go back to the Undeposited Funds Account and see if the balance is still there.

 

Here are two extra links that can help you out in the future:

Touch base with me after trying these steps. I want to make sure that we're able to get this issue resolved. I'll be waiting for your response.

View solution in original post

10 Comments
Candice C
QuickBooks Team

Undeposited Funds

Nice to meet you, @hftjm.

 

It sounds like you might have some data damage with your company file since all of the funds have been deposited. Don't worry. I've got you covered. We can use the Verify and Rebuild data tool to remove the damage from the company file. Here's how:

  1. Go to the File menu, then hover over Utilities and choose Rebuild Data.
  2. Select OK when on the QuickBooks Information window. Follow the on-screen instructions to save a backup.
  3. Give time for the tool to repair your file.
  4. When the tool finishes, Press OK.
  5. Go to the File menu, then hover over Utilities and pick Verify Data.
  6. The tool will now check for data issues.

Afterward, try to go back to the Undeposited Funds Account and see if the balance is still there.

 

Here are two extra links that can help you out in the future:

Touch base with me after trying these steps. I want to make sure that we're able to get this issue resolved. I'll be waiting for your response.

View solution in original post

hftjm
Level 1

Undeposited Funds

Thank you very much. That fixed the problem, but I have another problem. I am showing -12,363.98 in Accounts Receivable, but my open balance on invoices is 6,264.00. Any ideas on that?

Rose-A
Moderator

Undeposited Funds

Hi, hftjm.

 

These negative amounts are usually caused by Credit Memo entries, over-payments, or possible duplicate payments. 

 

If these are deposits, the best way to remove them is to apply these as a credit to an invoice. Here's how:

 

  1. Go to the Customers menu, then select Create Invoices.
  2. Choose the customer from the Customer: Job drop-down.
  3. Enter the necessary information.
  4. Click Apply Credits.
  5. Hit Yes to confirm the changes.
  6. In the Apply Credits window, select the deposit from the Credits tab. (Make sure the amount is the same with the invoice)
  7. Click Done. (The invoice will be marked as paid)
  8. Hit Save & Close to save the invoice.

 

Once done, you can now review the Accounts Receivable if the negative amounts are already removed.

 

You can refer to these articles to learn more about Accounts Receivables in QuickBooks Desktop:

 

Feel free to get back to me if you need more help with QuickBooks invoices. I'd be happy to help.

dede5674
Level 1

Undeposited Funds

I have the same problem in QB online.   What is the process in this case.

 

 

Candice C
QuickBooks Team

Undeposited Funds

Hey there, @dede5674

 

Thanks for joining in on this thread. There are some different troubleshooting steps that you can take to help fix this balance problem within your QuickBooks Online (QBO) account. 

 

Using a private browser or incognito window can help remove any errors or glitches that may be occurring in your product. Here's how: 

 

  • Internet Explorer/Firefox: Ctrl Shift 
  • Google Chrome: Ctrl Shift 
  • Safari: Command Shift 

 

If this works, then go back to your regular session and clear your browser's cache and cookies. If this doesn't work, then I suggest using a different browser. 

 

Let me know if this does the trick. I want to make sure all of your concerns are addressed. Take care! 

JUNKDATABQ
Level 1

Undeposited Funds

IS All OF QB DATA HACKED BY THE RUSSIAN TRAMP AND QB DATA TURNED TO JUNK.?????

 

3 SEPARATE BANK ACCOUNT DOWN LOADED BANK TRANSACTIONS FOR THE YEAR THAT I HAVE IDENTIFIED SO FAR ARE CRUPTED AND MISSING THOUSANDS OF DOLLARS OF TRANSACTIONS, FROM CAPITAL CREDIT CARDS ACCOUNTS!!!

 

IS ANYONE ELSE EXPERIENCING THIS AND IF SO HOW DO I FIX IT OR GET QUICK SH_T TO FIX THERE ACCOUNTING TO BE TRUE AND NOT FAKE MISSING DATA, AS A BUNCH OF MY TRANSACTIONS ARE MISSING FOR EACH MONTH FOR EACH ACCOUNT AND MAYBE ALL BANKING ACCOUNTS???

JUNKDATABQ
Level 1

Undeposited Funds

I Don't understand 

 

Where do I find file...

 

File explorer 

 

SEND VIDEO LINK 

 

 

 

Freaking reprogram quick books Sh_t data 

RCV
QuickBooks Team
QuickBooks Team

Undeposited Funds

This is not the impression we want you to experience when using Bank Feeds, JUNKDATABQ.

 

The bank transactions posted in QuickBooks dependents on what your bank or financial institution shares with us and on how they are initially displayed on your bank's website. To trace on what happened to the missing transactons, we can run the Audit Trail feature to check if they are modified or deleted. This lists each accounting transaction and any additions, deletions, or modifications that affect that transaction. Here's how:

  1. Click Reports on the top menu.
  2. Choose Accountant & Taxes.
  3. Select Audit Trail.
  4. Manually enter the date period when you approved the bank transactions.
  5. Hit Refresh.

If you can't find the missing bank data, let's try checking other bank accounts. It's possible it was linked to a different one when adding them in the register. If the same thing happens, we can use the Web connect feature to import the missing bank transaction in QuickBooks. Then, you can add them to your register again.

 

Once done, please contact our Technical Support Team to investigate what's causing this issue. They'll pull up your account in a secure environment and help you with this one. You may send a message via chat, call us at a time convenient to you, or we’ll get in touch with you instead. To ensure we address your concern, our representatives are available from 6:00 AM to 6:00 PM on weekdays and 6:00 AM - 3:00 PM on Saturdays, PST. See our support hours and types for more details about this one. Here's how to reach them: 

  1. Click the Help icon on the top menu. 
  2. Choose QuickBooks Desktop Help
  3. Tap Contact us.
  4. Select Search for something else and enter your concern in the Tell us more about your question: field. 
  5. Tap Search
  6. Choose Start a Message or Get Phone Number to connect with our support. 

Feel free to visit our Banking page for more insights about managing your bank feeds transactions. 

 

I'd like to know how things going after trying the steps, as I want to ensure this is resolved for you. Please reply to this post and I'll get back to you. You have a good one. 

AmyMM11
Level 1

Undeposited Funds

The undeposited funds account is showing a balance of @$22k, however the majority of the funds have been deposited. Is it possible that the person before me made duplicate entries causing this to be the case?

I'm a new QB user, so I am currently taking the training classes but I need to know this now so I can get this fixed. 

I read your prior reply regarding the damaged data but since I am new to QB I just want to make sure that there isn't another possible answer. 

TIA

katherinejoyceO
QuickBooks Team

Undeposited Funds

Thanks for joining in this thread, @AmyMM11

 

As an insight, QuickBooks automatically holds the funds in the Undeposited Funds (UF) account when receiving payments. And the best way to clear the amount to make a deposit. 

 

Since the majority of the funds have already been deposited, I'd suggest you follow the steps to use the Verify and Rebuild tools to remove the possible data damage from the company file. 

 

Then, go back to the Undeposited Funds Account to review your transactions that need to be cleared. Here's how:

 

  1. From the Lists menu, select Chart of Accounts.
  2. Right-click Undeposited Funds and then select QuickReport: Undeposited Funds.
  3. From the Dates drop-down menu, select All.
  4. Select Customize Report, then select the Filters tab.
  5. Scroll down the Filter list and select Cleared, then select No and then select OK in the Cleared section. 

 

 

Additionally, I'm adding this guide to help you ensure your QuickBooks account matches the real-life bank statement:  Reconcile Workflow.

 

Get back to us if you have other QuickBooks-related questions. We're here help you out.

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