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christopherhanna
Level 1

Hi, using Quickbooks Essentials. Don't want to use the undeposited funds acct. My receipts are sent directly to the bank. How can I remove undeposited funds as default?

Didn't find any option to remove undeposited funds as default
2 Comments
AileneA
QuickBooks Team

Hi, using Quickbooks Essentials. Don't want to use the undeposited funds acct. My receipts are sent directly to the bank. How can I remove undeposited funds as default?

Hello, christopherhanna. 

 

I'm here to help share some information about the default Undeposited Funds account in QuickBooks Online. The Undeposited Funds account is an Other Current Asset account that’s automatically created by QuickBooks to record funds received by a company that is not immediately deposited in a bank account.  

 

To learn more how undeposited funds works in QuickBooks, you can refer to this article: How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online.  

 

However, you can record the deposit in the Bank Deposit window for cleaning up the Undeposited Funds. Here's how to do it:  

 

 

  1. Click the + New icon, then choose Bank deposit.
  2. Select the bank account used to make the deposit. 
  3. Enter the date when the customer payment was deposited. 
  4. Choose the customer payment in the existing payment list. 
  5. Press Save and close.  

  

 

 

 

  

That should rectify the problem. Please checkout these articles to learn more about how the Undeposited Funds:    

 

 

 

 

Feel free to visit us again or leave a Reply below if you have further questions about Undeposited Funds in QuickBooks. I'd be glad to help. Have a nice day, and keep safe!

vpcontroller
Level 11

Hi, using Quickbooks Essentials. Don't want to use the undeposited funds acct. My receipts are sent directly to the bank. How can I remove undeposited funds as default?


@christopherhanna wrote:
Didn't find any option to remove undeposited funds as default

@christopherhanna 

 

More info is needed...

 

If you're using the 3-rd party, you may want to check with them for the settings. 

 

There is no real setting option to remove the Undeposited Funds in the QBO. If you're manually recording customer payment, you will select the "Deposit to" field to your bank account. It will stick until you change it.

 

From the Banking For Review tab, you can also select "Find Match" for the Undeposited Funds payment/deposit and match it.

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