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Level 1

How can I remove entries from the undeposited funds account. Names that appear have already previously been posted.

 
3 Comments
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Level 9

How can I remove entries from the undeposited funds account. Names that appear have already previously been posted.

It is important to follow the order of operation. You should "undo" the deposits that were matched and made directly from the bank feed and make the deposit (+ Bank Deposit) of the undeposited funds first, then match the deposits in the bank feed to the deposits you made in Bank Deposits.

 

The correct order of operation:

1. Receive customer invoice payments to undeposited funds

2. Go to "Bank Deposit" and select the received payments that "match" your bank feed deposit

3. Match the bank feed deposit total to the deposit you just made in the "Bank Deposit"

 

If the undeposited funds are there because of an APP you are using, the clean-up strategy would be different. Some APPS mistakenly post directly to the register and undeposited funds.

 

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Content Leader

How can I remove entries from the undeposited funds account. Names that appear have already previously been posted.

Good afternoon, @louis2057.

 

It's time those unneeded entries in the Undeposited Funds account were addressed. Payments or Sales Receipts that appear here haven't yet been assigned to a Bank Register, so if these transactions were already posted, the items you're seeing may be duplicates. The best way to verify this is by Reconciling, the steps below will help you accomplish this:

 

Reconciling in QuickBooks Online

  1. From QuickBooks Online, click the Gear icon (⚙) and select Reconcile.
  2. Have your bank statement handy for the specified reconciliation period. Select the bank account, enter a beginning balance and ending date from the statement, and click Start reconciling.
  3. For each transaction that appears on your statement, check off the corresponding item on the Reconciliation screen.
  4. Once finished, verify the balances match at the top, and select Finish.

Check out the thorough guide on Reconciling in QBO or our awesome video tutorial below for more information:

 

 

Should the account reconcile without issue, it means the transactions leftover in the Undeposited Funds account are duplicates or unneeded. Delete them using these instructions:

 

Delete unneeded transactions

  1. From QuickBooks Online, click the Plus icon (+) and select Bank Deposit.
  2. On a Payment needing deleted, click the customer's name to open the transaction.
  3. At the bottom of the Payment screen, click More and select Delete.
     

We also offer a guide on deleting transactions that you may find helpful. As always, please consider reaching out to an accounting professional to determine if this is the best course of action for your business. Every company is different, so they'll help you make a decision that best suits the situation. Intuit's Find-An-Accountant site can you put you in touch with local, certified experts that have plenty of experience in scenarios like this one.

 

Please let me know if there's anything else you need, I want to ensure your success. Thanks for coming to the Community, wishing you a delightful holiday season.

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Level 9

How can I remove entries from the undeposited funds account. Names that appear have already previously been posted.

Be careful about deleting undeposited funds. Unless you have a connected app that created these transactions in error, it is feasible that you would be deleting your own customer invoice payments. If the customers in question do not have a credit balance due to duplicate payment entries, the suggestion of deleting these undeposited funds (customer invoice payments) is seemingly not the answer you need.

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