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There should never be a JE for Undeposited Funds. That can corrupt this account. And a JE is an extra transaction; you should not need it if you already have this data in the file.
Hello there, @ladybugknox97.
Thank for joining this conversation. Allow me to chime in for a moment and help make sure that you can locate the deposit in your QuickBooks.
Just to confirm, may I know what QuickBooks version you're currently using? Is it a Desktop or an Online version?
In the meantime, one of our Allstar @Lexiesmemere provided the steps for both versions that can surely help you with locating the deposit. You can check that out in this thread.
That should point you in the right direction. Please let me know how it goes or if you have any follow-up questions or concerns in the comment section. Take care and have a wonderful weekend.
I am having a similar problem. I need to delete a deposit that consisted of 3 items. The items seem to be sitting in undeposited funds. When I try to delete the items in the items from Chart of Accounts --> Undeposited Funds --> Account History I get the message "This transaction has been deposited. If you want to change or delete it, you must edit the deposit it appears on and remove it first.". Sounds logical, but when I go to Accounting --> [My Bank Account] --> Account History I can't see the 3 items nor a single item that is the total of the 3 for that date. What am I doing wrong?
Hi there, @CV5.
Thanks for joining this thread. Allow me to jump in and provide some additional information about deleting deposit payment in QuickBooks.
The reason why you're getting this error is when the payment transaction that you're trying to delete is still linked to a bank deposit (Deposited to main account). What you need to do is delete the bank deposit first before we can delete the payment.
If you need further assistance with the steps from our live support, I recommend contacting our QuickBooks Desktop Support Team. They have the tools to pull up your account and do a remote session.
Here's how you can contact our live support:
This will get you on the right track. Feel me in if you have any other questions. Have a good one.
Hi its interesting you said this. I'm trying to clean my undeposited funds account from 2017. I have a restaurant and our past bookkeeper posted daily sales as a single journal entry with the cash going to undeposited funds. She also used JE and Transfers to record when we replenished our petty cash account and made deposits to the bank account. Now my undeposited funds register has loads of negative transactions in addition to all of the JE cash income sitting in it. I'm not sure how I should go about correcting this. Can you help me please?
Thank you for the details about how the deposits were recorded, @freestylin.
I'm here to help clear the negative balance in the Undeposited Funds account.
If payments were already deposited to the right bank account, you can delete the duplicate entries from this account.
Before making any changes since the process can't be reversed, I recommend backing up your company file.
To delete the journal entries:
You can then deposit the payments. Here's how:
You can read through this article for additional information with the solution above: Understand how the Undeposited Funds account works.
Upon sharing this, I still suggest consulting with your accountant. He/she might have specific instructions on how to handle the deposits sitting in the Undeposited funds account. These are very old transactions and you may be working in a closed period of your books.
Feel free to leave a comment below if there's anything else you need with clearing up the Undeposited Funds account. I'd be glad to help you further.
Thank you very much for your help @MaryLandT.
I don't have an issue with overstated income. My issue was that transactions were manually posted to UF using journal entries. Which in reading another one @qbteachmt replies I think I figured it out. I should not have manually posted to UF, so to reverse this I will edit each JE to post to a Bank account to represent cash in transit. I've started this process and it seems to be working the account balances are moving in the correct direction. I will updated as I'm finish.