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erin-gould
Level 1

I am using QB online and I see there is money in my undeposited funds account. This money has been deposited, why it is till showing money there and how do i move it?

 
1 Comment 1
DivinaMercy_N
Moderator

I am using QB online and I see there is money in my undeposited funds account. This money has been deposited, why it is till showing money there and how do i move it?

Hi there, @erin-gould.

 

Possibly that the account associated with the transactions is the Undeposited Funds. QuickBooks Online (QBO) uses this as a temporary account to holds payments received from invoices before transferring them to your bank.

 

To move funds from Undeposited Funds Account to the bank, you'll need to create a Bank Deposit.

 

Here's how:

 

  1. Select the +New button and click Bank Deposit.
  2. From the Account drop-down arrow, choose the bank account you're depositing the money to.
  3. You'll see all the transactions under Undeposited funds account in the Select the payments included in this deposit section. It also matches the balance you've seen in your Chart of Accounts.
  4. Put a checkmark in the box beside the transaction to move them on your desired account.
  5. Hit Save and close when done. 

 

Also, you'll need to review your Undeposited Funds account to see payments that you'll have to deposit. To do this, go to the Accounting menu, select Chart of Accounts, and look for Undeposited Funds account. For more details, please check out this article: What's the Undeposited Funds account?

 

Additionally, to have a summary of the transactions you deposited, you can run a report in QBO, let me walk you through the process:

 

  1. Go to the Reports tab and click the search bar.
  2. Enter the word deposit and select Deposit Detail.
  3. If you want to filter or add columns, click the Customize button to customize the report. 

 

Keep me posted if you have any other QuickBooks concerns. I'll be here to help. Have a great day ahead.

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