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dirtdiva79
Level 2

If Quickbooks Payments continue to sit in Undeposited Funds long after they've been deposited into bank account and reconciled, how do I clear them out of there?

 
3 Comments
john-pero
Community Champion

If Quickbooks Payments continue to sit in Undeposited Funds long after they've been deposited into bank account and reconciled, how do I clear them out of there?

If they cleared the bank and you have reconciled then if they are "sitting" in Undeposited Funds chances are these are duplicate entries.  This happens most times when you enter a sales receipt in QB and then ADD, instead of matching the same transactions from the bank feed.

dirtdiva79
Level 2

If Quickbooks Payments continue to sit in Undeposited Funds long after they've been deposited into bank account and reconciled, how do I clear them out of there?

Hi John,

Thanks for your reply. I get what you're saying, but since I had this issue last year, I have been careful to avoid it this year. I always match the downloaded transactions from the bank feed now instead of adding them. I no longer enter check payments manually either, since this resulted in tons of duplicate entries (and overstated income last year). Rather, I deposit checks to my bank, then wait for them to appear in the QB banking feed, where I match them to an invoice. Any ideas why I might still have transactions that cleared my bank and were matched by me sitting in Undeposited Funds?

My book keeper and I are confused by it. Thank you.

Charies_M
Moderator

If Quickbooks Payments continue to sit in Undeposited Funds long after they've been deposited into bank account and reconciled, how do I clear them out of there?

Welcome back to QuickBooks Community, dirtdiva79.

 

Good to hear that you've been careful and made sure you match the transactions instead of adding them. Doing this will avoid duplicate entries that causes it to stay in the Undeposited Funds.

 

If the Quickbooks Payments transactions continue to sit in the Undeposited Funds in spite of making sure they are being matched instead of being added, you may need to contact our QuickBooks Care Team. This needs a through investigation and identify what's causing this and to find a permanent solution to avoid this from happening again.

 

Allow me to leave this article to learn more about undeposited funds in QuickBooks Online: What’s the Undeposited Funds Account?

 

Also, you can find out more about the different ways handling payments  into the Undeposited Funds account in QuickBooks Online. Scroll down to Payments processed with QuickBooks Payments: Deposit payments into the Undeposited Funds account in QuickBooks Online.

 

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Get back to me if there's anything I can help you with. I'd be happy to assist you further. Enjoy the rest of the day.

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