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Multiple Undeposited Funds accounts

Is it possible to create more than one Undeposited Funds account in Quickbooks Online?  Perhaps subaccounts so that we can separate payments from different sources, but have them still appear in the Bank Deposit screen?

 

We have an Undeposited Funds account for checks.  We want to create a separate one for credit card transactions that we know have occurred, but for which we have not received the deposit into our bank account.

 

We would like them to be separate so that we are clear which are checks we need to deposit, versus payments we are expecting from the credit card company.  They are NOT a pledge, since the customer did actually pay them.  Also in some cases, it can be a month later before we receive the deposit from the credit card company (depending on which source was used), which leads to a lot of confusion with what actually needs to be deposited into the bank account.

 

We had set up a clearing account, but since it is not "Undeposited Funds", anything we put there is not showing up in the Bank Deposit screen.

 

Ideas/suggestions?

Solved
Best answer 01-18-2019

Accepted Solutions
QuickBooks Team

Re: Multiple Undeposited Funds accounts

Good day, @AngelVail,

 

Thanks for getting in touch with us today. I can share some insights about the Undeposited Funds account in QuickBooks Online.

 

The Undeposited Funds account is a default holding account for company payments before depositing them to your bank account. The option to create U/F sub-accounts is currently unavailable.

 

This is, however, a great idea to add in QuickBooks so I'd recommend sending your product preference to our engineers. Your suggestion helps them understand where we can improve and what features should be added so we can better serve you.

 

You can follow the steps below for them to account your request:

  1. Go to the Gear icon.
  2. Choose Feedback from the drop-down.
  3. Enter your Comments, Suggestions or Feedbacks.
  4. Choose Next.
  5. Select a category.
  6. Click Send message.

That should do it, @AngelVail. I'll do the same thing on my end to reinforce your request. For now, stay tuned to our latest news and updates by visiting our QuickBooks Blog.

 

Please notify me if you need further assistance with QuickBooks. I'm here to help you out. Wishing you continued success!

 

6 Comments
QuickBooks Team

Re: Multiple Undeposited Funds accounts

Good day, @AngelVail,

 

Thanks for getting in touch with us today. I can share some insights about the Undeposited Funds account in QuickBooks Online.

 

The Undeposited Funds account is a default holding account for company payments before depositing them to your bank account. The option to create U/F sub-accounts is currently unavailable.

 

This is, however, a great idea to add in QuickBooks so I'd recommend sending your product preference to our engineers. Your suggestion helps them understand where we can improve and what features should be added so we can better serve you.

 

You can follow the steps below for them to account your request:

  1. Go to the Gear icon.
  2. Choose Feedback from the drop-down.
  3. Enter your Comments, Suggestions or Feedbacks.
  4. Choose Next.
  5. Select a category.
  6. Click Send message.

That should do it, @AngelVail. I'll do the same thing on my end to reinforce your request. For now, stay tuned to our latest news and updates by visiting our QuickBooks Blog.

 

Please notify me if you need further assistance with QuickBooks. I'm here to help you out. Wishing you continued success!

 

Established Community Backer ***

Re: Multiple Undeposited Funds accounts

Yes you can create additional undeposited funds accounts, the problem is that QBO will not allow you to use them - really really ridiculous huh?


Instead of an undeposited funds account you could use a current asset account to hold CC charges,

to make deposits  using make deposits, in the additional deposit area list the asset account and the amount

Established Community Backer ***

Re: Multiple Undeposited Funds accounts


@Rustler wrote:

Yes you can create additional undeposited funds accounts, the problem is that QBO will not allow you to use them - really really ridiculous huh?

 


You cannot create additional undeposited funds type accounts in QBO.   As far as I know neither can you in QBD

Established Community Backer ***

Re: Multiple Undeposited Funds accounts

@ Malcolm

type = other current assets

detail = undeposited funds

Established Community Backer ***

Re: Multiple Undeposited Funds accounts


@Rustler wrote:

type = other current assets

detail = undeposited funds


 

right, just one allowed like that

 

 

 

 

Established Community Backer ***

Re: Multiple Undeposited Funds accounts

Well I'll be damned, thanks Malcolm, I figures since the option was there ...

 

should have known better this is QB oh-oh

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