clearing old payments waiting to be deposited

@sunny20 

If you deposit them, it won't mess up previous bank recs but it will create deposits that you won't be able to clear on future reconciliations without having to make an adjusting entry so it's best to figure it out now.  Just to clarify, these old payments are sitting in Undeposited Funds (UF) waiting to be deposited, correct?

Since this is double-entry accounting, if your UF is overstated due to payments waiting to be deposited, then you must have another account that is off by the same amount and we need to determine what that account is so we can clear the UF against it.  Are you able to see what entry the previous bookkeeper made to deposit the old payments?  Were they bank deposits or did they receive payments on duplicate invoices or ???  

I appreciate you seeking clarification before taking action, sunny20. Let’s explore how to handle these undeposited payments while maintaining the integrity of your financial records.

Before we proceed, could you clarify how the old payments were deposited? This information will help us understand the reconciliation discrepancies and provide a tailored solution.

Yes, depositing those old payments will affect your future bank reconciliations, as it can create duplicate entries and complicate the reconciliation process, as Rainflurry mentioned.

An old deposited payment may appear in Undeposited Funds (UF) for various reasons, such as being deleted from the bank register. To check if any transactions have been deleted, go to the Audit Trail.

Here's how you can check your Audit Trail:

1. Go to the Reports menu.
2. Select Account & taxes, then click Audit Trail.
    
   
3. Look for the specific transaction and check if it was deleted.
   
   

If the transaction has been deleted, you can create a new deposit that matches the old payment transaction. Alternatively, if the deposit was made without including the transactions in UF, you'll need to create a deposit that includes those previous payment transactions.

If you encounter discrepancies after these adjustments, consider using the "mini reconciliation" method with an off-cycle date. This can help you address any issues without affecting your overall financial statements.

However, I highly recommend reaching out to an accountant. They can provide tailored advice based on your specific situation and help ensure that everything stays on track.

 If you don't have an accountant, you can visit this page to find one: Find an accountant or bookkeeper.

Additionally, for a comprehensive year-end payroll guide, check out the QuickBooks Desktop Payroll year-end checklist.

If you have any more concerns about undeposited funds, you can always comment back and post them here. Stay safe!  

They are CC payments, some going back to 2016. I'm sure we don't have the Merchant bank records anymore. Not sure how they reconciled the report with QB back then. It's just bugging me that those are sitting there every time I do a deposit.

They are CC payments, some going back to 2016. I'm sure we don't have the Merchant bank records anymore. Not sure how they reconciled the report with QB back then. It's just bugging me that those are sitting there every time I do a deposit.