How do I reverse a deposit that was made into a bank account from Undeposited Funds?

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.

I don't see the deposit.  How do I find it

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. 

Here's how:

1. In the Chart of Accounts, open the deposit transaction.
2. Press Ctrl + D on your keyboard to delete.
3. Once done, you can go back to your Undeposited Fund, and from there you can now 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:

1. Follow the Official Intuit Contact link.
2. Select your QuickBooks product.
3. Select an issue type from the menu below, you need only to select two options for the contact information to appear.
4. Click Start a message at the bottom.

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:

1. Go to your Banking menu.
2. Select Use Register.
3. Select Undeposited Funds, then click OK.
4. Double-click the JE to bring up the transaction, one at a time.
5. Press CTRL + D on your keyboard to delete it.

You can then deposit the payments. Here's how:

1. Go to your Banking menu, then select Make Deposits.
2. Select the payment in the Payments to Deposit window.
3. Select the bank from the Deposit to box where you want to post the funds.
4. Click Save and close.

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.

My transaction is over a year old and needs to be done in a general journal entry.  How do I do that for an undeposited funds account?

Where can you find the deposit?  Is it just on the invoices page where you receive the payment and then once 

you deposit it says deposited? TIA

I appreciate you joining the thread, @Orbrose. I'll share insights about deposits in QuickBooks.

Once you receive payments from your invoices, they will be deposited into the account you've set up in the Deposit to option. Once the invoices have been deposited, they will be listed as Deposited in the Sales menu.

Furthermore, you can generate the Deposit Detail report to view all the deposits you've made in QuickBooks. Here's how:

1. Go to Reports.
2. Scroll down to the Sales and Customers section.
3. Select the Deposit Detail report.
4. Filter the necessary details and click Run Report.

This report will show all the lists of all of your completed bank deposits. Select individual deposits to get more details.

In case you're using QuickBooks Desktop, you may check this article on how to view the payments you've deposited in QuickBooks. For more details, see this article: Record and make bank deposits in QuickBooks Desktop.

Also, if you're using QuickBooks Payments, QuickBooks will automatically process and move transactions into your accounts. That said, you don't need to use the Undeposited Funds account. For more details about using Undeposited Funds, see this article: Deposit payments into the Undeposited Funds account in QuickBooks Online

You can also check these articles to learn more about the reconciliation workflow in QBO: 

• Learn the reconcile workflow in QuickBooks
• Reconcile an account in QuickBooks Online

Keep me posted if you have any concerns with your deposits or anything else, I'm always here to lend a hand. Take good care.