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Lady Gano
Level 1

Uncleared Check

 

I have had this entry ($800.)  showing in on the Balance Sheet for months as undeposited funds. I know the company paid an employee for some tools.  The employee endorsed the check and the boss gave him cash.  Found the paper check in the boss' desk.  A friend was told to make a journal entry to debit cash and credit undeposited funds until the CPA told me what to do.  People have changed and I got bad advise. 

What can I do to clear this up? 

 

Lady Gano

 

Solved
Best answer October 23, 2020

Best Answers
BigRedConsulting
Community Champion

Uncleared Check

The only things that belong in undeposited funds are Payments received from customers.  These are either Sales Receipts or Payments against Invoices previously issued.

 

In this case I think the transaction should be deleted and then, when you decide to deposit it, record that deposit as a Deposit type transaction entering the check directly as a line item on the deposit.

View solution in original post

2 Comments
BigRedConsulting
Community Champion

Uncleared Check

The only things that belong in undeposited funds are Payments received from customers.  These are either Sales Receipts or Payments against Invoices previously issued.

 

In this case I think the transaction should be deleted and then, when you decide to deposit it, record that deposit as a Deposit type transaction entering the check directly as a line item on the deposit.

View solution in original post

Lady Gano
Level 1

Uncleared Check

Thank you for your response.

We do not use the customer side of QB.  I'll know from now on not to use that account.

Lady Gano

 

 

 

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