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V
Vanessa2494
December 28, 2022
Question

Undeposited Funds

  • December 28, 2022
  • 1 reply
  • 53 views

Here are some basics.  I upload my bank feed from my bank. I do not create invoices from QuickBooks.  Our office just got QuickBooks in January and this is the first time I have been in charge of the company's banking/accounting.  We just use QuickBooks for balancing a checkbook, basically.  

 

There are several deposits, some ACH, some were checks I deposited at the bank.  On the check register page, the "From Account" is populating with UNDEPOSITED FUNDS. It will not let me change the account to the correct account and gives me the message "You cannot edit payment information in a deposit transaction. 1. Delete the payment from the deposit 2. Go to the original payment transaction to edit 3. Redeposit the payment."

 

I am a novice at quickbooks....I have never used accounting software before.  This makes no sense to me. There are literally hundreds of deposits like this. 

 

On the check register, the funds deposited categorized as Undeposited are deposited, meaning the running balance on the checking account is taking those deposits into account and is correct, but for my accountant, I need to have those funds applied to the correct account.

 

My question. How do I fix it?  How to I prevent this from happening in the future?  

    1 reply

    G
    GebelAlainaMQuickBooks Team
    QuickBooks Team
    December 28, 2022

    Hi, @Vanessa2494. I know the importance of recording funds into the correct account. I'm here to help you and share a workaround to prevent this from happening in the future.

     

    QuickBooks doesn't let you edit payment information once you've added the transactions from the Bank Feeds. So basically, you'll get that error message prompt when you try to edit the deposit transactions. To correct it and add those payments to the accurate accounts, you'll need to delete the original payment transaction and make a deposit for you to choose the exact account for that payment.

     

    Here's how to make a deposit:

     

    1. At the top menu bar, go to Banking, and select Make Deposits.
    2. On the Make Deposits window, choose the account for that transaction from the Deposit to dropdown.
    3. Check the deposit total. Make sure the account and selected payments match the deposit slip from your bank. Use your deposit slip as a reference.
    4. Enter the date you made the deposit at your bank.
    5. Add a memo as needed.
    6. Then select Save & Close.

     

    You can also refer to this article for more details about bank deposits: Record and make bank deposits in QuickBooks Desktop.

     

    Furthermore, to avoid this error from happening in the future, you can just directly edit the downloaded transaction from the Bank Feeds before you add it to QuickBooks. I'll show you how.

     

    1. Click the Banking tab.
    2. Hover your cursor on Bank Feeds and select Bank Feeds Center.
    3. Choose the bank account and tap the Transaction List option.
    4. Select the transaction you want to edit the account and choose to Add more details from the Select dropdown under the Action column.
    5. Once done editing and you're ready to add to QuickBooks, click the Add to QuickBooks, and Yes to confirm.

     

    If you want to learn more about how to manage your bank feed transactions in QuickBooks, you can refer to this article: Add and match Bank Feed transactions in QuickBooks Desktop.

     

    Once you're ready to reconcile your accounts to match your bank and credit card statements, please see this article for the detailed steps: Reconcile an account in QuickBooks Desktop.

     

    Feel free to tap the Reply button if you need further assistance. I'll be around. Take care!

    V
    Vanessa2494Author
    December 28, 2022

    Thank you for helping.

     

    So I need to delete the deposit transaction from the bank register? Would that deposit be removed from the register but remain the Make Deposits screen?

     

    In the Make Deposits screen, how can I see the date the deposit was made? It only shows who the deposit was from and then the amount.  

     

    I attached a screen shot of what I am confused with. Again, thank you for your help.

     

     

    Q
    QueenCModerator
    Moderator
    December 28, 2022

    Hello there, @Vanessa2494.

     

    Allow me to join this conversation to help you completely record the deposit to the right account.

     

    To answer your first question, no, if you deleted the deposit from the register, you don't have access to it in the Make Deposit screen anymore. Since the transactions don't match the deposit you want to delete, I suggest reviewing your statement to check when the deposit was made. 

     

    Referring to your screenshot, you can't edit the deposit since you haven't deleted it yet based on the error message. Or you could've deleted the wrong deposit.  We have to delete it first before recreating it. You can follow the steps provided by @GebelAlianaM above on how to manually create a bank deposit. 

     

    Here's how to delete a bank deposit:

     

    1. Go to the Reports menu, then select Banking.
    2. Find the Deposit Detail report. 
    3. Find and open the deposit you want to delete. 
    4. In the Make Deposit window, you'll see all the payments included in the deposit.
    5. Right-click in the window and select Delete deposit. Select OK to confirm. 

     

    You might want to check this article that can guide you effectively in reconciling your accounts so they match your bank and credit card statements: Reconcile an account in QuickBooks Desktop. 

     

    I'm just a reply away if you need additional assistance in managing your bank transactions in QuickBooks Desktop. Have a great day!

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