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Undeposited Funds

Using QB Desktop Premiere MFG/WHSL version 2019. Received payment from client, entered using the Receive Payments section, applied to the appropriate invoices, saved transaction. Went into RECORD DEPOSITS and selected, clicked Save and Close. However the payment is showing on my client record as Undeposited Funds. Am I doing something wrong?

1 Comment
QuickBooks Team

Re: Undeposited Funds

There's nothing wrong with your steps, Paddy55.

 

The Undeposited Funds account serves as the default "Deposit To" account when you receive payments, use a payment on an invoice, or enter a sales receipt.

That said, you will see the Undeposited Funds as the account in the customer record.

 

To view the account of the deposit transaction, you can use the Account Quick Report. Here's how to get there:

  1. Click Lists.
  2. Click Chart of Accounts.
  3. Locate the checking account, then right-click on the account.
  4. Click QuickReport [checking].

You can also check out this helpful article for your reference: Understand how the Undeposited Funds account works.

 

Please get back to me if you have additional questions. I'm always here to help you.