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userjpcornes
Level 2

Why are QBO-CC deposits that have cleared the bank and matched to invoices still showing up in my Undeposited funds account? Do I need to fix this and if so how?

I have thought about creating new deposits to clear out the undeposited funds account but then I think I'll be double counting the deposits that have already cleared. Any help from the experts will be greatly appreciated.
Solved
Best answer September 09, 2021

Best Answers
AlexV
QuickBooks Team

Why are QBO-CC deposits that have cleared the bank and matched to invoices still showing up in my Undeposited funds account? Do I need to fix this and if so how?

Hi userjpcornes!

 

Thanks for the additional info. Let me join this discussion so I can further assist you with the bank deposit.

 

Ideally, the UF (Undeposited Funds) balance will reduce once you deposit the payments or match it to the downloaded transactions. You don't need to create a journal entry to clear it.

 

It could be that this is a browser error since you're able to match and reconcile them. You'll want to use an incognito window and check the UF from there. Incognito won't save your browsing history which can result in an error. These are some of the shortcut keys:

  • Google Chrome: Ctrl Shift + N
  • Safari 11 or newer: ⌘ Shift N
  • Mozilla Firefox: Ctrl Shift P
  • Microsoft Edge: Ctrl Shift P  

 

Also, you'll want to clear the cache and make sure you're using a supported and up-to-date browser. This can help in fixing any browser-related issues.

 

I've added this article in case you need help in adding a subaccount for a more organized and detailed report: Create subaccounts in your chart of accounts in QuickBooks Online.

 

Comment again here if you have other concerns. Take care!

View solution in original post

4 Comments 4
LieraMarie_A
QuickBooks Team

Why are QBO-CC deposits that have cleared the bank and matched to invoices still showing up in my Undeposited funds account? Do I need to fix this and if so how?

I'd be happy to help you clear the payment, @userjpcornes.

 

Since you deposited the payment to your Undeposited Funds, you'll have to match it with the downloaded transaction, instead of the invoice. To fix it, undo the categorized deposit and link it with the payment.

 

Here's how:

  1. Navigate to the Categorized tab and tick the deposit.
  2. In the black box at the top of all transactions, select Undo. This will move the transaction back to the Review tab.
    Capture.PNG
  3. Go to the Review tab.
  4. Look for the deposit. 
  5. Find and match it with the payment.

 

Make sure to reconcile your accounts regularly. This ensures the transactions agree with your real-life bank and credit card statements.

 

You can tap me should you need help with reconciling your accounts. I'd be happy to help.

userjpcornes
Level 2

Why are QBO-CC deposits that have cleared the bank and matched to invoices still showing up in my Undeposited funds account? Do I need to fix this and if so how?

I am sorry I was incorrect in the description of my issue. The transactions were matched to Intuit deposits at the bank. Each transaction has been paid and closed. I have also been able to reconcile with no problem for August 2021. So I guess my real question is why is there still a balance in the undeposited fund account? Does the undeposited funds register serve as a archive of any "accounts receivable" transactions? That is how these seven transactions were categorized automatically by QuickBooks Online when the payments were processed. Do I need to take another step by creating a journal entry to clear this up?

AlexV
QuickBooks Team

Why are QBO-CC deposits that have cleared the bank and matched to invoices still showing up in my Undeposited funds account? Do I need to fix this and if so how?

Hi userjpcornes!

 

Thanks for the additional info. Let me join this discussion so I can further assist you with the bank deposit.

 

Ideally, the UF (Undeposited Funds) balance will reduce once you deposit the payments or match it to the downloaded transactions. You don't need to create a journal entry to clear it.

 

It could be that this is a browser error since you're able to match and reconcile them. You'll want to use an incognito window and check the UF from there. Incognito won't save your browsing history which can result in an error. These are some of the shortcut keys:

  • Google Chrome: Ctrl Shift + N
  • Safari 11 or newer: ⌘ Shift N
  • Mozilla Firefox: Ctrl Shift P
  • Microsoft Edge: Ctrl Shift P  

 

Also, you'll want to clear the cache and make sure you're using a supported and up-to-date browser. This can help in fixing any browser-related issues.

 

I've added this article in case you need help in adding a subaccount for a more organized and detailed report: Create subaccounts in your chart of accounts in QuickBooks Online.

 

Comment again here if you have other concerns. Take care!

userjpcornes
Level 2

Why are QBO-CC deposits that have cleared the bank and matched to invoices still showing up in my Undeposited funds account? Do I need to fix this and if so how?

Bingo!  Thanks you AlexV! This solved my issue.

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