Customer payments and sales receipts are not listed when making bank deposit. The receipts are going to undeposited funds, and it shows up in the account. However the bank deposit is not listing payments in the window. What's wrong, how do I fix this. (This is for one of the college students that I teach) HELP! Is this a setup issue. I can not see anything wrong.
This can happen when someone adds the account UF, and assigning payments to it, rather than the default UF created by QB. Look at the COA for duplicate UF. If this is the case the correct IF will be indicated by an asterisk as *Undeposited Funds. Reassign the payments to correct account. You cannot merge these, I have tried having been in this situation. You might be able to inactivate the wrong one but once the payments are in the true UF they will show up when creating a deposit. Deposits can only pull from the default QB created UF account.
I just checked and there is only 1 UFA(no *) And the account is spelled undeposited funds instead of Undeposited Funds, this makes me suspect that it was added. Could the default UFA account have been deleted? Or could is have another name?
Hi there, amyhaas.
We can use the Transaction Journal report to check which account your transactions were posted.
Here are the steps:
Go back to the sales transaction and click it to open, then choose the Undeposited Funds account from the Deposit To drop-down list. Once done, try to create a deposit and check if the transactions are available.
Please let me know if you have any additional questions. Thanks.
chart of accounts
The undeposited funds account in the COA screenshot is a bank-type account, which is wrong.
It s/be an Other Current Asset type account with the Detail Type of "Undeposited Funds" . There is no such account in the screenshot
Not sure how to fix it as Undeposited Funds account is a special account, that I thought could not be deleted. Try to edit the existing undeposited funds account and change it to an Other Current Asset type account with the Detail Type of "Undeposited Funds" .
If that does not work, then you will have to try create a new Undeposited Funds, an Other Current Asset type account with the Detail Type of "Undeposited Funds" .
The history will be wrong, but if this a school project, I guess it does not matter.
I have read here of similar problems with the Undeposited Funds account. Some were able to fix the problem by creating a new correct account, but others could not.
Another thing to try is create the new correct account with a slightly different name and merge it with the wrong one (no, this won't work)
PS It does not matter what the account name is. What matters is that it is an Other Current Asset type account with the Detail Type of "Undeposited Funds" .
Let us know how it goes.
I believe I have the same issue. I have to "receive payment" and credit the correct invoice, then once the bank downloads the deposit I have to click "bank deposit", enter the amount and change the account from "undeposited funds" to our checking account and then I can get the transaction to match the invoice. Otherwise, the funds just remain in undeposited funds.
Thanks for joining this thread, TerriC.
Yes you're on the right the track in matching your transaction with your invoice.
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