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Level 2

Bank deposit

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.

 

10 Comments
Level 12

Re: Bank deposit

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.

Level 2

Re: Bank deposit

​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?

Highlighted
Level 2

Re: Bank deposit

So I just looked at his chart of accounts, and the UFI default one with the detail undeposited funds is not there? Not sure why this happened?  Suggestions on how to fix this.

QuickBooks Team

Re: Bank deposit

Hi there, amyhaas.

 

We can use the Transaction Journal report to check which account your transactions were posted.

 

Here are the steps:

  1. On the left panel, click Sales.
  2. Click the Customers tab, and click the customer's name.
  3. Find the customer payments and sales receipts, and click the transaction to open.
  4. Click More located at the bottom, and choose Transaction Journal.
  5. Under the Accounts column, you can find where the transaction was categorized.

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.

Level 2

Re: Bank deposit

All the deposits are going to an "undeposited funds account". However I do not think there is the default account.  The detail type is incorrect and I cannot change it. I am attaching the transaction journal report and chart of accounts.

Level 2

Re: Bank deposit

chart of accounts

Level 2

Re: Bank deposit

 
Level 10

Re: Bank deposit


@amyhaas wrote:

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.

 

Level 1

Re: Bank deposit

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.

QuickBooks Team

Re: Bank deposit

Thanks for joining this thread, TerriC.

 

Yes you're on the right the track in matching your transaction with your invoice.

 

Feel free to visit us again if you need help with something else. It's always our pleasure to help you.

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