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Level 3

Un deposited Funds - Aging Report

Hi,
I'm looking to find the components or transactions making up the Un deposited Funds Balance as of year-end. Basically I want something like an Aging. I've run a report for Un deposited Funds.. but all i get is the in's/out's of the account for the time period selected (always with a beg balance). There are a lot of transactions and a lot of the amounts are similar so it's not easy to tell. Basically I need to know / show that all of the un deposited funds as of year-end were ultimately deposited. I have the detail for the subsequent deposits... but it's not tying to the year-end Un deposited fund balance (I've been able to split subsequent deposits between A/R at year-end, Un deposited funds and transactions in the new year... the A/R portion ties out.. I can't get the Un deposited Funds to tie out.)

Thanks in advance for your help.
Brian

 

Solved
Best answer June 05, 2020

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Level 8

Un deposited Funds - Aging Report

Undeposited Funds is an account unique to QB, not part of normal accounting taught in college. In accounting, we are taught that accounting records business activity AFTER it occurs, so you would not record customer payment until after you actually make bank deposit. Bad practice in my personal opinion That being said, I believe QB forces you to use this two step process for all bank deposits which I dislike.

 

Undeposited Funds should usually be zero balance or equal to actual checks you have on hand and have not yet deposited into bank account. Every entry should go in and out of this account, leaving only those above. There are several ways to reconcile this account. For starters, need to find the point in time when account balance was last at zero since you should only need to reconcile from that point forward.

 

Then run report from that date to now and save in Excel. Then sort by the amount column and put the debits in one column and credits in a column next to that, then sort both by amount by date to line up.  You should now be able to easily match up the ins and outs to see which entry is missing the 2nd entry. Whichever items those are, are the ones to research to see what happened and make corrections. 

 

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QuickBooks Team

Un deposited Funds - Aging Report

Hi, @BC-MD

 

Thanks for reaching back out to the Community. I can see how this feature could be helpful for your business. I'll submit feedback to our Product Developers so they can consider this in one of the upcoming releases for QuickBooks. At this moment, the option to generate a reference number that ties a debit into the account to the credit that offsets isn't available.

 

However, for a future reference, here's a link that can provide useful information about reports: 

 

 

I'm only a post away if you have any other questions or concerns. Take care!

View solution in original post

Highlighted
Level 8

Un deposited Funds - Aging Report

BC-MD - 

I agree this would definitely be easier with a report like you suggested, did you ultimately get that report?      I do understand and saw that you said that. I clicked on the link sent by QB person but just took me back to the first time you posted question but saw no link to answer. Of course, I would just prefer the option to not have that account forced upon me in the first place. Who wants to have to do two entries for each deposit?

Mine are 99% auto-pay and the few that are paper checks, I deposit via cell phone since they are < $25k.   

So I would not ever need or want this account in the first place.  

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6 Comments
Highlighted
QuickBooks Team

Un deposited Funds - Aging Report

Hey there, @BC-MD.

 

I seen you've posted this question twice. You can check out my response on your first thread: https://quickbooks.intuit.com/learn-support/en-us/other-questions/un-deposited-funds-aging-report/01....

 

Thanks for allowing us here in the Community to be your guide in getting back to business. Take care! 

 

 

 

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**Mark the post that answers your question by clicking on "Accept as solution"

Highlighted
Level 8

Un deposited Funds - Aging Report

Undeposited Funds is an account unique to QB, not part of normal accounting taught in college. In accounting, we are taught that accounting records business activity AFTER it occurs, so you would not record customer payment until after you actually make bank deposit. Bad practice in my personal opinion That being said, I believe QB forces you to use this two step process for all bank deposits which I dislike.

 

Undeposited Funds should usually be zero balance or equal to actual checks you have on hand and have not yet deposited into bank account. Every entry should go in and out of this account, leaving only those above. There are several ways to reconcile this account. For starters, need to find the point in time when account balance was last at zero since you should only need to reconcile from that point forward.

 

Then run report from that date to now and save in Excel. Then sort by the amount column and put the debits in one column and credits in a column next to that, then sort both by amount by date to line up.  You should now be able to easily match up the ins and outs to see which entry is missing the 2nd entry. Whichever items those are, are the ones to research to see what happened and make corrections. 

 

View solution in original post

Highlighted
Level 3

Un deposited Funds - Aging Report

Hi Terri

I had the same thought.  The problem is that this client (we provide book keeping / accounting services) has a high volume of transactions.. with the same or similar dollar amount.  So when I export the data into Excel... there are multiple debits and multiple credits for the same amount.  There is no way to tell which debit relates to which credit.  What is needed is some type of system generated reference number that ties a debit into the account to the credit that offsets it.   This is clearly being done within the system...so the system can maintain the deposit detail.... I was hoping that there was some way to include that field in the report.

Highlighted
QuickBooks Team

Un deposited Funds - Aging Report

Hi, @BC-MD

 

Thanks for reaching back out to the Community. I can see how this feature could be helpful for your business. I'll submit feedback to our Product Developers so they can consider this in one of the upcoming releases for QuickBooks. At this moment, the option to generate a reference number that ties a debit into the account to the credit that offsets isn't available.

 

However, for a future reference, here's a link that can provide useful information about reports: 

 

 

I'm only a post away if you have any other questions or concerns. Take care!

View solution in original post

Highlighted
Level 8

Un deposited Funds - Aging Report

BC-MD - 

I agree this would definitely be easier with a report like you suggested, did you ultimately get that report?      I do understand and saw that you said that. I clicked on the link sent by QB person but just took me back to the first time you posted question but saw no link to answer. Of course, I would just prefer the option to not have that account forced upon me in the first place. Who wants to have to do two entries for each deposit?

Mine are 99% auto-pay and the few that are paper checks, I deposit via cell phone since they are < $25k.   

So I would not ever need or want this account in the first place.  

View solution in original post

Highlighted
Level 3

Un deposited Funds - Aging Report

Hi Teri,

Hopefully this isn't a double post... if so, I apologize in advance.

 

Yes, I was able to get the info I needed (it took a fair mount of time).

 

Our client is very similiar to your organization... approx'ly 95% auto pay and 5%  checks.  The 95% is relatively high volume, low $$$$ and similar amounts.  The checks are typically over 25k so they have to be deposited at the bank.

 

I agree with you 100%.. who wants to have to do two entries for each deposit?  It should be an option for businesses where it makes sense and where it doesn't make sense business don't have to use it.

 

I really appreciate you sharing your thoughts / insights! :-)

 

Thanks

Brian

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