Undeposited Funds

Hi there, @TA2831.

I'm here to help you zeroed out your negative balance in undeposited funds.

You'll first have to create a journal entry and offset the value of a negative deposit in Undeposited Funds. I'll guide you how.

Create a Journal Entry:

1. Go to the + New button, then select Journal Entry.
2. On the Journal date field, enter the date of the transactions.
3. On the first line, on the Account column, select the Undeposited Funds account.
4. On the Debit column, enter the single line deposit amount.
5. On the second line, in the Account column, select the bank account.
6. On the Credit column, re-enter the single line deposit amount (if it does not already appear).
7. Click Save.

Offset the negative value:

1. Go to the + New button.
2. Under Other, select Bank Deposit.
3. Select the payment and the Journal Entry you created. The total should be zero.
4. Click Save.

You can also check out this article that will guide you when you need to review your accounts in QuickBooks to make them match in your real-life bank and credit card statements: Reconcile workflow in QuickBooks.

Fill me in if you have additional QuickBooks concerns. I'm always here to help.

No, I had tried this previously and it did not work.   I don't have a negative balance in the deposit screen.   There is just the negative balance in Undeposited Funds.  When I make the JE, the debit of the JE clears the balance in Undeposited Funds.  However then I have a JE deposit to make.  Once I select the JE to deposit I'm back to having a negative balance in Undeposited Funds, so I'm just going round and round.  As far as reconciliations - everything is reconciled both credit cards and bank statement.  I've gone into the Undeposited Funds register and ran both no status and not reconciled reports and nothing comes up.  I've gone back 2 years, which is very time consuming and as I stated in my previous post the balance is not big enough to spend the time going back another 4 years.  I took over in November and have had to do a lot of clean up and this is the last item I can't seem to clear out.

Thank you for posting here in Community @TA2831,

It might be, you accidentally use the undeposited funds account in refunding your customer and also creating an expense transaction.

You can review and correct all the refunds and expense transactions to fix the negative balance in your undeposited fund's account. I recommend contacting an accountant for assistance.

Once done, you can reconcile your account to check the real-life bank statement and your QuickBook transaction.

For more details about bank activities, reports, income and expense, account management and many more visit these links:

• QuickBooks Online Help Article
• QuickBooks Online Tutorial 

If you need further assistance, feel free to leave a message in the comment section. I'll be happier to help. Have a great day!

The mistakes are from 2014-2018.  I took over in November 2019.  For whatever reason, several entries were made by journal entry.  I do not want to make adjustments to any prior years.   There were many mistakes made and I simply want to clean it up and move forward.

Undeposited Funds is the last item on my list.  I simply want to zero it out and offset to Misc Income.  That's it - there is too much to go through and the balance isn't large enough to justify the time to do so.  I  have a credit balance of $519.00.  I have left a message for a call back - someone called right at 5:00, hung up and did not call back again.  I did get through and spent over half an hour on the phone with no resolution.

I'm really frustrated at this point and the amount of time this is taking, and thinking I may just have to leave it  on the balance sheet.

I appreciate you getting back to us and providing detailed information about your concern, TA2831.

Normally, to fix issues with negative amounts in the Undeposited Funds, you can make a zero value deposit and record the negative value deposit with it. You can follow the steps provided by my colleague @CharleneMaeF to complete the process. 

However, in your case, due to the nature of this matter, I recommend you to contact an accounting professional for guidance on what's the best thing to do in this situation. This is to ensure your books won't be messed up since the mistakes are coming from the previous years.

Moreover, I don’t want to leave you empty-handed, you'll want to visit our Community Help Articles hub in case you need some related articles in managing your account.

Know that you're always welcome to stop by the Community if you need anything else. I'm here to help. Have a fantastic day!

I have this same question.  If I do a  "Bank Deposit" in the second step, won't that affect my bank balance?  My bank account is currently balanced.  I have had the same dollar amount carrying forward since before I started doing the bookkeeping so I'm not sure where the error occurred.

Thank you.

I appreciate you for jumping to this thread, lizk1.

When you do a Bank Deposit, your bank balance will be affected. Let's check to see where the amount comes from. We can do this by running the Transaction Detail by Account report. Here's how:

1. Click the Reports tab.
2. In the Find report by name field, enter Transaction Detail by Account.
3. Filter the Report period to This Year.
4. Click the Customize button.
5. Go to the Filter drop-down and then select All as the Transaction Type.
6. Click Run report.

Afterward, locate the amount and check to see if it's a valid transaction or not. If it's not, you may want to delete it. However, I'd still recommend reaching out to your accountant so you'll be further guided.

Once everything's fine, you're good to reconcile the account.

Don't hesitate to tag my name in case you have other concerns. Take care!

I am having the very same issue and it's not an accounting issue.  When I rebuilt my data I found "Errors we Couldn't fix" that total the exact same amount.  As near as I can figure, this happens when the QuickBooks programs crashes.  It causes strange things to happen.  In my case, I found entries from 2011 that have "lost" their deposit link that originally corresponded.  When I make the adjusting Journal entry to make my undeposited funds 0.00 on my Balance Sheet, I leaves an item in the Payments to Deposit list.  In order to keep my financial statements accurate, I have to ignore the erroneous entry in Payments to Deposit.  Very annoying.  Please tell us the way to fix this.

Jacqui

Hello, Jacqui. I'd love to help you figure out those errors, but this is a public forum and I'm unable to pull up your account.

I highly recommend contacting our Customer Care Support Team. They can take a closer look at your account and can start a screen-sharing session with you to verify these errors.

Here's how to contact them:

1. Click the Help icon at the top to open the QB Assistant window.
2. Tap the Talk to a human menu and enter the issue.
3. Next, click the I still need a human button and select the Contact us link.
4. Choose the Start messaging for real-time assistance, or Get a Callback to speak with an agent.

Please take note of our support hours to ensure we can attend to your needs.

Let me know how it goes. I want to make sure your deposit concerns are taken care of.

Please clarify.  HELP icon at the top of what?  I am using a Desktop version of Enterprise Solutions Nonprofit.

That HELP icon does not give me the option for QB Assistant. I don't see any HELP icon at the top if this support page.  I have typed in "QB Assistant"  and "Customer Care Support Team" and I'm getting nowhere.

When I tried to logon for Tool Hub, I am told my company file password (the one I use every day) is incorrect and I must change it so they can help me.  I have not done that.

Hello, JacquiC. 

Thank you for clarifying what QuickBooks product you're using, that helps a lot. Because you're using our QuickBooks Desktop Enterprise software, you can follow this information down below to reach our support team. 

Support Hours

• Hours exclude occasional downtime due to system and server maintenance, company events, observed U.S. holidays and events beyond our control.
• For support for QuickBooks Pro and Premier, see Care Plans for QuickBooks Desktop.

Enterprise

• Any time, any day

How to contact customer support

• We’ll contact you: Skip the line and no more phone trees. Leave your number and we’ll get back to you. Start from the Help menu in your product.
• Message Us: Start a convo online with a QuickBooks expert. You can do this right from QuickBooks Desktop, or from our support site.

How to get a call or chat from us:

1. Open QuickBooks.
2. Go to Help, then select QuickBooks Desktop Help.
3. Select Contact Us.
4. Give a brief description of your issue, then select Let's talk and then choose a way to connect.

Phone support may be limited due to volume.

How to message us outside of the product:

If you can't get into your product, we can still help. You can Message us to chat online with a QuickBooks expert.

• Start a QuickBooks Enterprise chat

Thank you for your time and have a lovely day. 

Maybe you can provide a forum to tell us accountants how to fix this issue because journal entries don't work.  I started your QuickBooks Pro Advisor class, but the whole first unit was on "how to help your client select the best version of QuickBooks".  I don't have time for that.  I've been working with your software for over 10 years, and to fix this issue, I make a journal entry to clear out undeposited funds into an equity account - prior period adjustments, and then I make a "deposit" for the next year into to an inactive bank account with the contra account prior period adjustments.  Then I keep changing the date to a future year. 

All this does is kick the can down the road, but gives me a balance sheet that makes sense and the client doesn't have a payment pop up every time they go to deposit money.  There is no money in fixing these types of QuickBooks errors - at least none of my clients want to pay for it.

Also, you might want to offer CPEs for CPAs so that your classes are at least worth some time towards our 80hour CPE requirement.

Hi @AnnettePhillos,

I'll point you in the right direction for support with your concern. 

Although there isn't a specific forum for our accountant users, we do have Pro Advisor support. Check out this page: For Accounting Professionals. It includes related links such as training for you and your clients, along with product updates.

More importantly, it also has a link that allows you to submit a feedback request. 

Let me know if you have other concerns about your QuickBooks product. I'll be sure to get back to you.