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I need help with the undeposited funds account. We have an icecream store which we record our daily earnings from the cash register pos into quickbooks with a daily sales receipt, those earning go into the undeposited funds account. We hired a new office manager in august who was making bank deposits and recording those from our bank feeds and then also deposit the undeposited funds account separately. So now it's showing as double the $ has been deposited. How do we go back and fix this?
Solved! Go to Solution.
Delete the deposits, then use make deposits to move undeposited funds to the bank
Delete the deposits, then use make deposits to move undeposited funds to the bank
Do I delete the bank deposits or the undeposited funds deposits?
Thanks for getting back to us, @Ash914. Let me share further details about fixing your deposit transactions in QuickBooks Desktop (QBDT).
When your account has recorded bank deposits from bank feeds and makes bank deposits from undeposited funds separately, you'll get duplicates and will double the amount of your transactions. With this, you'll need to delete your bank deposits and then use Make Deposits to move undeposited funds transactions to the bank moving forward (as per Rustler above).
Once deposits are already added to your bank register, we can delete them through the Use Register option. Here's how:
You can also remove duplicate transactions right from your bank feed. Deleting them will depend on the mode you're using. To know more about this, please refer to this article: Remove duplicate transactions in QuickBooks Desktop.
To avoid duplicate deposits, you'll need to find a match for these transactions once QuickBooks downloaded bank feeds data. For the complete details, I'd recommend checking out this article: Add and match Bank Feed transactions in QuickBooks Desktop.
Also, I would encourage you to reconcile your accounts every month. This helps you monitor your deposits and detect any possible errors accordingly. For the step-by-step guide, you can refer to this article: Reconcile an account in QuickBooks Desktop.
Let me know in the comments how it goes. If you have other concerns about bank deposits and managing transactions in QBDT, I'm always around to help. Keep safe, and I wish you continued success, @Ash914.
It worked! I deleted all the bank deposits, then deleted the undeposited funds credit card deposits, and went back and matched all those to the deposits the credit card company had deposited. Thanks so much for your help!
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