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Level 1

Undeposited Funds

I have not found the solution to my issue.  I have a customer payment from 3 years ago (prior to my time) that was applied to their invoice.  The payment was then in Undeposited Funds.  The funds were applied to a deposit and that deposit reflects the payment.  Bank account has been reconciled but the payment is still in Undeposited Funds.  How do I get this payment out of "pending" in Undeposited Funds? 

3 Comments
Highlighted
QuickBooks Team

Undeposited Funds

I can think of two ways to take out the pending funds, Cholletr.

 

The first is to run the Verify/Rebuild tool. This will help us know if this is caused by data damage since the funds are already added to the bank account. Here's how:

  1. Click File.
  2. Go to Utilities, then choose Verify Data.
  3. If QuickBooks detected no problems, there's no further action needed. If you receive a message, "Your data has lost integrity", the file is damaged. Just continue to Rebuild Data to correct the problem.
  4. When you Rebuild Data, you'll receive a message to back up your company file, just click OK. The utility starts as soon as the back up is finished.
  5. Click OK when you get the message "Rebuild has completed".
  6. Run Verify Data again to check for remaining data damage.

If there are no issues after running the tool, the next thing to do is to delete the duplicate payments. Here's how:

  1. Press Ctrl + F on your keyboard.
  2. In the Find window, go to the Advanced tab.
  3. Under FILTER, select Transaction Type.
  4. Under Transaction Type, select Payment.
  5. Click Find.
  6. Open the duplicate payments, then press Ctrl + D on your keyboard.
  7. Select OK to confirm.

I'll also share the article about deposit payments into the Undeposited Funds account as future reference. 

 

Get back to this thread if you need more help with your concern. 

Highlighted
Level 1

Undeposited Funds

I have a customer's payment stuck in Payments to Deposit but the deposit (including this payment) was  recorded and bank account reconciles.  How do I clear Payments to Deposit of this payment?

Highlighted
QuickBooks Team

Undeposited Funds

Thanks for keeping in touch with us here in the Community, @cholletr.

 

Let me share with you some information on how you'll be able to clear these pending deposited payments in QuickBooks Desktop.

 

Since the bank account associated with these deposited payments has been already reconciled, the only way to remove them is to create a Bank deposit and look for an account using a negative value to offset it. However, you'll have to consult your accountant for the best advice. This way, you won't mess up your valuable transactions.

 

Meanwhile, I'll guide you on how to create a bank deposit in QuickBooks Desktop:

 

  1. Go to the Banking menu then choose the Make Deposits option.
  2. Select the payments that you want to deposit then click OK.
  3. Pick a bank account with a negative value to which to deposit the money. 
  4. Specify the deposit date. 
  5. You can add a memo description if you want to.
  6. Choose the Cashback amount.
  7. Hit Save and Close if you wanted to exit or Save and New if you wish to exit to this page and create another deposit once done.

You'll also want to manage your deposited payments in QuickBooks Desktop. Please read through to this article on how to do it.: How to record deposits in QuickBooks Desktop?

 

Also, feel free to read this article about depositing payments in QuickBooks Desktop: How to manage deposited payments in QuickBooks Desktop?. 

 

Please let me know if you need further assistance with deleting deposited payments in QuickBooks Desktop. I'd be more than happy to help. Best regards and take care, @cholletr.

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