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Level 2

Clear Undeposited Funds Amount from Payments to Deposit Screen

A journal entry was entered to include values from an old QB file that included left over amounts in Undeposited Funds. Now, because of the entry, there is an uncleared Undeposited Funds transaction that is showing up in the "Payments to Deposit" screen. How do I get rid of that?

 

I cannot delete the transaction because the net amount is correct. Here is an example of the transaction

 

AccountDebitCredit
Cash122,000 
Accounts Receivable5,000 
Undeposited Funds25,000 
Accounts Payable 112,000
Revenues 80,000
Expenses40,000 

  

The issue is that journal entry includes the Undeposited Funds account and that line shows in the Payments for Deposit screen as shown in the attached screenshot.

 

 

 

1 Comment
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Moderator

Clear Undeposited Funds Amount from Payments to Deposit Screen

I got you covered, AWBEL.

 

The reason why there's an amount on your Undeposited Funds is because of the created journal entry. You don't need to delete the transactions. Instead, you can create a deposit to clear this amount from UF.

 

Here's how:

  1. Go to the Banking menu.
  2. Select Make Deposits.
  3. Select the payment in the Payments to Deposit window.
  4. Select the bank where you want to deposit the funds.
  5. Click Save and Close.

You can go through Understand how the undeposited funds account works for additional information.

 

I'm here if you need further assistance.

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