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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.

 

2 Comments
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QuickBooks Team

Clear Undeposited Funds Amount from Payments to Deposit Screen

Hello there, @AWBEL.

 

Thank you for posting here in the Community. I see that you have a duplicate post about this concern. 

 

I'll direct you to the response and solutions suggested by my colleague. Kindly check this link for your reference: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/clear-undeposited-funds-amo....

 

 Let me know if you need further assistance. I’m always here to help. Keep safe always

Highlighted
Level 7

Clear Undeposited Funds Amount from Payments to Deposit Screen

Undeposited funds balances usually result when a payment is received by a customer.  The default is undeposited funds.  Instead of using the make deposit function and checking off the amount in undeposited funds, another deposit is make and coded to income.  This overstates income.  You need to make a deposit to include everything in undeposited funds, drop down a line on the deposit screen and enter an income account in the same amount as a negative so that the deposit zeros out.

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