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Level 15

Re: OK educate us. What do we not know?

This was never the question: "which asked how to setup additional accounts for "Undeposited Funds.""

 

The topic relates to Total Confusion on the part of exactly what is UF, where does it come from, and what did the Program set it up as, because you never make it yourself, and you never make additional accounts for it. There was total confusion here.

Level 7

Re: OK educate us. What do we not know?

You might want to re-read the posts above, where you will see multiple issues with this account. 

Level 1

Re: You did not set that up. It is a default acct. And you c...

you are charging my credit card for a monthly payroll fee, and at the same time disabling the payroll program on my quickbooke program....that is dishonest...

Level 1

Re: OK educate us. What do we not know?

shame on intuit.. you disabled my payroll program and at the same time billed my credit card for the payroll program monthly fees....

QuickBooks Team

Re: OK educate us. What do we not know?

Hi parkingjim.

 

A payroll service will be cancelled if we're unable to collect a payment for it, which is contrary to your situation because the payment was made on the same day. We'll see what happened and we'll help you get back on track.

 

I would encourage you to reach out to our Phone or Chat team. They have the tools to check your account history and see why it was cancelled. 

 

  1. Click on Help.
  2. Choose Contact us.
  3. Write a short description of your concern in step 1. Example: cancelled payroll
  4. Click Continue.
  5. Choose from Chat or Request for a callback.

We're just around if you have other questions.

A_J
Level 1

Re: You did not set that up. It is a default acct. And you c...

Perhaps it is supposed to be a default account. However, I do not have an Undeposited Funds account in my chart of accounts either. 

QuickBooks Team

Re: You did not set that up. It is a default acct. And you c...

 Thanks for joining the thread, @A_J.

 

You're right, Undeposited Funds is a default account in the chart of accounts. It might be renamed which is why you can't find it. To confirm, let's go ahead and check it:

 

  1. Go to the Gear icon in the upper right.
  2. select Chart of Accounts.
  3. Scroll down to find the Undeposited Funds from the Detail Type column (there should only be one Undeposited Funds account in QuickBooks Online).
  4. Once you find it, click the drop-down arrow and click Edit.
  5. Update the name according to your preference.
  6. Once done, click Save and Close.

 

For future reference, you can read through our help article: Deposit payments into Undeposited funds account in QBO. It guides you in how to put payments into the Undeposited Funds account if you need to combine them into a deposit in QuickBooks Online.

 

Let me know if you need anything else. We're always happy to help. 

Level 2

Re: How do I create a new Undeposited Funds account?

The undeposited funds account is a temporary account for funds in your possession or waiting in the cash register to be deposited. Company owners that wait, say a week to go to the bank, will hold the money in a safe until taken to bank.

So not to lose control and be able to close daily sales, the amount is sent to the current asset “undeposited fund” account. This amount will show in the balance sheet as part of the assets of the company.

So to begin with you properly created the transit account like you mention.

There is one step pending.

Once the money and checks are sent to the bank, there has to be a transfer made from “undeposited funds” to the “bank” account.

So the steps are as follows #1 create the transit account, #2 transfer funds when deposit to bank account is done

So step #1 as follows:

#1 How to create a new Undeposited Funds account

Go gear (top right) / Cart of accounts / new

Or

Left down to Accounting / Chart of accounts / New

Account Type: Current assets

Detail Type: Undeposited Funds

Name: Description of your choice

Save

Step #2 the transfer

#2 Go to Gear (top right) / Transfer

Transfer Funds From: Undeposited funds account

Transfer Funds To: Checking account

Transfer Amount: Amount to transfer

Date: Date of Transfer

Save

Level 1

Re: You did not set that up. It is a default acct. And you c...

I'm using QBO and UF is not a default account for me either.  It appears that it was a default created account in the past, but it is not present in my COA.

QuickBooks Team

Re: You did not set that up. It is a default acct. And you c...

Hello there, @Sresf4Jes

 

It might be the account was renamed since this is automatically created when you set up QBO. This is only the possible reason why the Undeposited Funds (UF) account isn't present in your COA. To help fix this, you'll have to go to the Chart of Accounts menu. Then, scroll down and make sure to focus on the Detail Type column so you can see the UF account. Please refer to the steps provided by katherinejoyceO above. See the screenshot below for your visual reference. 

FindUndepositedFundsAccount.PNG

 

If the UF account is still missing, you'll have to create a new one. I'll guide you through the steps. 

  1. Go to Accounting from the left menu,
  2. Select Chart of Accounts.
  3. Click the New tab.
  4. Choose Other Current Assets as the Account Type.
  5. From the Detail Type drop-down, choose Undeposited Funds.
  6. Type in Undeposited Funds as the Name
  7. Enter the necessary information.
  8. Click Save and Close.

 

The screenshot below shows you the last five steps. 

CreateUFAccount.PNG

 

Once done, you can now deposit payments into the UF account until you deposit them at your real-life bank. This ensures QuickBooks always matches your bank records. Also, you can easily reconcile your account. 

 

I'm just a post away if you need anything else. Have a great day, @Sresf4Jes

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