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.
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...
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.
We're just around if you have other questions.
Perhaps it is supposed to be a default account. However, I do not have an Undeposited Funds account in my chart of accounts either.
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:
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.
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
Left down to Accounting / Chart of accounts / New
Account Type: Current assets
Detail Type: Undeposited Funds
Name: Description of your choice
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
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.
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.
If the UF account is still missing, you'll have to create a new one. I'll guide you through the steps.
The screenshot below shows you the last five steps.
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.