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How to correct undeposited funds?

I have reconciled my bank account through December 2016.  I show a balance in undeposited funds amount for September - December. How do I fix this since I have reconciled?

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Best answer 10-15-2018

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Super Contributor *

Go to plus sign>bank deposit. You have a customer payment...

Go to plus sign>bank deposit. You have a customer payment entered to that acct. but not deposited.  You need to find the deposit (it is in there already somehow because you reconciled already) and update the deposit with the customer payment and remove the line item that is in there and was reconciled.

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Super Contributor *

Go to plus sign>bank deposit. You have a customer payment...

Go to plus sign>bank deposit. You have a customer payment entered to that acct. but not deposited.  You need to find the deposit (it is in there already somehow because you reconciled already) and update the deposit with the customer payment and remove the line item that is in there and was reconciled.

View solution in original post

Not applicable

Re: How to change an Undeposit Funds to Deposit?

For majority of my clients, I personally process (ACH) payments once a month.

I have processed a payment through online bookkeeping account and cleared the invoice.

A week later funds was transferred to my bank account as a batch (multiple invoice payments),  some invoices in my bookkeeping account reflected as "Deposited" as should be and some did not, It is showing as "Undeposited". How do I change Undeposit to Deposit. 

 

Note: I did receive the correct amount of payment per client, the total payment amount as a batch was deposited to the bank, I was able to reconcile the month in my QB. 

 

I have tried several methods mentioned here on your site to trouble shoot the situation. Unfortunately, I was not able to successfully make the proper changes.  Perhaps there is another method to resolve this issue? 

 

Mona

QuickBooks Team

Re: How to change an Undeposit Funds to Deposit?

It seems like there are double tracking of payments, Mona.

 

If you've created a payment for the invoice already, you'll have to match the deposit to the payment instead of adding it.

 

Here's how:

  1. Click Banking, then choose Banking.
  2. Go to the For Review tab.
  3. Choose the downloaded transaction/deposit, then click to open.
  4. Choose Find match.
  5. Choose the payment, then click Save.

I've got you an article for future reference: How to add and match downloaded banking transactions.

 

You can always get back to this thread if you need more help. Have a great one! 

Community Contributor *

Re: How to change an Undeposit Funds to Deposit?

Hello, Thank you for such a great guidance. It was very helpful for me as well. Apart from that I have a question, my accountant have messed up something like we have received payments in my check bank account through QuickBooks payment or by cash in my bank account but yet there are lots payments showing in undeposited fund. So could you please guide a little bit how I can clean up my undeposited balances? Other things are that some payments of undeposited fund is real means the payments are not added yet in my check bank account so should I add them in the bank. Overall I just wanted to know what would be procedure to clean up undeposited fund. Thanks in advance Regards Rohit
QuickBooks Team

Re: How to change an Undeposit Funds to Deposit?

I can help you clear the amounts on the undeposited funds in QBO, @Rohit.

 

Undeposited Funds is created to hold funds until you are ready to deposit them. It serves as the default Deposit To account when you receive payments, use a payment item on an invoice, or enter a sales receipt.

 

To clear the amounts, you have to create a deposit transaction:

  1. On the top menu, click the Create (Plus) icon and choose Bank Deposit.
  2. Select the correct account, date, Currency, transactions and more.
  3. Click Save and close.

To learn more about this, you can refer to this article: Record and Manage Bank Deposits in QuickBooks Online.

 

You can also refer to this link for future reference: https://quickbooks.intuit.com/learn-support/en-us/undeposited-funds/understand-how-the-undeposited-f....

Let me know if there's anything else you need or you have follow-up concerns. I'm still here to help you more.

Community Contributor *

Re: How to change an Undeposit Funds to Deposit?

Dear HoneyLynn_G

Thank you for your prompt reply.

It was very useful information for me and I understood. Is there any other way to clean up undeposited fund apart from?

Thanks

Rohit

 

QuickBooks Team

Re: How to change an Undeposit Funds to Deposit?

It's nice to hear back from you, @Rohit.

 

You are very much welcome with the steps. I'm happy I came across your post and was able to address your concern. 

 

As a confirmation, the only way to clear the undeposited fund is by depositing the amounts to your desired accounts. Meanwhile, I'm adding some more references about QBO. It provides the current updates and tutorials.

Should you have any other questions that I can help you with, feel free to mention me on your posts. It's my pleasure to help you get back on your working track anytime. Cheering you a great weekend!

Not applicable

Re: How to change an Undeposit Funds to Deposit?

I accidentally clicked add instead of match.  How can I fix this?

Not applicable

Re: How to change an Undeposit Funds to Deposit?

I already clicked add instead of match.  How can I fix this?

QuickBooks Team

Re: How to change an Undeposit Funds to Deposit?

Hi there, @dgarcia611!

 

You can undo your transactions accidentally added into your register so you can match them to your existing transactions instead. I'm here to help you accomplish this.

  1. Go to Banking.
  2. Under Bank and Credit Cards, select you bank or credit card account.
  3. Select the Reviewed tab.
  4. Find your transactions accidentally added into your register.
  5. On the ACTION column, select Undo.

Once completed, you can go back to the For Review tab and match your transactions to your existing records from there.

 

Lastly, I've also added this helpful article in case you want to review your transactions after matching them: Find, Review, and Edit Transactions in your Account Register.

 

If there's anything else that I can help you with, please let me know in the comment section down below. I'll be always around ready to help.

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