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Level 1

I have reconciled but there is still a balance in undeposited funds. Why is this happening?

I have reconciled but there is still a balance showing in undeposited funds. Why did this happen? How do I keep this from happening again and how do I fix?  Thank you.

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QuickBooks Team

I have reconciled but there is still a balance in undeposited funds. Why is this happening?

Hello, @AlarmCompany.

 

Transactions from the Undeposited Funds account should be recorded as a Bank Deposit to clear it out.

 

The Undeposited Funds account serves as a holding account before you create a bank deposit. To clear the balance, you must create or record this as a Bank Deposit

 

Here’s how:

  1. Click the + New button and select Bank Deposits
  2. Select the box on each transaction that you'd like to include in this bank deposit. 
  3. Choose the bank account where you'd like to deposit this payment under the Account drop-down. 
  4. Enter all the necessary information.
  5. Click Save and close once you're done. 

 

Check this article for more information: Record and make Bank Deposits in QuickBooks Online.

 

Just make sure that no payments are left under your Bank Deposit page to clear the balance of your Undeposited Funds account. Here’s an article to know more about this: Deposit payments into the Undeposited Funds account in QuickBooks Online.

 

The Community is always here to assist you with your bank transactions. Take care and have a wonderful day!

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