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Paypal and Undeposited Funds

Hi.

 

I am using the PayPal app in QBO. The Paypal app has automatically recorded all the sales and fees in the Undeposited Funds account. My problem is that I have already transferred funds from my PayPal account into my checking account, but now I still have a balance in my undeposited funds account. How do I fix the balance in my undeposited funds account without duplicating the deposit into my Checking account? There is probably a really simple solution... I'm very new to bookkeeping and trying to figure it all out. 

 

Thanks!

 

Solved
Best answer 01-14-2020

Best Answers
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QuickBooks Team

Paypal and Undeposited Funds

Welcome to the Community, @Jordanm

 

If you've created a separate deposit from PayPal to your checking account, this will result to undeposited sales. This will show a Not Deposited status on your payments. 

 

To resolve the balance from your undeposited funds account, create a bank deposit add the sales that were included on your deposit so that the balance of this account will be reduced.

 

Also, here's an article you can read to learn more about undeposited funds in QuickBooks Online: What’s the Undeposited Funds Account?

 

Please let me know if you have any other questions about your QuickBooks. It'll be always my pleasure to help. 

View solution in original post

1 Comment
Highlighted
QuickBooks Team

Paypal and Undeposited Funds

Welcome to the Community, @Jordanm

 

If you've created a separate deposit from PayPal to your checking account, this will result to undeposited sales. This will show a Not Deposited status on your payments. 

 

To resolve the balance from your undeposited funds account, create a bank deposit add the sales that were included on your deposit so that the balance of this account will be reduced.

 

Also, here's an article you can read to learn more about undeposited funds in QuickBooks Online: What’s the Undeposited Funds Account?

 

Please let me know if you have any other questions about your QuickBooks. It'll be always my pleasure to help. 

View solution in original post

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