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kburton1
Level 2

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

On the Statement of Financial Position the deposit representing 12 receipts is included in the cash in bank amount. However the receipts are showing up as undeposited funds. There fore the the total of the 12 receipts plus the deposit for the amount totaling the 12 receipts are showing up and the assets are overstated.
Solved
Best answer January 05, 2021

Best Answers
Jovychris_A
QuickBooks Team

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

Hi there, let's sort this out, @kburton1.

 

You won't need to disconnect your bank from QuickBooks. Deleting it will eventually remove the automatic transactions from the bank.

 

In your case, you've added the deposit as an income account, which is why it overstates your assets.

 

To fix this, you can check for duplicates in the bank register and remove them from there.

 

Here's how:

  1. Go to the Gear icon and then select Chart of accounts.
  2. Click the View register on the Action column for the bank account in question.
  3. When you see the duplicates, review the transaction.
  4. Once confirmed, click the entry and then choose Delete.

 

Also, the links shared by my colleague, JamesDuanT, can help a lot as your reference especially in categorizing and matching online bak transactions.

 

If you have other questions, feel free to place a comment here. It's our pleasure to help in the QuickBooks Community. Take care!

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10 Comments
john-pero
Community Champion

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

Receipts into Undeposited Funds is the correct action. What comes next is creating a deposit to physically deposit the payments received.  What I am guessing you may have done is ADD the deposit from your bank feed instead of attaching the payments to it OR creating the deposit and then accepting the Green Match. 

 

If this is what you did it is a common error that results in doubling of your income.  The fix is to NOT accept blindly the bank feeds

kburton1
Level 2

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

Yes the bank feed is added automatically. Should I delete the bank deposits?

kburton1
Level 2

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

Yes the bank is an automatic feed. Should I delete the bank deposits in order to correct this?

AileneA
QuickBooks Team

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

Hello, kburton1. 

 

Thank you for getting back to us. Yes, I agree with John-pero. You'll need to create a bank deposit and move it from the undeposited fund to the correct account and find the match. 

 

Once done, you can categorize the transactions: Categorize and match online bank transactions in QuickBooks Online

 

That's it: Reach out to us again if you need more help. We're just one post away. Take care!

kburton1
Level 2

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

I have $10, $20, $50 etc. in the 12 receipts that were created for a total of $210. The bank deposit of $210 matching the 12 receipts  already exists. Is there a way to match the deposits without creating another bank deposit as you state?

JamesDuanT
Moderator

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

Thanks for getting back to us, kburton1.

 

Since you've mentioned that there is already a bank deposit that matches that 12 receipts, I just want to clarify how the bank deposit was created.

 

Scenario 1

If the bank deposit was created in QuickBooks Online as it was associated to the 12 receipts (under the Undeposited Funds account), you can select Match in the Banking page. You can use this link for reference on how the deposit was created: Record and make bank deposits in QuickBooks Online.

 

Scenario 2

If you have created the bank deposit without associating the 12 receipts, I'd recommend deleting it. Then, you can go directly to the Banking page and select Find match on the bank deposit. From there, you can manually select the 12 receipts (under the Undeposited Funds account).

 

Scenario 3

If you have created a bank deposit like Scenario 1 and have selected Add the one in the Banking page, this will overstate your bank in QuickBooks Online. With that said, we can Undo what you've added through the Banking page. Here's a link for reference: Unmatch downloaded bank transactions or move them to another account.

 

After undoing the added bank deposit, it will go back to the For review section. From there, we can Match it to the bank deposit you've created manually. You can use this link for reference when matching or categorizing bank transactions: Categorize and match online bank transactions in QuickBooks Online.

 

Those are the scenarios that I can think based on the information you've shared with us.

 

If you're referring to something else, additional details on how the deposit was created or added to your register wound be much appreciated.

john-pero
Community Champion

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

You can open the existing deposit to edit it. Add the  Delete or zero the detail line that is in it, add the 12 payments, should be back to 210. Save

kburton1
Level 2

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

I will go through each one of these scenarios carefully and determine the best route. This fix has to apply to 15 months of entries so I’ll make sure the first fix accounts for the over 200 entries I have to fix. 

Thanks for the information 

kburton1
Level 2

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

I followed the procedure in scenario one.

The UF is now zero however the bank balance is overstated by the amount I matched to the Bank deposit I created.

The account is on automatic feed from the bank so it is showing a Bank deposit I created and a Teller Deposit for the same day. So, I am confused again, do I disconnect my bank from QB and delete all of the automatic transactions from the bank? If so, then I will have to manually enter all of the banking information since October 2019.

Jovychris_A
QuickBooks Team

12 sales receipts = 1 bank deposit. All receipts are in UF. Bank total in Statement of Fin Pos shows 12 receipt as UF therefore overstating assets. How do I correct?

Hi there, let's sort this out, @kburton1.

 

You won't need to disconnect your bank from QuickBooks. Deleting it will eventually remove the automatic transactions from the bank.

 

In your case, you've added the deposit as an income account, which is why it overstates your assets.

 

To fix this, you can check for duplicates in the bank register and remove them from there.

 

Here's how:

  1. Go to the Gear icon and then select Chart of accounts.
  2. Click the View register on the Action column for the bank account in question.
  3. When you see the duplicates, review the transaction.
  4. Once confirmed, click the entry and then choose Delete.

 

Also, the links shared by my colleague, JamesDuanT, can help a lot as your reference especially in categorizing and matching online bak transactions.

 

If you have other questions, feel free to place a comment here. It's our pleasure to help in the QuickBooks Community. Take care!

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