Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowI am cleaning up a client's account and they had a very large amount in undeposited funds from an improper work flow. I was able to clean up the amount in there that was showing up in the bank deposits window and that greatly reduced the amount left in undeposited funds. However there still is $18,000 in there on the balance sheet that I can't get rid of. I have reconciled all bank accounts for the time period so these are duplications that need to be erased. Doing a JE from undeposited to an income account gets rid of it on the balance sheet but then it pops back up in the bank deposit window. HELP :). Kim
Hello,
You can do a JE and thats a quick way to resolve, but here is what I would be asking. If these are truly duplicates, why not backtrack to the transactions that got deposited into Undeposited Funds and delete them?
If you have say 10,000 sitting in undeposited funds and you already have the 10,000 recorded as income in some other deposit or invoice payment, etc. Then backtrack to the transactions making up that amount sitting in Undeposited Funds and delete them. Otherwise you also might run the risk of recording double income depending on what the transactions are and how they are coded that are sitting in Undeposited Funds.
I am having the same issue. When I go to the make deposit screen it is cleaned up but when I go to the Balance sheet it is showing an incorrect balance. If I create a journal entry to fix to the proper balance it wants me to record a deposit for the journal entry but that will in turn throw the balance on the balance sheet off.
You'll need to find the date when this report went out of balance to locate the transaction causing the problem, @apfinnie.
Let's pull up the Balance Sheet Summary report and run the date range down by starting from year to date. Then, narrow it down each month until you find the specific date.
Once done, follow the same steps to narrow down the exact date.
From there, you can figure out what transaction is causing the balance sheet to be off and fix the issue.
Before you troubleshoot your Balance Sheet report, I'd suggest reaching out to your bookkeeper or accountant for guidance to keep your books accurate.
You can check out these articles to learn more about the Balance Sheet report:
Please let me know if you have other questions. I'm always around to help. Have a great day.
This will happen when you have a deposit recorded after the date range of the report you are looking at. For example, if you want a balance sheet report 01/01/2021-10/31/2021 and the deposit was done on 11/01/2021 you will see the undeposited funds there. if you change the date of the deposit to be within the range of the report you will not see the undeposited funds anymore; you must include the date of the deposit in the report. I hope this helps.
How do you fix that? I put the wrong date??
Let me help you edit the date of the transactions in QuickBooks, @Khloky.
You can change information on your QuickBooks transactions if you haven't closed your books yet or reconciled them. It doesn't matter if the reimbursable transaction date is different with your Online Banking since what appears in your bank is when the transaction was cleared.
To edit the transfer, you can click the magnifying glass icon. Then locate the transfer transaction to open it. I've added a screenshot below for a visual guide:
Also, QuickBooks downloads the latest transactions automatically. Once done, it suggests categories based on how you and other customers categorized them. Read this article for more information: Categorize Online Bank Transactions In QuickBooks Online.
Drop your comment if you have any other questions when editing a transaction. We'll always be right here to further assist you.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.