Where is Undeposited Funds?

cathy-tipton · ‎October 15, 2018

Does QBO Plus use Undeposited Funds? Do I have to turn Undeposited Funds on or create it? When I Receive Payment and select Deposit To, Undeposited Funds is not listed as an option.

IntuitNina · ‎October 15, 2018

Hi cathy.tipton,

I'm here to help.

The Undeposited Funds account is a default account generated automatically in QuickBooks Online. If you can't find it in your receive payment window, it's possible that the account was renamed. Let's go ahead and check:

Click on the Gear icon in the upper left.
Choose Chart of Accounts.
Find the Undeposited Funds from the Detail Type column (there can only be one undeposited funds in QuickBooks Online).
Once you find it, click the drop-down arrow and select Edit.
Update the name according to your preference.
Click Save and Close once you're done.

Please let me know how it goes, or if you need anything else.

View solution in original post

IntuitNina · ‎October 15, 2018

Hi cathy.tipton,

I'm here to help.

The Undeposited Funds account is a default account generated automatically in QuickBooks Online. If you can't find it in your receive payment window, it's possible that the account was renamed. Let's go ahead and check:

Click on the Gear icon in the upper left.
Choose Chart of Accounts.
Find the Undeposited Funds from the Detail Type column (there can only be one undeposited funds in QuickBooks Online).
Once you find it, click the drop-down arrow and select Edit.
Update the name according to your preference.
Click Save and Close once you're done.

Please let me know how it goes, or if you need anything else.

ausmanov · ‎October 15, 2018

The vanilla plus plan does not have undeposited funds account either.

samatsuria · ‎October 15, 2018

Hi @IntuitNina.. thanks for your time!
1. I followed your steps.. Undeposited Funds is not in the list.. what should I do now?
2. I can understand if I'm paid by Cash or Cheque why these amounts would go into Undeposited Funds and later I need to deposit them. However, if there is a direct debit from a client, it should not go into Undeposited Funds because it goes straight into the bank correct?

Report Inappropriate Content · ‎October 15, 2018

I do not have an account with a Detail Type of Undeposited Funds. I called the support center yesterday and was told that "this is a known issue and I am passing your case no. on to the technicians". I see that the question was asked 9 months ago and know again. Has anyone found any resolution to this problem?

samatsuria · ‎October 15, 2018

hey @rfletcher turns out if it's not already there you have to create the account:
Click the Gear icon at the top of your Dashboard.
Click Chart of Accounts.
Click the New button.
Click the drop-down arrow in the Category Type field and select Current assets.
Click the drop-down arrow in the Detail Type field and select Undeposited Funds.
Click Save and Close.

Report Inappropriate Content · ‎October 15, 2018

The Undeposited Funds account was created as it is a default account created by QuickBooks Online. You can not create another one. I had already tried this and the QBO support team tried as well. You get an error message.

M-Dhanda · ‎October 15, 2018

@rfletcher @samatsuria I was facing the same issue as @rfletcher until last evening. But I just tried again as @samatsuria suggested and was able to create a new Undeposited Funds account in Current Assets. I tried the same thing last evening, but it was throwing me an error msg that it already exists. I am so glad I got it back now. Thanks.

Report Inappropriate Content · ‎October 15, 2018

Thank you, M Dhanda, for posting this update! I just tried again and it worked which tells me that QBO fixed a problem they knew had existed for months. It would have been appropriate if they had at least sent me an update to the ticket that I opened almost a month ago after spending hours on the phone with their tech support. Thanks again!

triplersiteworks · ‎October 15, 2018

I had to create the account also but it will not work after i do my receive payments to undeposited funds. when i go to make deposits there is nothing there. when you look at the chart of accounts the deposit is shows in undeposited funds.

amyhaas · ‎December 23, 2018

I am also having this problem with the UFA. It does not allow me to add. This is for a student(client) company being used for learning). He does have an undeposited funds account, set up as a bank account type. But it does not function correctly. Amounts added to this account from customer receipts and payments do not appear in the bank deposit window. How can this be fixed? Can it be fixed-why did this happen?

amyhaas · ‎December 23, 2018

same issue!Help

Anonymous · ‎December 24, 2018

Hello everyone.

I'm here to help share some information about the default Undeposited Funds account in QuickBooks Online.

You can add the account in QBO by changing the account type to Other Current Assets. Before doing so, make sure first to check if the Undeposited Funds is not in the inactive accounts.

Here's how to check your inactive accounts:

Go to the Accounting tab and select Chart of Accounts.
Click the Gear icon on the right corner and check the Include inactive box.
Locate the Undeposited Funds account on the Detail Type column. If it's included in the inactive account, click the Make active option on the Action column.
Once done, there's no need to create a new Undeposited Funds account.
If the Undeposited Funds is still missing from the options, create a new one.

Here's how to create a new account:

Go to the Accounting tab and select Chart of Accounts.
Click the New tab.
Choose the Other Current Assents as the Account Type.
From the Detail Type drop-down, choose the Undeposited Funds.
Fill in the other details needed, then Save and Close.

Let me know how it goes. You can always contact our Online Care Support if ever you need assistance in going through with the steps.

I'm just a post away if you have additional questions about Undeposited Funds in QuickBooks. I'm here to help however I can.

amyhaas · ‎December 24, 2018

I have tried this. Here's the message I get

Account

Something’s not quite right

You cannot change the detail type of an account to be Undeposited Funds or change an Undeposited Funds detail type account to be another detail type.

Account Type

Other Current Assets

*Detail Type

Undeposited Funds

Use Undeposited funds for cash or checks from sales that haven’t been deposited yet.

For petty cash, use Cash on hand, instead.

*Name

Description

Is sub-account

Balance 15,490.69

There is an undeposited funds account, but it has incorrect detail and is not showing up in the deposit list when a deposit is made!

MaryGraceS · ‎December 24, 2018

Hello there, @amyhaas.

Thank you for posting in the Community. I'd be happy to help get this taken care of today.

Your browser's cache might be causing that message. A typical browser uses a cache of memory to work efficiently and load pages faster, but as data collects it can cause unexpected results.

To start, let's try using a private browser to isolate the issue. The steps vary per browser used:

Google Chrome: press Ctrl + Shift + N
Mozilla Firefox: press Ctrl + Shift + P
Internet Explorer: press Ctrl + Shift + P
Safari: press Command + Shift + N

If you're able to create a new Undeposited Funds account using the private browsing mode, you can switch back to the regular browser (Ctrl + N) then clear your browser's cache.

Here's an article to help you clear the cache: How do I clear the temporary Internet files and cache?

If you get the same result, I recommend calling our Phone Support. They can initiate a screen sharing session to help you get to a resolution quickly.

Please get in touch with me if you have any other questions about Undeposited Funds missing from the Deposit screen. I'm here to help you sort things out.

amyhaas · ‎December 24, 2018

Finally, I was able to create a new one by first renaming the current uf account, which was set up incorrectly as a bank account. Then I was able to create the new correct one with the correct details. AND IT"S WORKING THANKS FOR ALL OF THE HELP ! Still wondering why the account was not created automatically when the company was set up though-in case it happens again!

Charies_M · ‎December 24, 2018

Thanks fro keeping us posted, amyhaas.

We're glad to know you're finally able to create an Undeposited Funds account in QuickBooks Online (QBO).

If you're still wondering why this account was not automatically created, it's possible that the account name was modified or tagged as one of the inactive accounts as mentioned by my colleagues @IntuitNina and @LilyC.

Here's an article for more information about Undeposited Funds in QBO: Undeposited Funds.

Feel free to visit us again or leave a reply below if you have further questions about Undeposited Funds in QuickBooks. I'd be glad to help.

TomInAiken · ‎January 26, 2019

This technique fixed the same problem I was having with Undeposited Funds. Brand new QBO account - right out of the virtual box. Did not show up even with Include inactive checked. But I did manage to get the account working by following the remaining steps. Something amiss with new accounts when they get built - developers take note.

JBruc · ‎February 24, 2019

I have QB Desktop Pro 2018. Somehow UF has either been deleted from Chart of Accounts or hasn't been there. I do find where you can turn UF on and off but the instructions are missing a step. After you go to Company Preferences you need to select Payments in the left hand column to be able to see the box to do so.

My question is how do I create UF in Chart of Accounts on my Desktop version?

Judy

JenoP · ‎February 24, 2019

The Undeposited Funds account might have been deactivated making it not available in your Chart of Accounts, Judy.

Please scroll down to the bottom of the page. Then, check the Include Inactive box to see all inactive accounts. Once done, look for the Undeposited Funds account and click the X icon beside it to make it active again. Check my screenshot below for more details.

Please note that while you can create an Other Current Asset account and name it Undeposited Funds, QuickBooks will use the default UF account when receiving payments.

I'd be glad to get back here if you need extra help. See you around.

JBruc · ‎February 25, 2019

Yeah, I found what happened to UF. It was deactivated in the CofA. I clicked the X and now it is active. I was told by another community member that my payment went to UF as a default. I just couldn't go to UF since I had deactivated. Thank you all

Rasa-LilaM · ‎February 25, 2019

Hello again, @JBruc.

I’m happy to know the steps provided by my colleague helped you find the Undeposited Funds account.

For more insight about this account, check out this article: Internal other current asset account. I also want to ensure you’re up to date on the latest news about the product’s features, so I’m adding a link to where to check them out: Intuit News.

If you have any questions or run into hurdles while working using the software, please post them here. Please know the Community space is the best place for help in QuickBooks.

Primaveri13 · ‎March 25, 2019

hi I did a deposit and when I go to previous it jumps over that date and goes to the next one,

JessT · ‎March 25, 2019

Hi Primaveri13,

The sequence of the deposits is based on dates. Please verify the date of the deposit is correct. If it is, you can run the Verify utility to check if this is a data issue. Then, run the Rebuild utility to fix it. You can refer to this article: Verify and Rebuild Data in QuickBooks Desktop.

Let us know if you need more help.

Cohen Simon Accounting · ‎April 05, 2019

The Undeposited Funds accounts is set to a Bank account. We can deposit to Undeposited Funds but no deposits appear in the window when making a deposit. I tried to change the type from Bank Account to Current Assets but got an error message. What are the steps to get Undeposited Funds to work correctly? Thanks!

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Where is Undeposited Funds?