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simtreasurer86
Level 3

Undeposited Funds on Balance sheet

I have an amount in Undeposited Funds on the Balance Sheet.  The amount is for several transactions that have been reconciled.  How do I clear this since it has been reconciled?

Solved
Best answer July 22, 2021

Best Answers
Angelyn_T
QuickBooks Team

Undeposited Funds on Balance sheet

I'll help you with fixing the amount showing up on your undeposited funds, @simtreasurer86.

 

You have two options to resolve the undeposited amount reflected on your Balance Sheet report. First, you can undo your reconciled period, then deposit the amount to the desired bank account. Once done, redo your reconciliation to balance your transactions. 

 

The Undo option for a reconciled period is currently available in QuickBooks Online (QBO) Accountant. For now, you can invite one to your company, and let him or her undo the reconciliation period at once.

 

  1. Sign in to your QBO account.
  2. Click the Gear icon, then click on Manage Users.
  3. Go to the Accounting firms tab, and click the Invite button.
  4. Enter the accountant's information.
  5. Click Save.
  6. Let your accountant undo the entire reconciliation.

 

Otherwise, you'll need to undo the reconciled transactions one at a time. You can use this article for reference: How to Unreconcile a Transaction or Undo a Reconciliation

 

The second option is to use journal entries to transfer the funds to your bank account. For this, I recommend seeking assistance from your accountant in selecting the correct accounts under the Credits and Debits section.

 

Aside from the solutions added above, you can also review the topics from this link for more tips about handling your other bank transactions in QBO: Find help with bank feeds and reconciling accounts.

 

If you have any other questions about handling your bank transactions or reports, let me know by adding a comment below. I'm more than happy to help. Keep safe!

View solution in original post

2 Comments 2
Angelyn_T
QuickBooks Team

Undeposited Funds on Balance sheet

I'll help you with fixing the amount showing up on your undeposited funds, @simtreasurer86.

 

You have two options to resolve the undeposited amount reflected on your Balance Sheet report. First, you can undo your reconciled period, then deposit the amount to the desired bank account. Once done, redo your reconciliation to balance your transactions. 

 

The Undo option for a reconciled period is currently available in QuickBooks Online (QBO) Accountant. For now, you can invite one to your company, and let him or her undo the reconciliation period at once.

 

  1. Sign in to your QBO account.
  2. Click the Gear icon, then click on Manage Users.
  3. Go to the Accounting firms tab, and click the Invite button.
  4. Enter the accountant's information.
  5. Click Save.
  6. Let your accountant undo the entire reconciliation.

 

Otherwise, you'll need to undo the reconciled transactions one at a time. You can use this article for reference: How to Unreconcile a Transaction or Undo a Reconciliation

 

The second option is to use journal entries to transfer the funds to your bank account. For this, I recommend seeking assistance from your accountant in selecting the correct accounts under the Credits and Debits section.

 

Aside from the solutions added above, you can also review the topics from this link for more tips about handling your other bank transactions in QBO: Find help with bank feeds and reconciling accounts.

 

If you have any other questions about handling your bank transactions or reports, let me know by adding a comment below. I'm more than happy to help. Keep safe!

View solution in original post

simtreasurer86
Level 3

Undeposited Funds on Balance sheet

Thank you @Angelyn_T .  I will reach out to QBO accountant for assistance.

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