Undeposited

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I have entries in the undeposited funds account even though the money is already in the bank account by direct bank transfer and my sales invoices have been paid. The effect is that total of sales in the P&P has been inflated by the balance in the undeposited funds account. I proved this by comparing individual receipts in the bank to the paid sales invoices. Why and how can I rectify this other than by journal?

QuickBooks Online

CharleneMaeF

QuickBooks Team

I'm here to help you sort this out, AJ45.

It could be that the entries in the Undeposited Funds account are not yet deposited. They will still show in the account even though you already transferred the amount to the bank.

To resolve this, we'll have to make a bank deposit to match the entries on both your bank statement and in QuickBooks. I'll guide you how.

Go to the + New button.
Select Bank Deposit.
From the Account drop-down menu, choose the account you want to deposit the money into.
Select the box for each payment you want to combine. Make sure the deposit total and selected payments match your deposit slip.
Once done, click on Save and close.

For more information about the process, I recommend checking this article: Make Bank Deposits in QuickBooks Online.

Additionally, I've included a guide that'll match your QuickBooks account and the bank statements. This ensures you have accurate data before the year ends: Reconcile Workflow.

We're always here to share our ideas with you if you have other questions or concerns about undeposited funds. I'll encourage clicking the Reply button to let us know.

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