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Re: How to correct the setup of an Undeposited Funds account that is set as a Bank type?

Thanks for joining the thread, @Cohen Simon Accounting. Allow me to step in and help share additional information about the Undeposited Funds in QuickBooks.

 

The Undeposited Funds is a default account in QuickBooks, you can't create other Undeposited Funds using the Bank Account Type. You'll need to check the default Undeposited Funds on your Chart of Accounts. If it's not showing, it 's possible that the account is inactive. You can make it show by clicking the drop-down arrow for the Account tab and check the Show Inactive Accounts

 

I've attached some screenshots for your reference.

 

coa1.PNG coa2.PNG

 

You'll need to make the account active to get the Undeposited Funds to work correctly. Just click on the Make Account Active on the Account drop-down.

 

coa3.PNG

 

If you have a balance total on the other Undeposited Funds created using the bank account type, you'll need to transfer the funds to the default Undeposited Funds account. 

 

This should help get you in the right direction. If you need to know more about Undeposited Funds, you can check out this article: Understand how the Undeposited Funds account works.

 

Keep me posted if you have other questions about Undeposited Funds. I'm always here to help achieve your goal. Have a great weekend.

Not applicable

Re: Where is Undeposited Funds?

Hello! Thank you for this explanation, however, I am still really having a hard time figuring out where my Undeposited Funds is.  I already did the steps you mentioned, but still I can't find it. I also  don't think I can create a new account since you said to choose "Other Current Assets" as the account type. However, that account is not in my dropdown list. And neither does "Undeposited Funds" in my detail type drop down.

We currently deposit the payments for invoices that we receive under Account Receivable which is a Current Assets type under Other Current Assets detail type. 

Because of this, I couldn't make any bank deposit.

Hope you guys can help me with this. I've been having this problem for a while now. Thank you!

QuickBooks Team

Re: Where is Undeposited Funds?

It could be the Undeposited Funds was renamed, Maffab.

 

Let's go ahead and find it. Here's how:

  1. Click Accounting.
  2. Go to Chart of Accounts.
  3. Look for the account with Current assets as the Type and Undeposited Funds as the Detail type. Refer to my screenshot below.

 

If you're able to find the account, let's rename it. Here's how:

  1. Click the Account history drop-down arrow, then choose Edit.
  2. Enter Undeposited Funds in the Name field.
  3. Click Save and Close

Once done, you can now deposit the payments to the Undeposited Funds account. I've attached another screenshot as your reference.

 

 

Get back to this thread if you need more help. We'll check your post from time to time. 

Not applicable

Re: Where is Undeposited Funds?

Hello Kristine,

 

Thank you for the fast response!

 

I followed what you suggested, however, there really is no Undeposited Funds in my chart of accounts even if I already searched Current Assets as the Type. I also already ticked the button for "Include Inactive" in case my Undeposited Funds is there.

 

Please see screenshot of all our Current Assets:

currentassets1.png currentassets2.png

 

Hope you can help me further with this -- would very much appreciate it. 

 

Thank you!

 

 

 

QuickBooks Team

Re: Where is Undeposited Funds?

Welcome back, Maffab. I'll help you set up the Undeposited Funds account.

 

Based on your screenshots, it seems like you're signed up for QuickBooks Online in the Philippines. For this region, the Undeposited Funds account is available but is not automatically created in the program. You'd have to manually set it up so you can use it when receiving customers' payments.

 

This account is pretty easy to create and I'd be glad to show you how:

  1. Click Accounting on the left panel.
  2. Select Chart of Accounts.
  3. Click the New button in the upper right-hand corner.
  4. In the Account window, enter Current assets in the Account Type.
  5. Select Undeposited Funds for the Detail Type.
  6. Enter the account name.
  7. Click Save and Close.

That pretty much sums it all up. Just leave a reply if you need anything else. Either me or one of my colleagues will help you some more.

Not applicable

Re: Where is Undeposited Funds?

Thank you, 

QuickBooks Team

Re: Where is Undeposited Funds?

Perfect! I'm happy that you're all set. Feel free to post again if you need more help. :smileywink:

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