Nice to meet you, @hftjm.
It sounds like you might have some data damage with your company file since all of the funds have been deposited. Don't worry. I've got you covered. We can use the Verify and Rebuild data tool to remove the damage from the company file. Here's how:
- Go to the File menu, then hover over Utilities and choose Rebuild Data.
- Select OK when on the QuickBooks Information window. Follow the on-screen instructions to save a backup.
- Give time for the tool to repair your file.
- When the tool finishes, Press OK.
- Go to the File menu, then hover over Utilities and pick Verify Data.
- The tool will now check for data issues.
Afterward, try to go back to the Undeposited Funds Account and see if the balance is still there.
Here are two extra links that can help you out in the future:
- What's the Undeposited Funds account?
- Deposit payments into the Undeposited Funds account in QuickBooks Desktop
Touch base with me after trying these steps. I want to make sure that we're able to get this issue resolved. I'll be waiting for your response.
Thank you very much. That fixed the problem, but I have another problem. I am showing -12,363.98 in Accounts Receivable, but my open balance on invoices is 6,264.00. Any ideas on that?
These negative amounts are usually caused by Credit Memo entries, over-payments, or possible duplicate payments.
If these are deposits, the best way to remove them is to apply these as a credit to an invoice. Here's how:
- Go to the Customers menu, then select Create Invoices.
- Choose the customer from the Customer: Job drop-down.
- Enter the necessary information.
- Click Apply Credits.
- Hit Yes to confirm the changes.
- In the Apply Credits window, select the deposit from the Credits tab. (Make sure the amount is the same with the invoice)
- Click Done. (The invoice will be marked as paid)
- Hit Save & Close to save the invoice.
Once done, you can now review the Accounts Receivable if the negative amounts are already removed.
You can refer to these articles to learn more about Accounts Receivables in QuickBooks Desktop:
- Resolve AR and AP balances on the cash basis Balance Sheet.
- AR balance on the Chart of Accounts does not match AR balance on reports.
Feel free to get back to me if you need more help with QuickBooks invoices. I'd be happy to help.