Second Undeposited Funds Account

Anonymous · ‎October 11, 2019

I need another undeposited fund account for a second currency.

Is it a cash /equivalent account or must it be an other current asset accounts? Or does it matter?

Thanks

T

SarahannC · ‎October 11, 2019

Hi TMF2001,

QuickBooks requires to select the Current assets in the Account Type to see the Undeposited option.

However, this type of account is default in QuickBooks. That said, you only need to have one account detail type for the Undeposited Funds account.

If you've already used multi-currency, you can continue using the default undeposited funds account.

Please stay in touch if you need more with QuickBooks. I'm here to help.

Anonymous · ‎October 12, 2019

Hello,

QBO doesn't allow the undeposited funds account to be used for multiple currencies. So I need to create one per currency used.

So, do I create the second currency undeposited funds as a current account or a cash account - or does it matter.

If I try to put the money in the $Undeposited funds account I get the following error:

Something's not quite right

Transactions can have only one foreign currency at a time.

T

JamesDuanT · ‎October 12, 2019

Hello TMF2001,

In QuickBooks Online, we can only have a single Undeposited Funds account regardless of the number of your currencies. Hence, you're unable to create the second one with a different currency.

If you turn on the multicurrency feature, the Undeposited Funds account defaults to the home-currency.

When using it to hold your money temporarily, the currency won't matter. This is because each of them has equivalent home-currency value. In addition, having another Undeposited Funds account is unnecessary.

Once you're ready to deposit the amount, you'll have an option to select the correct currency in the Bank Deposit screen.

If you have more questions, you can provide additional details such as how you want use the Undeposited Funds account. Thanks in advance!

Anonymous · ‎October 15, 2019

Hi,

Thanks.

When the account was originally created - it was allocated USD as a currency. So now it cant be switched to the home currency and I so can't accept payments from other currencies into it.

For the moment I have created a home currency Undeposited funds /other current accounts.

Any other solution to this?

Tania

Anonymous · ‎October 15, 2019

Hi, TMF2001.

The default Undeposited Funds is set to the currency of the QuickBooks version you have. If it’s the US version, then the currency will be USD. This will also be the home currency of the entire file.

Once you’ve change the home currency, all accounts created prior will be updated as well. I tried to save payments from different currencies in the default Undeposited and I was not able to get any errors.

You might want to redo the process on a private window. This to check if the overloaded files if causing the error you’re getting. If it works fine, clear your browser’s cache or use a different one.

Creating a different U/F is not a great option since it’s not possible in QuickBooks. The one you’ve created is not really a U/F account.

At the time when you want to deposit these funds to the correct account, you won’t be able to do it through Bank Deposit since the system only recognize one U/F account. It would be best to you consult an accountant if you need a separate holding account for your other currencies.

Drop your posts again if you have other questions.