{"id":2093,"date":"2020-02-06T17:21:40","date_gmt":"2020-02-06T17:21:40","guid":{"rendered":"https:\/\/quickbookexperts.com\/Blog\/?p=2093"},"modified":"2021-10-27T00:59:07","modified_gmt":"2021-10-27T00:59:07","slug":"undeposited-funds-in-quickbooks-desktop","status":"publish","type":"post","link":"https:\/\/quickbookexperts.com\/Blog\/undeposited-funds-in-quickbooks-desktop\/","title":{"rendered":"Undeposited Funds in Quickbooks Desktop in 2021"},"content":{"rendered":"
I had a problem with my undeposited funds window which the accountant \r\nthis year (2018) determined that there was a problem in 2015 Undeposited Funds in Quickbooks Desktop in 2020.\u00a0 \r\nI was told to make a general journal entry from undeposited funds into the misc. \r\nincome account.\u00a0 I did that and had it show up in the \"Make deposits\" window, \r\nI was told to $0 out the deposit by entering a negative amount.\u00a0 \r\nI have done this but now I am back to the original balance in my undeposited funds account.\u00a0 \r\nI have tried reversing it, delete, enter again etc., \r\nand I can get the Chart of Accounts to zero out by then it won't go away in the deposits window.\u00a0 \u00a0\u00a0\r\n\r\nThe undeposited funds is a negative (-337.11) and the general journal entry won't \r\nlet me add in a negative to both accounts.\r\n\r\n\"Undeposited<\/a>\r\n\r\n<\/pre>\n
Thank you for the additional details about how the deposits were recorded. I\u2019m here to help clear the negative balance in the Undeposited Funds account.<\/p>\n
QuickBooks Desktop automatically holds the funds in the Undeposited Funds account when receiving payments from customers. In order to clear the amount in this account, you\u2019ll need to make deposits.<\/p>\n
Since the deposits were recorded as journal entries (JE) crediting the clearing account, you\u2019ll need delete them including the one going to the Misc. Income account. Then, deposit the payment to your desired bank.<\/p>\n
I recommend\u00a0backing up your company file<\/a>\u00a0before making any changes since the process can\u2019t be reversed.<\/p>\n
To delete the journal entries:<\/p>\n
1.\u00a0\u00a0 \u00a0Go to the\u00a0Lists\u00a0<\/strong>menu.
\n2.\u00a0\u00a0 \u00a0Select\u00a0Chart of Accounts<\/strong>.
\n3.\u00a0\u00a0 \u00a0Double-click\u00a0Undeposited Funds<\/strong>.
\n4.\u00a0\u00a0 \u00a0Double-click the JE to open it, one at a time.
\n5.\u00a0\u00a0 \u00a0Press\u00a0Ctrl\u00a0<\/strong>+\u00a0D\u00a0<\/strong>on the keyboard to delete.<\/p>\n
Now let\u2019s deposit the payments. Here\u2019s how:<\/p>\n
1.\u00a0\u00a0 \u00a0Go to the\u00a0Banking\u00a0<\/strong>menu.
\n2.\u00a0\u00a0 \u00a0Select\u00a0Make Deposits<\/strong>.
\n3.\u00a0\u00a0 \u00a0Select the payment in the\u00a0Payments to Deposit\u00a0<\/strong>window.
\n4.\u00a0\u00a0 \u00a0Select the bank where you want to deposit the funds.
\n5.\u00a0\u00a0 \u00a0Click\u00a0Save and Close<\/strong>.<\/p>\n
If you need to move the amount to the Misc. Income account, you can create a JE. I still suggest consulting your accountant on which accounts to debit and credit.<\/p>\n
You can go through\u00a0Understand how the undeposited funds account works<\/a> for additional information. Undeposited Funds in Quickbooks Desktop in 2020<\/p>\n
If there\u2019s anything else you need, you can contact us directly.<\/p>\n
Call +1-(818) 900-9884<\/a><\/p>\n
Chat Live to the Customer Care Executive.<\/a><\/p>\n
 <\/p>\n","protected":false},"excerpt":{"rendered":"
I had a problem with my undeposited funds window which the accountant this year (2018) determined that there was a problem in 2015 Undeposited Funds in Quickbooks Desktop in 2020.\u00a0 I was told to make a general journal entry from undeposited funds into the misc. income account.\u00a0 I did that and had it show up […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,1,6,8,4,2045],"tags":[],"class_list":["post-2093","post","type-post","status-publish","format-standard","hentry","category-other-questions","category-quickbooks","category-quickbooks-desktop","category-quickbooks-mac-desktop","category-quickbooks-online","category-quickbooks-payments"],"_links":{"self":[{"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/posts\/2093","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/comments?post=2093"}],"version-history":[{"count":1,"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/posts\/2093\/revisions"}],"predecessor-version":[{"id":2612,"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/posts\/2093\/revisions\/2612"}],"wp:attachment":[{"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/media?parent=2093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/categories?post=2093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/quickbookexperts.com\/Blog\/wp-json\/wp\/v2\/tags?post=2093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}