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Carl_A
August 20, 2021
Solved

Can I turn "undeposited funds" on and off?

  • August 20, 2021
  • 2 replies
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We're a VERY small outfit, and I'm not expert with either acctg or QB. Some of our income arrives by check, for which the "Undeposited Funds" feature is usually helpful and sometimes essential.  Other income arrives via PayPal, which I've set up as another bank acct.  At present, I have "Undeposited Funds" turned on.  This works, but it makes for slow going when income arrives via PayPal. Every bit of income via PayPal requires going to Record Deposits   Can I safely switch back & forth? Do I need to log in as "Admin" to do this switching?

 

-- Carl 

    Best answer by MichelleBh

    Hello, @Carl_A.

     

    I appreciate you for providing us with more details about the situation. I'll be on hand to help you to turn on and turn off the Undeposited Funds feature in QuickBooks Desktop. 

     

    Yes, for your two questions. You can also use external accountant access to shift the Undeposited Funds back & forth. If you're not currently logged in as admin, here's how to switch: 

     

    1. Go to the File menu and click Close Company/Logoff. 
    2. Choose your company file, then enter your admin User name and Password. 
    3. Tap OK. 
    4. Go back to the Edit icon and select Preferences. 
    5. Pick Payments, then Company preferences.
    6. Check or uncheck the Use Undeposited Funds as a default deposit to account box.
    7. Hit OK. 

     

    For the complete instructions, visit this article: Deposit payments into the Undeposited Funds account in QuickBooks Desktop.

     

    Additionally, I've added this article to know more how PayPal account works with QuickBooks: QuickBooks & PayPal. Better together.

     

    Furthermore, you have an option to join our webinars and training classes. Our mentors, we'll help you get up to speed in no time! Also, you can ask them any questions you have about QuickBooks processes.

     

    For your later reference, check out these links on how to edit bank settings, match, categorize, add account numbers. 

     

     

    I love contacting you and helping you out. Please tell me if you need more details. I look forward to your continued safety and health.

    2 replies

    MichelleBh
    MichelleBhAnswer
    August 20, 2021

    Hello, @Carl_A.

     

    I appreciate you for providing us with more details about the situation. I'll be on hand to help you to turn on and turn off the Undeposited Funds feature in QuickBooks Desktop. 

     

    Yes, for your two questions. You can also use external accountant access to shift the Undeposited Funds back & forth. If you're not currently logged in as admin, here's how to switch: 

     

    1. Go to the File menu and click Close Company/Logoff. 
    2. Choose your company file, then enter your admin User name and Password. 
    3. Tap OK. 
    4. Go back to the Edit icon and select Preferences. 
    5. Pick Payments, then Company preferences.
    6. Check or uncheck the Use Undeposited Funds as a default deposit to account box.
    7. Hit OK. 

     

    For the complete instructions, visit this article: Deposit payments into the Undeposited Funds account in QuickBooks Desktop.

     

    Additionally, I've added this article to know more how PayPal account works with QuickBooks: QuickBooks & PayPal. Better together.

     

    Furthermore, you have an option to join our webinars and training classes. Our mentors, we'll help you get up to speed in no time! Also, you can ask them any questions you have about QuickBooks processes.

     

    For your later reference, check out these links on how to edit bank settings, match, categorize, add account numbers. 

     

     

    I love contacting you and helping you out. Please tell me if you need more details. I look forward to your continued safety and health.

    C
    Carl_AAuthor
    August 21, 2021

    You answered my 2 questions clearly, so you get credit for that.  Also, I now know that when I have a future question that is well suited to being answered by the QB "community," it may be worth my time.  But as for the rest of your reply, I haven't found Intuit's help articles to be all that useful, and they are hard to find on Intuit's website. As to automatic feeds from PayPal or banks, my "company" is so small, it's safer & easier to load transactions manually into QB, rather than learning & trusting any automatic feed.  I recently found some free tutorials (paid by Intuit) -- I went thru one, learned a little bit, but I decided to spend money on training materials from another source. 

      L
      Laurie431
      March 4, 2023

      How do you turn it off in Quickbooks Online?

      K
      Kurt_M
      March 4, 2023

      Thank you for joining the thread, @Laurie431. I'll share an insight about turning off the undeposited funds account in QuickBooks Online (QBO).

       

       

      Please know that I understand how having this feature can help you accomplish your tasks inside your company. Upon checking here on my resources, the option you're trying to access is unavailable. However, to help you get through this, I'd recommend sending a feature request to our Product Development Team. They'll see your feedback and consider adding it to future updates.

       

      I'll gladly input the process below to get you going. To begin, here's how:

       

      1. Access your QuickBooks Online company.
      2. On the top right-corner, click the Gear icon.
      3. Below the Profile column, select Send Feedback.
      4. Enter a brief description of your feature request.
      5. Once you're ready, press Send.

       

      To add up, here's an article to help you manage accounts in your Chart of accounts: Manage default and special accounts in your QuickBooks Online chart of accounts.

       

      In case you want to make an account in your COA inactive, visit this page: Make an account inactive on your chart of accounts in QuickBooks Online.

       

      @Laurie431, if there's anything else that you'd like me to help you with, please don't hesitate to mention my name in the comment section below. Stay safe, and enjoy your weekend!

      C
      Carl_AAuthor
      March 5, 2023

      Hello thread, This is Carl_A who started this thread. 

       

         My situation is a little different from what @Laurie431  has.  I don't use QB Online, and I don't want to.  Instead, I'm on QB Desktop Pro.

        What accountants call "undeposited funds" means, in our case, donations received by paper check.  (We also get some by PayPal.)  I want to record the income as the date of the paper check.  We get many of our donations in late December of each year, and there isn't time to record & then deposit all of them before Jan 1 of next year.  Every such check is "undeposited funds" between the date of the check, and the date of the deposit in the next calendar year.  We can deal with that, but it's messy.  In order to get correct amounts from Excel into QB, I track each such check in a separate part of our Excel.  I use Excel in addition to QB b/c I find it much easier to use.  Excel, by itself, isn't enough to do the reporting we need. 

         I have a workaround, so most of the time, I leave the "undeposited funds" feature on. EXCEPTION: to "deposit" a PayPal, I turn "undeposited funds" OFF temporarily.  If there's a way for QB and its documentation to be improved on this topic, users like me would like to know.   I doubt that QB Desktop 2023 will help, but someday...

       @Carl_A 

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