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erika20
December 1, 2021
Question

How do I made a deposit into "Other Current Assets?"

  • December 1, 2021
  • 2 replies
  • 0 views
A month ago, something changed and now I cannot make a "New Bank Deposit" into any other account type than "Bank". How do I made a deposit into "Other Current Assets?"

    2 replies

    JessT
    JessT
    December 1, 2021

    Hi erika20,

     

    I'll share a way to deposit funds into other current assets.

     

    When you record a receive payment or a sales receipt, you can choose an other current asset type of account in the Deposit to field, like the Undeposited funds account.

     

     

    Another way is to make journal entries, where you can debit an amount to an other current asset account.

     

    I hope all of these details help you properly record your transactions. Let me know if you have any other concerns. I'm always here to help.

    E
    erika20Author
    December 1, 2021

    No, actually, that's not what I'm talking about at all. I've already assigned the non-payment to Write Off, and now want to get it off my received record and the way I've always done that is to "deposit" it into "Allowance for Bad Debt". But a month ago, that option was removed. See below screenshot of how it used to be.

     

     

      R
      rvrfrf
      December 1, 2021

      Thanks for following up with the Community, erika20.
       

      To write off bad debt, you'll initially need to check your aging accounts receivable.
       

      Here's how:

      1. In the left navigation bar, go to Reports.
      2. Find and run an Accounts Receivable Aging Detail report.
      3. Check which outstanding accounts receivable should be written off.


      Next, you'll need to create a bad debts expense account if you haven't yet:

      1. Use your Gear (⚙️) icon, then go to Chart of Accounts.
      2. In the upper right, click New.
      3. Choose Expenses for its Account Type.
      4. Pick Bad debts for your Detail Type.
      5. Enter "Bad debts" in the Name field.
      6. Select Save and close.


      Now you'll be prepared to create an item and memo for it, then apply your credit to the invoice.

       

      Please don't hesitate to send a reply if there's any questions. Have a wonderful day!

      B
      bmckown
      December 7, 2021

      I have the exact same issue. I used to use "Other Current Asset" frequently and now it does not show up as an option.

      K
      Kurt_M
      December 7, 2021

      Thanks for raising this concern here in the Community, @bmckown and @erika20. Let me help you proceed to deposit to your Other Current Assets account.

       

      If you have an existing Other Current Asset account, we’ll have to make sure that it is active. Otherwise we won’t be able to use it. In case you want them to be visible in your Chart of accounts, we’ll have to make the accounts active.

       

      Here’s how to make an account inactive:

      1. Go to Settings and select Chart of accounts.
      2. Find the account you want to delete.
      3. Select the Action  dropdown and select Make inactive.

      If you want to see your inactive accounts in your chart of accounts, here’s how:

      1. Select Settings, then select Chart of Accounts.
      2. Select the Gear icon  next to the printer icon.
      3. Select the Include inactive checkbox.

       

      We will only do these steps if we are certain that the account we are searching really exists.

       

      If you need to create a replacement account for one that's missing or unavailable, refer to this article.

       

      You can also check what happened to the original account by going to the Audit Log page.

       

      If you need further assistance with this. Leave a comment down below. I'll be around to help. Have a great day and stay safe! 

      F
      FB12
      December 8, 2021

      We're having the same problem. We have been depositing to Other Current Asset accounts for years, but suddenly that stopped being an option in the Bank Deposit screen. Nothing about these accounts has changed - they are active in our Chart of Accounts and we don't want to replace them. Why are they no longer appearing as an option in the Bank Deposit drop down menu?

       

      Thanks!

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