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arkvalleyinfo
March 1, 2019
Question

I cannot find undeposited funds account in my qb online... any help

  • March 1, 2019
  • 3 replies
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3 replies

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David-212915
March 1, 2019

Thanks for posting in the Community, @arkvalleyinfo. I'd be glad to help you with locating your Undeposited Funds account.

 

QuickBooks Online only allows one of these types of account to be included in the Chart of Accounts. Here's how you can look for it:

 

  1. Select Accounting and choose Chart of Accounts.
  2. Look for an account with Other Current Assets in the Type column and Undeposited Funds in the Detail Type column. 

 

This will be the one that was set up when the file was created. You may wish to consider renaming it so that it's easier to locate should it not be titled Undeposited Funds.

 

Should you continue to be unable to find the account, I recommend seeing if the system will allow you to make one. Here's how you can do that: 

 

  1. Select Accounting and choose Chart of Accounts.
  2. Click New at the top of the screen.
  3. Choose Other Current Assets in Account Type and Undeposited Funds in Detail Type.
  4. Click Save and Close.

 

I've included a screenshot to serve as an example of this:

 

 

 

For additional information on this account, I recommend the following article: How to Use the Undeposited Funds Account to Receive Payments in QuickBooks Online

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I'm confident that this information will help to get you on the right path. 

 

As always, I'm only a few clicks away if you should have questions about this or anything else. Take care.

M
Malcolm Ziman
March 1, 2019
@David-212915 wrote:

@arkvalleyinfo 

I'm confident that this information will help to get you on the right path. 

 

 

There have been many posts about this problem. I suspect it's a bug

D
David-212915
March 1, 2019

Thanks for joining in the discussion, @Malcolm Ziman.

 

I've seen a few instances of this in the Community and prior to me posting in the forums. Sometimes it can be a result of the account being renamed or having the wrong Detail Type. Should there not be an account with that particular Detail Type then creating it has resolved it in the incidents that I've seen. 

 

I hope this response finds you with a smile. 

M
my_marydale
April 8, 2019

Hi! I've found some of these information. Hope these could help

Change the default account for depositing payments

  1. From Edit menu, select Preferences.
  2. Select Payments, then go to Company Preferences tab.
  3. Mark or unmark Use Undeposited Funds as a default deposit to account as appropriate.
  4. Select OK.

If you use Undeposited Funds:

  • You can deposit payments by group to match actual deposits to your financial institution. It allows you to easily reconcile your statement with the QuickBooks bank account.
  • You will not see the Deposit To option in the Receive Payments or Enter Sales Receipts window. Any payment you receive from customers will automatically go to the Undeposited Funds account.
  • You still need to deposit payments that are in the Undeposited Account to your bank account using the Make/Record Deposits window.
  • When you are in the Make Deposit window, you cannot use the default Undeposited Funds account for the Deposit To or the From Account drop-down. QuickBooks will display Only QuickBooks can make deposits from Undeposited Funds. To use transactions from Undeposited Funds, you need to select Payments from the menu at the top.
  • Since a deposit may contain any number of payments, QuickBooks does not associate a customer name. As such, when you deposit payments from Undeposited Funds to a bank account, the bank account register will not show the payee name.
Show undeposited payments in Undeposited Funds

If you need to see which payments have not been cleared/deposited yet, you can customize the Undeposited Funds QuickReport.

  1. From Lists menu, select Chart of Accounts.
  2. Right-click the Undeposited Funds account, then select QuickReport: Undeposited Funds.
  3. From the Dates drop-down, choose All.
  4. Select Customize Report, then go to Filters tab.
  5. From the Filter list, select Cleared.
  6. Under Cleared, select No, then OK.

 Also, it is a headache when you have many bank accounts to print check from.  Try printing checks on blank check paper using OnlineCheckWriter.Com You can integrate these bank accounts with Online Check Writer, and all you have to do is keep blank check paper and account information print on demand when you print a check.

 

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info-sassandsoul
February 23, 2022

I had this same problem.  Followed all the advice offered here - looked at active and inactive accounts and could not find it.  Tried to create it and got the error message I could only have one account of this type.  FINALLY - I figured it out my issue.  It was there under Account Type: Other Current Assets, Detail Type: Undeposited Funds, but it was named Payments to Deposit and not Undeposited Funds.  Maybe I changed this during setup and don't remember or maybe it was named this by default.  Just sharing in case it might help someone else.  

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