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January 28, 2021
Question

I have numerous Square transactions in undeposited funds throughout the year that do not reconcile to business in Square. How can this be resolved/investigated?

  • January 28, 2021
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1 reply

Rubielyn_J
January 28, 2021

Let me provide some insights about reconciling accounts in QuickBooks, @Mark1982.

 

We're unable to reconcile an Undeposited Funds account since its functions differ from other accounts. Reconciling an account is when we compare the bank statement with the ones entered into QuickBooks. 

 

The Undeposited Funds account keeps the payments before depositing them to the bank. It doesn't show up in the reconciliation since it isn't linked to a bank account.

 

To reconcile the Undeposited Funds account, we can deposit these payments to their corresponding bank accounts. From there, we can reconcile the bank where we deposited the funds. I've added articles that can guide us clear the undeposited funds and the reconciliation workflow:

Please feel free to tag my name if you have other concerns. I'll be around to help you more. Stay safe and have a pleasant day.