Skip to main content
C
ChiColorLabel
October 6, 2022
Solved

Remove erroneous undeposited funds in QuickBooks Desktop

  • October 6, 2022
  • 2 replies
  • 0 views

After converting from Sage 50 to QuickBooks Desktop Enterprise 2022, we have several erroneous entries in the undeposited funds account. These are old payment (from 2021) that have already been deposited and reconciled and need to be removed from appearing.

 

How do we delete these entries so they no longer appear in the undeposited funds screen?

Best answer by BigRedConsulting

Nothing really, except what I posted before. Since they are real and were deposited, then to make them go away, include them in the deposits they were supposed to be included in:

 

Edit the deposits, click the Payments button at the top of the deposit, and then select the appropriate payment or payments. Delete any rows from the deposit that represented the payment(s) and then the deposit total will be the same as before.

2 replies

JenoP
JenoP
October 6, 2022

Welcome to the QuickBooks family! ChiColorLabel.

 

I'd be glad to walk you through the steps on how to delete transactions from the undeposited Funds account. Here's how:

 

  1. Go to your Chart of Accounts and look for the Undepoisted Funds account. 
  2. Right-click on it and select Quick Report: Undeposited Funds.
  3. Double-click on each transaction that you want to delete to open them. 
  4. Select the Delete button and choose Yes to confirm that you want to delete it. 

 

You can also change the account from Undeposited Funds to a different one in case you don't want to delete the transaction completely. Just click the drop-down list for Deposit To and select the account that you want. 

 

 

 

 

However, I would recommend reaching out to your account before making any changes because this might affect your financial reports.

 

Let me also share these articles about the Undeposited Funds account for additional guidance and information:

 

 

Don't hesitate to reply to me and let me know if you're able to remove the transactions from the Undeposited Funds account. The Community is just around the corner if you need anything else. 

C
ChiColorLabelAuthor
October 7, 2022

Thanks! This is great feedback.

 

However, the "Deposit To" option is not available in the "Customer Payment" windows for the undeposited funds I need to clear up (see attached).

L
LeizylM
October 7, 2022

Thanks for getting back to us, ChiColorLabel. 

 

Let's find out why the Deposit to option isn't showing up on your customer payment in QuickBooks Desktop. 

 

Using the screenshot you've provided, I can see that the payments were initially deposited in the Undeposited Funds. You can check your QuickBooks Preference to see where customer payments will be deposited.

 

Here's how: 

 

  1. Go to the Edit menu.
  2. Choose Preferences.
  3. Select the Payments menu.
  4. From the Company Preferences tab, make sure to uncheck the Use Undeposited Funds as a default deposit to the account tick box.
  5. Click Ok.

 

I've attached a screenshot for your reference. 

 

 

By doing the steps above,  you'd be able to deposit your customer's future payments directly to the correct checking account. 

 

I've added this article to learn more about combining payment in QuickBooks: Record And Make Bank Deposits In QuickBooks Desktop.

 

In case you'll want to add bank transactions after you've received the payment, you can visit this link: Add And Match Bank Feed Transactions In QuickBooks Desktop.

 

You can always tag me on this thread if you need assistance tracking and managing your sales transactions. It's always our priority to keep your record accurate.

BigRedConsulting
BigRedConsulting
October 7, 2022

@ChiColorLabel  RE: How do we delete these entries so they no longer appear in the undeposited funds screen?

 

You can either deposit them or delete/void them.

 

You mention that they are already deposited.

- If you mean you literally deposited the payment transaction in QB and now it's appearing again, that can be caused by data damage. Rebuilding the data file will fix it in some way, perhaps putting it back in the deposit, or by removing it altogether, so you can include it again.

- If you mean the deposit exists, but you didn't initially include the Payment in it, then edit the deposit and include the payment and then delete the row that represented it before. And if Rebuild doesn't fix it, you may need to do the same, removing and then adding the payment back to the deposit.

 

Your screenshot also appears to show a payment with no customer name. If that is how it actually looks as a saved payment, that's a sign of data damage as all payments must include a customer name.  In this case, are you allowed to add the customer name to the payment? I'd think so...

C
ChiColorLabelAuthor
October 7, 2022

Thanks @BigRedConsulting 

We converted from Sage 50 to QB on 1/1/22. These were payments and deposits that were made in previous years in Sage 50. Something happened during the conversion that made these few transactions appear/stuck in the undeposited funds even though the aforementioned payments/deposits have already taken place in 2021. 

 

I want to get those cleared from that screen but don't want to throw my reconciliations off - which is one of my biggest fears since reconciliation errors in Sage 50 were much easier to fix than in QB from what I can see. We're going through a COO cleanup so I'm not quite as concerned with how this affects my balance sheet.

 

Any thoughts with that in mind?

BigRedConsulting
BigRedConsultingAnswer
October 7, 2022

Nothing really, except what I posted before. Since they are real and were deposited, then to make them go away, include them in the deposits they were supposed to be included in:

 

Edit the deposits, click the Payments button at the top of the deposit, and then select the appropriate payment or payments. Delete any rows from the deposit that represented the payment(s) and then the deposit total will be the same as before.

Terms & ConditionsAccessibility statement