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fastcosbp
August 17, 2022
Question

Undeposited Funds

  • August 17, 2022
  • 2 replies
  • 0 views

Hi, I am trying to get my profit and loss report for 2021.  When I go to my profit and loss report none of the deposits are on there. I found all the deposits in the undeposited fund account, but I have already reconciled the whole year. How do I move all of those deposits over to show on my profit and loss report? 

2 replies

AlcaeusF
AlcaeusF
August 17, 2022

Hi there, @fastcosbp.

 

I'm here to share information about moving your deposits to show on the Profit and Loss report in QuickBooks Desktop (QBDT).

 

Since the deposits are reconciled already, you can undo the last reconciliation. Then, deposit the transactions from the Undeposited Funds (UF) to the correct account.

 

To undo reconciliation, here's how:

 

  1. Initially, I'd recommend performing a backup of the company file you're working with.
  2. Once done, go to Banking menu at the top, then Reconcile.
  3. From the Begin Reconciliation window, click Undo Last Reconciliation.
  4. Select Continue, then OK.

 

I've also included a few detailed resources about reconciling, which may come in handy moving forward:

 

 

Once done, you can now proceed with deposting the transcations from UF to the bank. You can refer to this article for further guidance: Record and make bank deposits in QuickBooks Desktop.

 

After that, run the Profit and Loss report again to double-check. Consider checking out this article for more information: Customize company and financial reports.

 

I also recommend visiting our website for more tips and resources you can use in the future: QBDT self-help articles.

 

Please leave a comment in this thread if you have additional questions about this or anything else. I'll be here to help. Keep safe.

F
fastcosbpAuthor
August 31, 2022

Thank you so much for this information. I am definitely going to use those links. I have another problem though i have already reconciled the whole year. Can I undo a whole years reconciliation? 

R
ReymondO
August 31, 2022

Thanks for getting back, @fastcosbp.

 

Allow me to join in this conversation and provide answers to your reconciliation queries. 

 

Yes, you can still undo a whole year's reconciliation inside QuickBooks Desktop (QBDT). All you have to do is to keep undoing your recent reconciliation period until you reach 12 months. 

 

Simply follow the steps that were outlined by my colleague FritzF above to complete this process. 

 

When you're done, you can now move the deposit to the right accounts and review your Profit and Loss report again. 

You can also customize your report to easily view the details that matter the most to your business. You can check out this article for more info: How to customize financial reports in QBDT. 

 

Once everything is fixed, you can reconcile your accounts again and close your books. 

 

Please let me know if you need further help in undoing your reconciliation in QuickBooks. I'll be here to help you out. Have a nice day. 

BigRedConsulting
BigRedConsulting
August 19, 2022

@fastcosbp  RE: When I go to my profit and loss report none of the deposits are on there. I found all the deposits in the undeposited fund account, but I have already reconciled the whole year. How do I move all of those deposits over to show on my profit and loss report? 

 

What you're seeing is normal and there isn't anything to fix.  Neither receiving Payments on account or depositing those payments is income. Payments will never appear on your P&L and the only Deposits that will are those where you entered income accounts on the deposits, which won't happen if you're depositing payments you've recorded - payments that pay invoices.

 

Instead, you'll see the income on your P&L from the Invoices that those Payment transactions pay.

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