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K
KenatRD
January 9, 2023
Question

Undeposited Funds Account

  • January 9, 2023
  • 1 reply
  • 0 views

I am setting up a company on a new computer and switching to QBO. When I try to receive a payment from a customer the Undeposited Funds account does not appear in the drop down for where to record the payment. We want to use this account to receive payments before they are deposited. What can I do to make it appear in the dropdown. I am currently using test entries before we go live.

1 reply

K
KenatRDAuthor
January 9, 2023

A further comment. I also have a QBOA account. When I go into this company's QBO, Undeposited Funds does appear in the dropdown in the Receive Payment screen. It doesn't make sense it will show up one way and not the other. I am using Google Chrome for both accounts.

LieraMarie_A
LieraMarie_A
January 9, 2023

Hi there, @KenatRD. I'm here to help you get this sorted out.

 

The Undeposited Funds (U/F) account is a default account generated automatically in QuickBooks Online (QBO). If you can't find it in your Receive Payment window, you may have it on a different name under "Payments to deposit." The detail type is still called "Undeposited Funds." You have to remember that you can only have one U/F type of account in QBO. It's also possible that the account was renamed. Let's go ahead and check:

 

  1. Click on the Gear icon in the upper left.
  2. Choose Chart of Accounts.
  3. Look for the Undeposited Funds from the Detail Type column. You may press CTRL and F. Then, enter "Undeposited Funds."
  4. Once you find it, click the drop-down arrow and select Edit.
  5. Update the name according to your preference.
  6. Click Save and Close once you're done.

 

I'd also like to share these articles for additional guidance and reference about using the U/F account in QBO:

 

 

Please know that you can always reply or reach out to us again if you have other questions. We'll make sure that everything is sorted out.

    J
    Journeycr5
    January 12, 2024

    Thank you so much- this fixed my issue after I found your explanation. I was on with QBOnline for 2.5 hours and I was told it was a glitch with my 3rd party software---ugh

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