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December 6, 2022
Question

I have 4 transactions sitting in undeposited funds from 2019 that are bogus. How do I get rid of them?

  • December 6, 2022
  • 1 reply
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The actual transactions are 4 sales receipts were imported and deposited into my Paypal bank account and reconciled at the time.  How do I get rid of these undeposited funds?

1 reply

December 6, 2022

Hi there Karen28,

 

It's important that all your transactions be entered correctly so your books can be well balanced. QuickBooks Online is a great tool able to help you keep track of transactions so you can see how much money is being made by the company. I can point you in the right direction for assistance with these transactions.

 

If these are duplicate transactions, normally they could possibly be deleted, but since these transactions affect a prior year, that may not be the case. An adjusting entry in this current year may be needed to mark them as deposited. 

 

if these transactions were sent to the undeposited funds account, then a deposit was made without checking these transactions from the list, instead using just the option to add funds to the deposit manually, another adjusting entry may be needed to balance everything as f this year, as to not affect the previous year.

 

In order to know the best way to make these transactions no longer appear in the undeposited transactions list when creating a deposit, and to make sure that the books be affected correctly for every period, I recommend reaching out to your accountant. Their accounting knowledge will be able to help you with doing an analysis of the transactions to determine the root cause of these transactions still showing, as well as the best course of action to rectify this while making sure balances stay accurate. You can invite your accountant to your books so they can see the transactions by going to the My accountant tab. There's also a Find a pro to help button in this section that can help you find a local accountant that has experience with QuickBooks Online.

 

If you have any other questions, feel free to reach out here.