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A
accounting437
November 10, 2020
Question

Undeposited funds account

  • November 10, 2020
  • 2 replies
  • 0 views

Hi,

 

I know it was asked here before but I couldn't find a proper answer to solve my issue and hope someone could help me.

Our undeposited funds account balance is zero. we use the multi currency feature.

A few years ago 2 transactions were recorded. Received payment (to undeposited funds) in UK pounds. This payment is still "sitting" in the undeposited account.

For the same customer payment, another transaction was recorded as a general entry:

DR bank

        CR undeposited funds account.

This entry was recorded in USD.

There is no way to record a negative deposit. 

I cannot delete the USD entry because this is the entry that is reconciled in the bank. 

We had a few more entries that were recorded incorrectly and this is the only one I do not know how to fix for 2 reasons:

1. I cannot record a negative deposit.

2. I can only deposit the UK pounds payment into our CAD account and not the USD.

 

Any ideas will be very appreciated

Thank you

2 replies

L
LauraAB
November 10, 2020

Hello accounting437,

 

I can see that this is important for you to sort out, which makes sense for balanced books. I want to make sure you're able to take care of these transactions in QuickBooks Desktop and would be happy to point you in the right direction for working through this.

 

I appreciate the detailed explanation of the transactions you're working with and what's been done so far. Since you're dealing with reconciled transactions and need to manage the currencies between these accounts, I strongly recommend connecting with an accountant to figure out the best way to approach this situation so you can have confidence that the transactions have been handled correctly. They'll be able to help you navigate situations like working with transferring funds between your foreign currency accounts since QuickBooks limits transactions to the home currency plus one foreign currency.

 

If you don't already have an accountant, check out the Find an Accountant page, which takes you straight to our directory of QuickBooks-certified accountants near you.

 

You may even get some feedback from accountants here in the QuickBooks Community, so you can keep an eye out for that as well, but for a more immediate response, working with your accountant or seeking out one to work with is the route I recommend.

 

Take care and feel free to stop by Community again. :)

A
accounting437Author
November 17, 2020

Hello 

 

Thank you for your reply.

 

Can you please clarify what you mean by "help you navigate situations like working with transferring funds between your foreign currency accounts since QuickBooks limits transactions to the home currency plus one foreign currency."?

As far as I know (and work with CAD, USD, EUR).) QB can handle more then 2 currencies.

This issue can only be solved by a QB team member and not an accountant since it was incorrectly posted and I am trying to fix this.

As I explained in my initial post, the issue is that I can only make a deposit to either the transaction currency account or home currency. Neither of these choices would help me.

I would like to add that I did call QB support and was very disappointed by the service (or lack of it).

 

Thank you for trying to help.

 

N
Nick K
November 17, 2020

Hi accounting437,

 

Making sure your entries are entered correctly is the cornerstone of bookkeeping. I can help point you in the right direction.

 

As my colleague Laura mentioned when it comes to how QuickBooks works we're here to help. When it comes to your account information like how to correct a mistake that was entered in the past, that is when it's best to reach out to an accountant to help. We recommend this as accountants are trained in how to make adjusting entries to get this corrected for you. If you don't currently have an accountant to help you no worries as you can find one nearby using our find an accountant page.

 

Have a great one!

LeithG
LeithG
May 12, 2021

Hi Accounting437

 

To further clarify, was the receive payment done via the customer module on the invoice, and the subsequent journal entry done via JE?

 

Is there a reason you couldn't delete the JE, and do it via New-> Deposit where the payment receipt will be linked to that transaction?  If it throws off your reconciliation you should be able to manually mark the transaction in the bank account reconciled to bring it back into balance.

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