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Siasia
May 3, 2022
Question

How to expense from Undeposited funds

  • May 3, 2022
  • 1 reply
  • 0 views

I have some undeposited funds (cash) that I used to pay for some supplies. When trying to enter the expense into QuickBooks, I was not able to choose the undeposited funds account as the form  of payment. It only allows me to use my bank, credit, or cheques.
 I don’t currently have a ‘cash account’ set up via QuickBooks. Is there any way to use undeposited funds as a form of payment? 

1 reply

A
Alex M
May 3, 2022

Hi there Siasia,

 

It's vital that all your transactions be entered correctly so that your books are well balanced. QuickBooks Online is a great tool able to help you keep track of expenses and sales so you can see your company's profits. I can provide some information about expenses.

 

The undeposited funds account can't be used to pay for expenses in QuickBooks Online. What you could do would be to create a transfer from undeposited funds to a bank or credit card account to be used to pay for this expense, even create a new bank account only used for these types of payments. You can create a new account by going to the Accounting tab, then Chart of accounts. Select the New button and add the details of the account. In order to create a transfer out of Undeposited funds, click on the +New button, then Transfer. Select the accounts in question as well as the date so that the money can be moved to another account.

 

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

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