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J
JenInCan
January 31, 2022
Question

Undeposited Funds

  • January 31, 2022
  • 1 reply
  • 0 views

An invoice was marked as paid, and the payment was deposited to Undeposited Funds, but no actual payment was received.  When the actual payment came through, a new invoice was created to match the payment.  Now I have a payment sitting in Undeposited Funds that I need to clear.  This all occurred in the previous fiscal year.  What would be the best way to clear this up?

1 reply

Jen_D
Jen_D
February 1, 2022

Thanks for visiting the forum Jen.

 

I want to help you out with this payment concern. For this, since this is considered not an actual income, you can delete the payment directly, including the old invoice. This way, your income will not be recorded in double, because you created a different invoice.

 

Please note that deleting a transaction may affect previous reconciliation. This is because it will reduce your income, as the entry is removed.

 

To do that, follow the steps below:

 

  1. Go to the Sales menu, then Customers.
  2. Click the customer name, then look for the invoice and payment.
  3. Open the transaction and click More at the bottom.
  4. Once done, choose Delete.
  5. Press Yes to confirm the action.

 

For your guide, see this link here: Void or delete transactions in QuickBooks Online

 

If you need further help with this payment processing topic, visit us anytime. I'll be right here to help you out. All the best!

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