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April 10, 2024
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Invoice payments going to Undeposited Funds account

  • April 10, 2024
  • 1 reply
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Electronic payments were automatically going to Undeposited Funds.  I fixed this error so moving forward, they should go to the right account.  I have transactions that date back a few months that have been reconciled that are still in the Undeposited Funds account.  I need to get these out of there and into the correct account. I can't figure out how to fix it.  I removed them from the reconciliation and tried to correct and that didn't work.  How do I update these previously reconciled transactions that are still sitting in the Undeposited Funds account?

Best answer by Carneil_C

Thanks for adding details to your concern, @CTGenarda.

 

I'll help you handle your transactions from the Undeposited funds in QuickBooks Online.

 

Since those past transactions were added through your bank, we can utilize the reclassify transactions tool to batch edit them and move them into a different account. Please know that this feature is exclusive to QuickBooks Online Accountant and Advanced versions. However, you'll need guidance from your accountant to ensure the accuracy of your books. If you're not affiliated with one, you can utilize our accountant tool to look for one in your area.

 

Otherwise, we can manually Undo those categorized transactions from the Banking page. Here's how:

 

  1. Go to the Transactions menu, then choose Bank Transactions.
  2. From there, go to the Categorized tab.
  3. Filter the date to show those past transactions.
  4. Find those transactions and click Undo.

 

Once done, you can go back to the For Review tab, then put them into the right account.

 

Let me share with you this article for more insights about the account: 

What’s the Undeposited Funds Account? 

 

Moreover, I'd also like to give you these articles for additional guidance and reference about using the Undeposited Funds account in QBO:

 

 

You can always rely on us here in the QuickBooks Community for additional assistance in managing your customer payments and other transactions in QBO. I'll be right there to help you whenever you need it.

1 reply

April 11, 2024

Hello there, @CTGenarda.

 

To ensure we provide the details you need to address this situation and resolve those transactions that have been reconciled but remain in the Undeposited Funds account, can you tell us where they came from? Are they manually entered or from your Banking page? 


Feel free to comment below so we can respond as soon as possible. Keep safe.

CTGenardaAuthor
April 11, 2024

Hello! They came in through the bank and were matched to the invoice. I didn’t notice they were going to undeposited when I matched them