Skip to main content
D
DiscDay
December 30, 2023
Question

Clean up an undeposited fund where no payment was recieved

  • December 30, 2023
  • 1 reply
  • 0 views

A payment was rung up on the POS and downloaded into QB and shows as an undeposited fund.

The CC payment glitched and did not go through so no payment was ever received.  What is the best way

to account for this non-payment and clear the undeposited fund?

1 reply

Clark_B
Clark_B
December 30, 2023

Hi there, @DiscDay.

 

Let me guide you through cleaning up undeposited funds in QuickBooks Desktop (QBDT).

 

To properly clear the undeposited fund, you have to edit the Deposit to.

 

Here's how:

 

  1. Go to Accountant, and select Chart of Accounts.
  2. Find the Undeposited Funds, and click it.
  3. Locate the specific deposit then double-click it.
  4. Change the account from the Deposit to drop-down list to any bank account.
  5. Click Save and close.

 

For future reference, to know why some payments go to the Undeposited Funds account, you can check this article: Deposit payments into the Undeposited Funds account in QuickBooks Desktop.

 

If you have further concerns about how to clean out the Undeposited funds, please don't hesitate to ask. I'll be happy to assist you.

D
DiscDayAuthor
December 30, 2023

You might not have read my question fully.

 

I have an undeposited fund listed in QB which came from the POS.

The actual payment was never received and most likely will never be so there will not be anything to match it to. 

I need to figure out what to add in quickbooks so that I can match it and move it out of undeposited funds.  Maybe some kind of bad transaction account?

 

J
jeanbiverly_
December 30, 2023

Hey there, @DiscDay.

 

As my colleague suggested, you can move the deposits to the correct bank or credit card account to clean up the Undeposited Funds account. Since this is a non-payment and doesn't apply to open invoices, you can delete it. Before performing this step, ensure that the file is backed up.

 

In addition, if you have uncollectible invoices, you can write them off as bad debt in QuickBooks Desktop. For more information on how to do this, please refer to this article: Write off bad debt in QuickBooks Desktop.

 

Let me know if you have any other concerns besides cleaning up an undeposited fund. I'm always available to help.

Terms & ConditionsAccessibility statement