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Deadwood Al
December 30, 2024
Question

Drawing a Blank - Undeposited Funds

  • December 30, 2024
  • 1 reply
  • 0 views

I am changing the account to be used as the Undeposited Funds account for receipts, and I thought I saw a place in Preferences where the account number to be used was entered ... but I've looked through all and can't seem to find it. Can someone please slap me upside my head and let me know where I need to update this info?  Thanks .....

1 reply

BigRedConsulting
BigRedConsulting
December 30, 2024

RE: I am changing the account to be used as the Undeposited Funds account for receipts

 

There's no way to do that. QB will always use the special Undeposited Funds account it automatically set up when it created the company file.

 

Why do you want to use a different account?

D
Deadwood AlAuthor
December 30, 2024

The original account was set up as "Other Current Asset" and should have been set up as a "Bank". Perhaps a minor point but since I'm re-numbering things to conform to customary accounting format, I wanted to move this. Since I can't change the "type", and the balance today is zero, I thought the easiest would be to add an account in the "Bank" GL # sequence, and so I changed the name of the old account to Undeposited Fund Account and named the new account Undeposited Funds ... just in case QB looked for the "name" to specifically be Undeposited Funds instead of looking for a specific GL #.

 

Sounds like QB did another whiz-bang decision on this.  There is really no way to change the account??

BigRedConsulting
BigRedConsulting
December 30, 2024

RE: The original account was set up as "Other Current Asset" and should have been set up as a "Bank".

 

No, funds received that are no yet deposited are a current asset - like any other cash you have on hand that is not deposited, such as petty cash. It should not be a bank account. If you made it a bank account, the implication would be that you had already deposited your cash in a bank account.

 

RE: I changed the name of the old account to Undeposited Fund Account and named the new account Undeposited Funds ... just in case QB looked for the "name" to specifically be Undeposited Funds instead of looking for a specific GL #.

 

It doesn't look at either the account number or the account name. The account is tagged internally as the special undeposited funds account.

 

RE: There is really no way to change the account??

 

Why do you want to change the Undeposited Funds account type?  If you could change it to a bank account, then the implication would be that the funds were deposited into that bank account, and so the name wouldn't really make any sense.

 

Taking it up a level, what is it you're trying to accomplish by all this?

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