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awcc
October 16, 2018
Solved

I have duplicate payments in Undeposited Funds account.

  • October 16, 2018
  • 2 replies
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I have duplicate payments in Undeposited Funds account. Customer has paid, invoice $120, payment $-120, they have a 0 balance in their account. but if I go to chart of account>Undeposited Funds account>not reconciled> I have about 5 transactions there. I don't understand how this happened and whether or not I should just delete them. If I select  Deposit to PNC (bank account) then it will show that I owe them $120

Best answer by lynda11_2

If they are duplicates, delete them as long as they are in the current fiscal period.  If not, make an adjusting entry and remove them.   To find them, they will be in the customer details and if you open the payment, you will not see a link to a deposit there.

2 replies

lynda11_2
lynda11_2Answer
October 16, 2018

If they are duplicates, delete them as long as they are in the current fiscal period.  If not, make an adjusting entry and remove them.   To find them, they will be in the customer details and if you open the payment, you will not see a link to a deposit there.

W
Winkyfox
May 7, 2019

HEPL Please!

My QB crashed and we lost 4 months of entries.  We reentered them and there $36,000 worth of deposites in undep funds.  Some are from 2018 and some are from this year.  What accounts to I debit and Credit to remove them from this year?  And how do I correct last years so that it will show this year and not mess with my financials?

AlcaeusF
AlcaeusF
May 7, 2019

Hello Winkyfox,

 

I appreciate you for reaching out to the Community. It would be my pleasure to assist you with any questions you may have with the lost entries in QuickBooks Desktop.

 

If you're using the Enterprise version, you have the option to clear up Undeposited Funds account. This process allows you to link deposits to payments for you to clear them up from that account.

 

However, if you're using the Pro or Premier version of QuickBooks, the process will depend on how you recorded the missing entries into the system. If you post these transactions to the Undeposited Funds, you can use the Make Deposits feature to transfer them to the actual bank register.

 

For more insights into working with Undeposited Funds account, I'm adding this article I recommend: Understand how the Undeposited Funds account works.

 

For your question about what accounts to use, It would be best to seek expert advice from an accountant. By doing so, you'll be able to ensure there will be no problems with your books in the future.

 

I also would appreciate it if you can share additional information on your question about correcting last years and showing them into the current year. Any additional information or clarification will ensure timely solution.

 

Looking forward to serving you to the best of my ability, so please let me know if you need further assistance with the process. The Community is always ready to help.

qbteachmt
qbteachmt
October 16, 2018

"If I select  Deposit to PNC (bank account) then it will show that I owe them $120"

Did you put Products/Service linked to Banking or to Undeposited Funds on your Sales transactions?

The invoice creates the balance owed, typically posting the charges as income; the payment clears the balance owed and if you flow that to UF, then the deposit is where you selected the UF entries.

If the customer Balance is 0, did you let Deposits be Added to the file, instead of Match to UF?

Any entry in UF is really waiting for you to show it is Part of a deposit. It should not create Negative AR, either.

Can you attach images for us? Thanks.


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