Lost Cash Payments

Hi there nfraser,

Making sure to enter all transactions correctly is an important part of your bookkeeping. QuickBooks Online is a great tool to help you keep track of your business's finances. I can point you in the right direction.

One solution you may want to do is move that money into a specific account set up for misplaced money via a journal entry. This can be done by clicking on the +New button in the top left and selecting Journal Entry. You would affect the undeposited funds account and then that account for lost money. 

In order to know which type of account the new account should be or to get any other suggestions on how to deal with this money in the undeposited funds account, I recommend speaking to your accountant. Their accounting knowledge, as well as an understanding of best business practices, will be able to navigate you through moving this money away from undeposited funds. if you want to add your accountant to your QuickBooks account in order for them to see your books, you can go to the My Accountant tab in the left menu to send them an invitation. If you want to find one near you with QuickBooks experience, you can select the Find a pro to help button.

I hope this helps you with managing those payments in undeposited funds. If you need any more information, feel free to reach out here.