• Troubleshooting Undeposited Funds

  Filed under Insider Tips, Money In, Special Transactions
  Sep 12
  Undeposited Funds is a mysterious account found only in the QuickBooks chart of accounts.

  What is it? How does it work? Why is it a protection for you and your financial records? And the biggest question: How do you fix it when strange things start happening with your deposits?

  Of course, all the answers are found in the video. Solve the mysteries and watch the video now!

  

  If you’re having challenges with Undeposited Funds, comment below. If this is a topic that needs more explaining, I’ll do a follow-up video.

  Always glad to hear your comments!

  ~Gabrielle

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  Tagged as: deposit, fix, income, make deposits, quick books, QuickBooks, troubleshooting, undeposited funds
  
  2 Comments

2 Responses to “Troubleshooting Undeposited Funds”

1. 

   Gerry Mulligan said on November 20th, 2009 at 3:32 pm

   Undeposited Funds has caused our non-profit a little grief. If I do checks the way you did and I have done it that way, it shows up as Undeposited Funds when really I need it to show as a Donation (a 301.10 acct for us). If I just go to Deposit Funds, QB allows me to put that 301.10 in the Acct and I can track it. I print off the deposit list as backup to the bank deposit slip, etc. I am wondering if there is a way to show the Undeposited Funds can be changed to an account number. Thank you.

2. 

   Gabrielle Fontaine said on November 27th, 2009 at 12:18 pm

   Hi Gerry,

   Bookkeeping for non-profits is a bit different than “regular” business entities, but if I understand what you are doing correctly, yes, you can turn off the preference in QuickBooks that makes all received payments automatically go into Undeposited Funds and, instead, choose the account into which you want the payment “deposited” in the Receive Payments screen.

   To do that: Go to the Edit drop-down menu, then Preferences > Sales & Custoers > Company Preferences tab, and uncheck the box in the lower right-hand corner that says, “Use Undeposited Funds as a default deposit to account.

   If you decide to go this route, just be aware that each payment received will show up as a single deposit into the account you designate on the Receive Payments screen, in your case, you will chose the Donation account. You will then be able to enter the deposits in the manner you have described on the Record Deposits screen.

   Hope that helps.

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