How to Deposit to Undeposited Funds in QuickBooks |

Explain undeposited funds. I do not understand how to do deposit and undeposited funds. I have payments that were made in undeposited fund that were already deposited in “make deposits” but QB wants me to deposit the amount in UF which will double it.

Undeposited funds is the way QuickBooks groups your deposits to match up to your bank statement. Without it, reconciling your bank account would be a nightmare.

If you have payments in undeposited funds that have already been deposited, you are probably over-reporting your income. To correct this, find the deposits and note the account you used (most likely an income account). Then go back to the Make Deposits screen and select all the Undeposited Funds that have already been deposited. Add a line at the bottom of the deposit, with a negative deposit amount using the income account that you used when you made the other deposits. This will make a $0 deposit into your account, reduce your revenue down to the correct amount, and clear out your undeposited funds.

When making deposits in the future, select each payment included in the deposit you’re about to make from the undeposited funds screen first. Then add any additional deposit items that aren’t listed to the deposit so that it matches up to the total amount of the deposit you’re making.

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This article is provided for informational purposes and is not intended to be construed as legal, accounting, or other professional advice. For further information, please consult appropriate professional advice from your attorney and certified public accountant.

Ruth Perryman - QuickBooks Specialist Written by +Ruth Perryman, CMA, CFE, CFM, MBA

Ruth is the president of The QB Specialists, an Intuit Premier Reseller that offers huge savings and expert advice on QuickBooks POS and QuickBooks Enterprise. She is an Advanced Certified QuickBooks ProAdvisor and a member of Intuit’s Trainer/Writer Network. She is also certified in QuickBooks POS and QuickBooks Enterprise and has provided expert QuickBooks help to thousands of businesses all over the world since 1996.

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