Thank you. This was very helpful. When customers pay via the QB online bill payment system, the funds were being automatically added to 'Undeposited funds". I didn't realize this was happening and the register for Undeposited funds was showing a balance. I was able to solve the problem following your instructions!
Awesome!! Glad it helped!! If the issue persists take a look at you account settings under sales and make sure that the right payment account is set up.
Thank you for the video, when I select the hyperlink of a deposit in the categorized bank feed to open the bank deposit page, it shows up in the "deposit funds to" section like your video. Although, when I go through the undeposited funds list there are no transactions that show in the date range or any that add up to that amount for that matter. Any help is appreciated!
It could be a deposit linked to a bank transaction that cleared the following month. There is a possibility that this was an error that happened a while ago. If that’s the case it is more complex and you would need to research the register on the undeposited funds account.
Hello Claudia! is it possible we can have a quick meeting where i can show you my QBo file. I have A/R entries (Transactions) uncleared in Bank Rec. however, those are already matched in QBs directly with bank feed. previous months are already reconciled. can you help me on how to rectify those. i cannot even delete them as they are recorded correctly in QBs. Thank you,
Hello, good afternoon, I have a question and I am new with Quickbooks, a deposit appears in hold, I checked and I see that it says that they require information from me and I checked the email to continue, but I have nothing in my inbox from me email and I urgently need to release that payment since it is the material of one of my clients, could you help me ?
hello, thank you for this helpful video! When I go through your steps I get a warning that this change may affect my reconciliation, where as you did not in your video. Why am I seeing this? Thank you!
You will get this notice, as long as the amount does not change you will be fine. Make sure that when you make the corrections you do not change the amount.
Another example would be maybe a school with several branches. The branches would be the sub customers and you may choose to charge the main customer for the sub customers or not.
You will need to ask the business owner. If you are the business owner you need to keep track of that. Or log in to the bank account click on the deposit and see who paid.
It seems like doing it this way duplicated them since they were already on the register. Do you have an update on an alternative way to fix this? I seen another video mentioning a dummy account. Can you please advise?
Not at all, you will be deleting the item where it says add to this deposit. Watch the video again. You don’t want to add this to a clearance account unless it is for a prior accounting period if you do it for a current accounting period you will be duplicating the transaction. It is important to follow exactly the instructions in the video.
If those transactions are income you go into each transaction change the account back to the original and match them. If they are expense transactions already accounted for, then just delete them.
I have a question, I use USD and CAD (CAD being home currency), but on the undeposited funds account, it recorded a lot of transactions with the exchange rate 1USD=1CAD, when I tried to record the correct exchange rate, it subtracts the CAD balance from the USD deposit and the difference is being recorded as exchange gain or loss, what do you suggest?
@ClaudiaXperts Thanks for responding. The problem is, when I checked the transaction journal, it shows that it subtracted the deposit (in CAD after adjusting the currency) from undeposited funds in USD and the difference is recorded as exchange gain or loss. For example: 1300 CAD - 1000 USD, the 300 is recorded is gain or loss, although these are different currencies that should not be subtracted like that?
I have a duplicate "deposit" that was entered as a journal entry from 2020. The other "deposit" was matched and reconciled it is correct. Now it's 2024 and I need to correct this. When a make a je to reverse this i am seeing it in my undeposited funds account. What can I do to fix this?
My deposits came through as QB payments via the payment link. Will this process work for those, too? They're not showing in the Categorized tab, but I can find them in chart of accounts register. Is it ok to adjust them there?
hi, how to fix if the payment if the payment was incorrectly reconciled and not applied to the invoice, but it was already marked as 'R'? can I click undo the transaction?
Check this video out to fix a wrong match for a transaction already reconciled. I know is for Square transaction but it works the same. For transactions already reconciled if you bring it back to for review it will mess up your reconciliation. You may go to the bank register find the transaction and manually reconcile to fix it. You may also click on what is causing the error and reconcile from there.
I am so sorry but I just didn't understand. I feel defeated as this did not work for me but perhaps its because I am asking for a different scenario. I have one invoice payment that I coded as Payments to Deposit, This deposit has been reconciled and I am needing it to be changed to as deposited. I have 50 invoice payments that incorrectly added and now they are reconciled.
I recorded the payment through the invoice but I didn’t change it to reflect my bank. So it is posted and reconciled as a payment to deposit. I have leaned thru this process I when I have a payment I need to change to reflect my bank. However now I have 50 single invoice deposits that I need to correct. I was told to remove the R, then unmatch in category then match back up and replace the R. This works but the funds still say payments to deposit in which they are deposited and reconciled. The amount is correct as well as date and customer. I tried to change by using the drop down menu to reflect to change to my bank but I get an error every time. I just need for all 50 said payments to change from payment to deposit to reflect in my bank🤷♀️🤷♀️
Thanks for your quick reply. I followed the steps exactly and it did not change a thing. I have processed over $900k in payments this year that recorded correctly so I'm not sure why approx. $17k are still in undeposited funds!! @@ClaudiaXperts
Thank you. This was very helpful. When customers pay via the QB online bill payment system, the funds were being automatically added to 'Undeposited funds". I didn't realize this was happening and the register for Undeposited funds was showing a balance. I was able to solve the problem following your instructions!
Awesome!! Glad it helped!! If the issue persists take a look at you account settings under sales and make sure that the right payment account is set up.
Thank you for the video, when I select the hyperlink of a deposit in the categorized bank feed to open the bank deposit page, it shows up in the "deposit funds to" section like your video. Although, when I go through the undeposited funds list there are no transactions that show in the date range or any that add up to that amount for that matter. Any help is appreciated!
It could be a deposit linked to a bank transaction that cleared the following month. There is a possibility that this was an error that happened a while ago. If that’s the case it is more complex and you would need to research the register on the undeposited funds account.
Hello Claudia! is it possible we can have a quick meeting where i can show you my QBo file. I have A/R entries (Transactions) uncleared in Bank Rec. however, those are already matched in QBs directly with bank feed. previous months are already reconciled. can you help me on how to rectify those. i cannot even delete them as they are recorded correctly in QBs. Thank you,
Hello I do charge for the one on one meetings. You may email me at qboxperts@gmail.com and we can talk about cost and availability.
this video is everything! Thank you!!!!
You are so welcome!
Prior to reconciling, how do I fix payments recorded to clients bank account instead of undeposited funds?
You sent it to owner’s distributions
Hello, good afternoon, I have a question and I am new with Quickbooks, a deposit appears in hold, I checked and I see that it says that they require information from me and I checked the email to continue, but I have nothing in my inbox from me email and I urgently need to release that payment since it is the material of one of my clients,
could you help me ?
This would be with QuickBooks. They are the ones to process and release payments.
hello, thank you for this helpful video! When I go through your steps I get a warning that this change may affect my reconciliation, where as you did not in your video. Why am I seeing this?
Thank you!
You will get this notice, as long as the amount does not change you will be fine. Make sure that when you make the corrections you do not change the amount.
Another example would be maybe a school with several branches. The branches would be the sub customers and you may choose to charge the main customer for the sub customers or not.
How do you know what individual payments to match to the total deposit?
You will need to ask the business owner. If you are the business owner you need to keep track of that. Or log in to the bank account click on the deposit and see who paid.
It seems like doing it this way duplicated them since they were already on the register. Do you have an update on an alternative way to fix this? I seen another video mentioning a dummy account. Can you please advise?
Not at all, you will be deleting the item where it says add to this deposit. Watch the video again. You don’t want to add this to a clearance account unless it is for a prior accounting period if you do it for a current accounting period you will be duplicating the transaction. It is important to follow exactly the instructions in the video.
If those transactions are income you go into each transaction change the account back to the original and match them. If they are expense transactions already accounted for, then just delete them.
I have a question, I use USD and CAD (CAD being home currency), but on the undeposited funds account, it recorded a lot of transactions with the exchange rate 1USD=1CAD, when I tried to record the correct exchange rate, it subtracts the CAD balance from the USD deposit and the difference is being recorded as exchange gain or loss, what do you suggest?
This is how is supposed to work, the loss or gains will be calculated based on the transaction date or cash payment date
@ClaudiaXperts Thanks for responding.
The problem is, when I checked the transaction journal, it shows that it subtracted the deposit (in CAD after adjusting the currency) from undeposited funds in USD and the difference is recorded as exchange gain or loss.
For example: 1300 CAD - 1000 USD, the 300 is recorded is gain or loss, although these are different currencies that should not be subtracted like that?
I have a duplicate "deposit" that was entered as a journal entry from 2020. The other "deposit" was matched and reconciled it is correct. Now it's 2024 and I need to correct this. When a make a je to reverse this i am seeing it in my undeposited funds account. What can I do to fix this?
That’s why we never fix undeposited funds with a Journal entry. You will need to fix the duplicate transaction.
My deposits came through as QB payments via the payment link. Will this process work for those, too? They're not showing in the Categorized tab, but I can find them in chart of accounts register. Is it ok to adjust them there?
Yes, you may adjust them there in the register if there is any discrepancies.
hi, how to fix if the payment if the payment was incorrectly reconciled and not applied to the invoice, but it was already marked as 'R'? can I click undo the transaction?
Check this video out to fix a wrong match for a transaction already reconciled. I know is for Square transaction but it works the same. For transactions already reconciled if you bring it back to for review it will mess up your reconciliation. You may go to the bank register find the transaction and manually reconcile to fix it. You may also click on what is causing the error and reconcile from there.
Very helpful! Thank you!
You are welcome! Glad to hear that “How to fix Undeposited Funds After Funds were Deposited” helped you understand how to fix Undeposited Funds.
I am so sorry but I just didn't understand. I feel defeated as this did not work for me but perhaps its because I am asking for a different scenario. I have one invoice payment that I coded as Payments to Deposit, This deposit has been reconciled and I am needing it to be changed to as deposited. I have 50 invoice payments that incorrectly added and now they are reconciled.
Did you record the deposit? When you record the deposit you record to whatever bank is going to.
I recorded the payment through the invoice but I didn’t change it to reflect my bank. So it is posted and reconciled as a payment to deposit. I have leaned thru this process I when I have a payment I need to change to reflect my bank.
However now I have 50 single invoice deposits that I need to correct. I was told to remove the R, then unmatch in category then match back up and replace the R. This works but the funds still say payments to deposit in which they are deposited and reconciled. The amount is correct as well as date and customer. I tried to change by using the drop down menu to reflect to change to my bank but I get an error every time.
I just need for all 50 said payments to change from payment to deposit to reflect in my bank🤷♀️🤷♀️
How long does it take for the changes to show up on the balance sheet?
Right away
Thanks for your quick reply. I followed the steps exactly and it did not change a thing. I have processed over $900k in payments this year that recorded correctly so I'm not sure why approx. $17k are still in undeposited funds!! @@ClaudiaXperts
How can I contact you for consultation and training. I really love your teaching style!
@@annettecrone3533 You can email me at qboxperts@gmail.com or call me at 407 504 9828.
Thank you for this video. !
You are very welcome Israel!
Thank you. Very helpful.
Glad it was helpful!