How do I fix Undeposited Funds for a Deposit Already Recorded and Reconciled on QuickBooks Online

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If you already reconciled the deposit and see that it was not matched with the payment sitting on Undeposited Funds this is an step by step tutorial on how to fix it.
If you need to hire us for a one on one tutorial, clean up and catch up work, or ongoing bookkeeping please contact us at:
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Link for how to clear undeposited funds when account is not reconciled:
• How to Clear your Paym...

Опубликовано:

6 июл 2023

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Комментарии : 37

@lindastuart2233 8 месяцев назад

Very helpful! Thank you!

@ClaudiaXperts 8 месяцев назад

You are welcome! Glad to hear that “How to fix Undeposited Funds After Funds were Deposited” helped you understand how to fix Undeposited Funds.

@israelalvarado9720 Год назад

Thank you for this video. !

@ClaudiaXperts Год назад

You are very welcome Israel!

@Raw2Records 13 дней назад

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,

@ClaudiaXperts 11 дней назад

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.

@proaccounting2023 15 дней назад

Thank you. Very helpful.

@ClaudiaXperts 14 дней назад

Glad it was helpful!

@MaeA.-dj7ul 18 дней назад

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?

@ClaudiaXperts 17 дней назад

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.

@user-om2zu5ze3o 5 месяцев назад

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!

@ClaudiaXperts 5 месяцев назад

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.

@tristendodd1979 10 месяцев назад

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?

@ClaudiaXperts 10 месяцев назад

Yes, you may adjust them there in the register if there is any discrepancies.

@jeeptjfishingspi5407 Месяц назад

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 ?

@ClaudiaXperts Месяц назад

This would be with QuickBooks. They are the ones to process and release payments.

@user-yd6te6op2y 3 месяца назад

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?

@ClaudiaXperts 3 месяца назад

That’s why we never fix undeposited funds with a Journal entry. You will need to fix the duplicate transaction.

@Armando-nr6lz 2 месяца назад

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 2 месяца назад

This is how is supposed to work, the loss or gains will be calculated based on the transaction date or cash payment date

@Armando-nr6lz 2 месяца назад

@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?

@latwuniawilliams6630 9 месяцев назад

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?

@ClaudiaXperts 9 месяцев назад

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.

@ClaudiaXperts 9 месяцев назад

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.

@user-om2zu5ze3o 5 месяцев назад

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!

@ClaudiaXperts 5 месяцев назад

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.

@ClaudiaXperts 5 месяцев назад

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.

@debbietrauner6207 5 месяцев назад

How do you know what individual payments to match to the total deposit?

@ClaudiaXperts 5 месяцев назад

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.

@JanetnAtlanta 5 месяцев назад

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.

@ClaudiaXperts 5 месяцев назад

Did you record the deposit? When you record the deposit you record to whatever bank is going to.

@janetbowen3416 5 месяцев назад

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🤷‍♀️🤷‍♀️

@annettecrone3533 10 месяцев назад

How long does it take for the changes to show up on the balance sheet?

@ClaudiaXperts 10 месяцев назад

Right away

@annettecrone3533 10 месяцев назад

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

@annettecrone3533 10 месяцев назад

How can I contact you for consultation and training. I really love your teaching style!

@ClaudiaXperts 10 месяцев назад

@@annettecrone3533 You can email me at qboxperts@gmail.com or call me at 407 504 9828.