Undeposited funds in QuickBooks is a default account where payments from clients or customers are kept until you enter them into your bank account. In simple language, an undeposited fund's account is safe in QB software, where you keep your money till you deposit it in the bank. But what if a buildup of funds in the account messes up your QB to the brim? How will you solve it? Don't you get agitated as we have specially curated this article for all the QB Desktop & Online users to clear the balances in the undeposited funds to account efficiently.
Not able to figure out why it happened to you & mistakes you have made? Call at +1.833.802.0002 & ask all the queries from the QuickBooks expert.
Removing Undeposited Funds Amount in QuickBooks Online
If you are finding ways to delete the undeposited fund account, then you can do it with two methods. One is the Remove & Record method, in which the incorrect entries are removed from the undeposited fund & the same entries are done in the bank account. Another one is the dummy account method, where you remove the payments from the undeposited funds & sent them to a dummy account. So, let us start with the steps you have to follow in each method.
Remove & Record Solution
Start by launching the QB Online account.
Then, click on the Banking menu & you will see a drop-down menu.
From the list, click on the Option.
Then, choose Undo option in the Uncategorized Mnoney-in Transaction.
Proceed further & select the Bank Deposit tab.
Click on the bank account you want to keep the focus on.
Then, add the date of payment & then click on the Removed Payment.
Lastly, choose Save & then Close to end the process.
Dummy Bank Account Solution
This account is created to delete the affected undeposited funds account. You will shift the amount of undeposited funds account instantly to the bank account.
Therefore, after clearing the amount in the undeposited funds, you can delete the account permanently
Then shift the amount reflected in the dummy account to the real-time account.
Now, open the QuickBooks Online application.
Then, look for the Settings menu & click on it.
Now, click on the Charts of Accounts & then Create New.
The new account should be named a Dummy Bank Account.
Subsequently, adding the required file, click on Save.
Now, on the Home Page of QB, when you see Bank Deposits, select it.
Click on the dummy account
Now, delete the amounts in the undeposited funds account & save the page too.
After that, choose Expenses
Go to the same dummy account.
Then, select an active account that has the Income & Earnings.
Then, click on Save.
Go back to the dummy bank account & verify if the balance in the account is zero or not.
Removing Undeposited Funds Amount in QuickBooks Desktop
Follow the steps to clear the funds you added to the account & get back to focusing on your business & the clients.
For starters, launch the QB Desktop.
Then, from the Banking tab, click on Make Deposits.
Now, select which payment you want to delete from the undeposited funds account.
After you are done, choose OK.
Post that, a deposit window will be visible to you click on the Deposit option.
Now, from the multiple bank accounts, click on your preferred one.
Then, in the Transaction Details, you should type the deposit date with other crucial information.
Lastly, save the deposit & click OK to save the changes & end the process
Conclusion
We really hope that the above steps rectify the amounts & clearing the undeposited funds in QB Desktop & QB Online applications. However, the undeposited funds in QuickBooks is not settled we have other solutions for you. You can call at +1.833.802.0002. The technical support team is diligently available for you 24/7.
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