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Incorrect balance in Undeposited Funds account

The balance in the Undeposited Funds is incorrect or doesn't match the total of the payments in the "Payments to Deposit" window.

Why this is happening

An Undeposited Funds account balance that does not equal the payments to deposit, or does not return to zero after all payments have been made, may be caused by damaged transactions in the company data file, or by payments dated later than the deposits themselves.

How to fix it

Intuit recommends more than one solution for this problem. The first solution may solve your problem, or you may need to try all of them to resolve the issue. For best results, perform the solutions in the order shown.

Solution 1: Locate and correct deposits of future-dated payments:

  1. Run a QuickReport showing all transaction in Undeposited Funds account. To do this:
    1. Open the Chart of Accounts.
    2. Right-click the Undeposited Funds account.
    3. From the drop-down menu select QuickReport.
    4. Set the date range of the QuickReport to All.
  2. Look for the first negative amount in the Balance column.
  3. Double-click on the balance to open the deposit.
  4. Note the date for the deposit.
  5. Press Ctrl + H to view history for the transaction.
  6. Look for any payments dated later than the deposit.
  7. Select the latest dated payment and click Go To.
  8. Edit the payment date if necessary.
    • Note: In some cases it may be necessary to change the date of the deposit rather than the payments.
  9. Click Save & Close.
  10. Repeat steps 5 to 9 until all future dated transactions have been corrected.
  11. Return to the QuickReport and look for any more negative balances.
  12. Repeat steps 3 to 9 if necessary.

Solution 2: Check for and correct damaged transactions:

  1. Make a backup of the company file and do not overwrite any existing backups.
  2. Choose Banking > Make Deposits
  3. Deposit all transactions showing in the Payments to Deposit window making a memo so that you can find this deposit later.
  4. Choose Report > Custom Summary Report.
  5. Click Modify Report:
    1. Click the Display rows by drop-down arrow and select Payee.
    2. Click the Advanced button, select Non-zero in the Display Rows section, and click OK.
  6. Click the Filters tab:
    1. In the Filters list, select Account.
    2. Click the Account drop-down arrow and select Undeposited Funds.
    3. In the Filters list, select Date.
    4. Click the Date drop-down arrow and select All.
  7. Click OK to run the report.   Note: If damaged transactions exist, this report will display a list of payees with balances in the Undeposited Funds account. In an undamaged data file, this report will be blank since there are no payments to deposit.
  8. Determine which transaction is damaged so that it can be recorded again. From the Transactions by Account report, determine if the payee has only one bad transaction. The balance on the original report will be equal to the transaction amount.
  9. After all damaged transactions have been corrected, delete the deposit that was created in step 3.

 

If these solutions don't resolve the issue, you can read discussions and post messages and questions relating to your issue on the Intuit QuickBooks Community site for free. You can contact an agent for additional guidance. Fees may apply.

KB ID# SLN41338
11/28/2014 11:12:39 AM
QYPPRDQBKSWS08 9102 Pro 2013 f72d2f