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Remove previously deposited items from Undeposited Funds

You may have deposited a customer's check and then recorded a separate Payment. This will overstate your income because income is recorded by both the Invoice and the Deposit.  If the Deposit was in a previous accounting period and cannot be changed, you can remove the Payment from the Payments to Deposit window.  Create a zero deposit using the overstated  income account. 
Before proceeding with the instructions below:
  • Consult your accountant. You need to be certain that income and tax effects from previous fiscal years are recorded properly.
  • Create a backup of your data file without overwriting any other back ups.
Detailed instructions

To remove Payments from the Undeposited Funds account:

  1. In the menu bar, select Banking and then select Make Deposits.
  2. In the Payments to Deposits window, select the payment(s)that was deposited separately and click OK.
  3. In the Make Deposits window, click the drop-down arrow on the first blank line in the From Account column.
  4. Select the overstated income account.
  5. Enter the negative amount in the Amount column. Insure the Deposit total is zero.
  6. Click Save & Close




KB ID# HOW13208
12/1/2015 3:43:09 PM
QYPPRDQBKSWS10 9132 Pro 2016 aeb701