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Remove previously deposited items from Un deposited 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 you 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 Un deposited 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


If these steps do not resolve the issue, you can read discussions and post messages and questions relating to your issue on the Intuit QuickBooks Community site for free or you can contact a technical support agent for additional guidance. Fees may apply.


KB ID# HOW13208
9/3/2015 1:51:23 AM
QYPPRDQBKSWS03 9125 Pro 2015 fb9395