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Post Info TOPIC: Undeposited funds - in QB


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Undeposited funds - in QB
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Undeposited funds in QB is like a bank account. When you have say 4 transactions probably on a Debit Card receipt, you would receive the money on each of the transactions and deposited it to 'undeposited funds and then you can pay them into the bank account from there and as oppose to 4 different transactions there will be one transaction with the 'full amount' in the bank account. To my knowledge the only way to get rid of them is to deposit them in the bank account. If by any chance you have already got these receipts in the bank account and reconcile the bank account for example when you reconciled the bank you put the receipts in a different way then you would probably need to make up a dummy bank account to get rid of them.

To be honest its a bit of a dangerous way of doing it as really you need to find out of any of the receipts (from customers) belong to any invoices that are say outstanding on the Debtors list.

Have you taken over from someone else and they have done this? Probably needs investigating a bit more to find out why they are in there. I personally don't like using it, as its easy to forget that they are in there and then when you go to reconcile you can't find the receipts from customers and in the wrong hands can end up a real mess!

Go into it in a bit more depth before you do anything with them.

Edit:- if the Sales have gone on twice then it will be inflating the sales plus what about the VAT if its cash accounting?

Really need to find out why they are in there otherwise this could potentially end up messy especially if they are VAt reg.

HTH

PS maybe Pauline might be on her later and give her opinion.  She uses QB's.

 



-- Edited by Amanda on Sunday 7th of July 2013 10:19:53 PM

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Amanda



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If there are undeposited funds on the BS in QB - how would you clear the balance - i need to reverse a transaction but don't know how to

please help



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Thanks, Nadia.

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