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TSGTanya's avatar
TSGTanya
Trusted Cover User
6 years ago

Delete old payroll in Prepare Bank Deposit

There are old payrol transactions sitting in Prepare Bank Deposit. How do i remove these? I asked my book keeper and she recommended below;   "It depends how they were processed back then, and whet...
  • Neil_M's avatar
    Neil_M
    6 years ago

    Hi TSGTanya 

     

    Theres only one way that those transactions can be removed from the Prepare Bank Deposits window. You would need to change the linked account for the Bank Account for Undeposited Funds.

     

    When the linked account for undeposited funds is changed it will clear out the entirety of the Prepare Bank Deposits window. The transactions assigned to the previously linked undeposited funds will still remain assigned to the account, however they will no longer be selectable through Prepare Bank Deposits.

     

    To remove the balance from the previously linked account you could use a journal entry to remove the balance. I’d recommend speaking with your accountant over how this journal entry should look

TSGTanya's avatar
TSGTanya
Trusted Cover User

This is the get around from my book keeper.  "Clear it out with an ABA file if you are able to. This will then bring a balance into your cheque account which I would then complete a General Journal to offset to Drawings or your Loan account. I would record a memo to say that it is  - Adjustment to clear out Electronic Clearing balance from 2014. Make sure the payment date and the GJ are both the same date"

 

your thoughts?

 

 

IanChait's avatar
IanChait
Ultimate Cover User
6 years ago

Hi TSGTanya 

 

What happens if you try and process a Bank Deposit? 

  • TSGTanya's avatar
    TSGTanya
    Trusted Cover User
    6 years ago

    Hi Ian,

     

    If i process this bank deposit it goes into the bank but stays in the prepare bank deposit. 

    See attahced after recording it. 

     

    Tanya

    • CloverQ's avatar
      CloverQ
      Former Staff
      6 years ago

      Hi TSGTanya 

       

      It is strange that the 'Undeposited Funds' account was used in payroll transactions, as the 'Prepare Bank Deposit' function is for receiving money, not making payments. The equivalent option for making payments is Prepare Electronic Payments. 

       

      So since the Undepsoited Funds account is not the correct account to pay wages, you can consider recording a journal entry/Spend Money/Transfer Money transaction, pay from the correct/actual bank account into the Undeposited Funds account. After that Prepare Bank Deposit will show negative amounts as well as positive amounts cancelling each other out. You can tick them all, and deposit the $0 to the actual bank account. 

       

      The other option is as Neil mentioned, changing the current linked account for Prepare Bank Deposit. It's done via Setup > Linked Accounts > Accounts and Banking Accounts. The Prepare Bank Deposit window will only display transactions associated with the current linked account, so changing it to a new account will not display old history. Please note that after the change, the Undeposited Funds report will only report on the activities of the current linked account. 

       

      If you are still having the problem of the amounts showing after ticking them and processing the bank deposit, could you please show us what's the current setup of linked accounts > Accounts and Banking Accounts, as well as drill into the bank deposit transaction recorded, hit Ctrl + R to recap the transaction?

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