Forum Discussion

Angela22_06's avatar
Angela22_06
5 years ago

Undeposited Funds General Journal

Hi there, I have a client with a large volume of transactions that run through the undeposited funds account (business has a high volume of sales). When I get to preparing the end of year accounts t...
  • Tracey_H's avatar
    Tracey_H
    5 years ago

    Hi Angela22_06 

     

    That does make it a bit tricky. Ideally you would need to go back and find the transactions that are causing the balance in the Undeposited Fund account but in your situation that may not be worth the time and effort.

     

    The only other option I can think of would be to create a new Undeposited Funds account. You would then need to go to Setup>>Linked Accounts>>Accounts and Banking Accounts and link the new Undeposited Funds account to Bank account for Undeposited Funds. 

     

    If you were to create a new Undeposited Funds account, make sure the Prepare Bank Deposit window is cleared first. This won't fix the issue with the old Undeposited Funds account, but it will allow you to start fresh with a new account. Reconciling that account in the Reconcile Accounts window will allow you to keep on top of any discrepancies that occur.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Tracey_H's avatar
Tracey_H
Former Staff

Hi Angela22_06 

 

Thanks for your post. One way you can deal with is in the Prepare Bank Deposit window, tick all those small errors you want to write off and note the total. Then click on Deposit Adjustment in the bottom left corner and in the Bank and Deposit Adjustments window allocate that total amount to an account like Rounding and Adjustments, click Record.

 

Once you're back in the Prepare Bank Deposit window, tick that adjustment transaction and your deposit amount should now be 0.00. Record the transaction. Your Prepare Bank Deposits window and Undeposited Funds account should now be clear of those amounts, your bank account isn't affected because it's a 0.00 deposit and you've written off those amounts to the applicable account.

 

Please let me know if you need further help.

 

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Angela22_06's avatar
Angela22_06
5 years ago

Hi Tracey,

Thank you for your response. Unfortunately this is not possible in this situation as there are no transactions that have not been cleared from the Prepare Bank Deposit window. That is, as far as this screen if concerned I have no balance in my undeposited funds, however in the general ledger I have a balance whereas I need it to be nil. Is there any other possible solution for this scenario?

Cheers,

Angela

  • Tracey_H's avatar
    Tracey_H
    Former Staff
    5 years ago

    Hi Angela22_06 

     

    That does make it a bit tricky. Ideally you would need to go back and find the transactions that are causing the balance in the Undeposited Fund account but in your situation that may not be worth the time and effort.

     

    The only other option I can think of would be to create a new Undeposited Funds account. You would then need to go to Setup>>Linked Accounts>>Accounts and Banking Accounts and link the new Undeposited Funds account to Bank account for Undeposited Funds. 

     

    If you were to create a new Undeposited Funds account, make sure the Prepare Bank Deposit window is cleared first. This won't fix the issue with the old Undeposited Funds account, but it will allow you to start fresh with a new account. Reconciling that account in the Reconcile Accounts window will allow you to keep on top of any discrepancies that occur.

     

    Please let me know if you need further help.

     

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

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