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Chart of Accounts Reconcile

How to reconcile the Undeposited Funds account the same way like bank accounts

Currently, there is no option to reconcile undeposited funds account. The undeposited funds account is not on the listing of accounts that can be reconciled like for bank, credit card and other assets and liabilities accounts.

Interestingly, it’s sort of automatically reconciled when existing payments from the undeposited funds transferred to the bank account. What’s left in the account is treated as unreconciled status. To get the unreconciled status data, you can get the information directly from the undeposited funds register, you will need to follow these steps:

From the home page screen > left navigation bar > transactions > chart of accounts > select undeposited funds account and click view register under action column > once you’re on the asset register, click little funnel icon arrow down > select ” Not Reconciled” under reconcile status > select all dates > apply
All the items remaining on top without “R” sign (payment and sales receipt) represents “Not Reconciled” status. The total amount should match with the shown “Ending Balance” on top of the register. You can print or download to excel this report.

reconcile undeposited funds
reconcile undeposited funds

The only problem with this report is, there is no way to get the running balance that they took it out on their last update. When sort, you will see “n/a” only with no balance or grand total. If you think you need running balance or grand total instead of “n/a” only, send them your feedback request here:

http://feedback.qbo.intuit.com/forums/168199-quickbooks-online-feature-requests/suggestions/10331052-running-balance-in-check-register


 

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