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Bank Deposit Bank Register Chart of Accounts

How to locate and apply “Undeposited Funds” in new Quickbooks Online?

Receive Payment
Receive Payment

Receive Payment Deposit to Undeposited Funds
Receive Payment Deposit to Undeposited Funds

From the Home page screen

Select Create “+” sign (top middle)

Select “Receive Payment” under Customers heading

Select Deposit to “Undeposited Funds” account

This will create Undeposited Funds as debit balance on the current assets account of the Balance Sheet.

“Undeposited Funds” account balance is like a temporary clearing account.

In order to clear the balance sitting on Undeposited Funds Account, next step is to go to “Bank Deposit” (same + screen > bank deposit under “Other” header) and make deposit to applicable bank account.

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