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Old 06-12-2006, 05:22 AM
Nusrat Nusrat is offline
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Location: Ontario, Canada
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Undeposited Funds/ adjustment

Hi there,

My Undeposited Funds accounts is showing a negative amount (-184). I spent a lot of time trying to find the problem, but could'nt. Now I want to adjust this amount.

I enter my sales receipt and deposit the fund in the Undeposited Funds account. Then I transfer it to my bank account according to bank statement.

Please Help. I have already filed GST /PST return for that period.

Thanks a lot

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Old 06-12-2006, 07:52 AM
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LauraD LauraD is offline
Join Date: Jun 2006
Location: Rhode Island
Posts: 1,344
Cool Undeposited Funds/ adjustment

You need to create a journal entry.

Db undeposited funds
Cr Sales

Put a note in the memo field of the journal entry for later reference.

Go to Make depsosits. Click off both of your entries, giving you a zero deposit. Save and close.

That should clean it up for you.
Laura Dion
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Cents-able Bookkeeping, LLC

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Old 06-12-2006, 12:50 PM
Joey Joey is offline
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Location: South Florida
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I wouldn't do that until you go to File, Utilities and Verify your data file first. Run the Rebuild only if instructed to do so.
How long has this balance been there? Have you done a Find for the amount to see if you can isolate the transaction?
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Old 04-17-2008, 03:14 PM
Mountaineer01 Mountaineer01 is offline
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Unresolved Balance In Undeposited Funds

I'm having a similar issue. I've not found a solution in any of the Threads I've read. I too am attempting to clean up a mess in QuickBooks. There is a negative balance in undeposited funds of $1,096 in QuickBooks. The source appears to go back to sometime in 2006. When I make an adjustment with a Journal Entry the balance goes to zero only now the adjustment shows up as a payment that needs to be deposited. When I deposit the payment the balance in undeposited funds is in the negative again. Its a viciouis circle. How do I fix this?
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Old 04-18-2008, 02:19 AM
shazinoz shazinoz is offline
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Location: Ballajura, Western Australia
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Thumbs up

Sounds like somewhere you have entered a "Deposit" that was higher than the payments currently recorded & allocated to "Undeposited Funds" at that particular time.

You need to go back through the "Undeposited Funds" register & match up each transaction "in" with it's corresponding "Deposit" transaction to the relevant (bank) account.

Sounds like a hassle, I know, but if you find the transaction(s) causing the problem, we can help you to correct it & prevent it from recurring ......
Shaz Hughes (Dip)Fin ACQ NSW, AAT ABN MICB
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Registered BAS Agent
Bookkeeper / Tax Consultant
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Old 04-18-2008, 04:48 AM
Joe Williams Joe Williams is offline
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Join Date: Jan 2006
Location: Oklahoma
Posts: 9,384
To locate the "bad" deposit, run the Deposit Detail report. Miodify it and check Split in the columns to display and filter it for Transaction type=Deposit. If you see a deposit that shows the Split as Undeposited Funds and does not show Payment included in it, edit that deposit and change the account from Undeposited Funds to some income account.
Joe Williams
Piedmont, Ok
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Old 11-15-2012, 03:50 PM
willranless willranless is offline
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Join Date: Nov 2012
Posts: 1
I had a negative $300 balance in my Undeposited Funds account. I generated a Quick Report for Undeposited Funds and finally found a $300 deposit for a specific customer, but the corresponding payment that was showing up was for $0.00. I double checked and found the Cash Sale ticket that did indeed show that a payment had been made by check, but the entire cash sale was for $0.00. The deposit in question showed the exact same check number as the Cash Sale, but the amount deposited was for $300. This is NOT supposed to be able to happen. I tried to duplicate the same scenario and I would get an error message if I tried to zero a Cash Sale after the money had been deposited. It would not let me do that. It would tell me I had to delete the Deposit first to make changes to the Cash Sale. So, I do not know how this happened but it did. Anyway, here is how I fixed it: First, I changed the Cash Sale from $0.00 to $300. This caused a $300 transaction for this customer to show up in my Make Deposits window. Next, I deleted the original deposit, then I made the deposit again, keeping it dated the same as the original and then marked it as a cleared transaction in the check register. Problem solved. My checking account balance did not change, and the negative balance in my Undeposited Funds account is gone.
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