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Account called *Undeposited Funds appears in the QuickBooks chart of accounts.

Questions on the software? Call us at 800-609-0788.

Why this is happening

In QuickBooks, received payments are processed using either the Enter Sales Receipts or the Receive Payments feature. The first time either of these features is accessed, QuickBooks creates a default account called Undeposited Funds to temporarily hold payments that will be included in group deposits.

If data is imported from QuickBooks to create a file in QuickBooks Point of Sale before a received payment is processed, Point of Sale creates an Undeposited Funds account. This account is used to transfer received payments to QuickBooks during a data exchange, but it is not set up to function as the actual Undeposited Funds account in QuickBooks. The account name is transferred back to QuickBooks during the first data exchange.

When QuickBooks needs an Undeposited Funds account, it creates its own default account with full functionality. Since the name Undeposited Funds is already in use, either because Point of Sale created it, or because it was created manually, QuickBooks creates the account named *Undeposited Funds, adding the asterisk to the name to prevent a duplicate account.

How to fix it

QuickBooks will not allow the accounts to be merged.

Note: The steps for this process may vary slightly depending on your version of QuickBooks.

To resolve this issue in QuickBooks:

  1. Set the preference to allow you to select Undeposited Funds in receipts (this may not be necessary in versions of QuickBooks before 2005):
    1. Choose Edit > Preferences.
    2. Select the Sales & Customers preference.
    3. Click the Company Preferences tab and clear the checkbox for Use Undeposited Funds as a default deposit to account.
    4. Click OK.
  2. Choose Lists > Chart of Accounts.
  3. Select the Undeposited Funds account that does not have the asterisk.
  4. Click Reports at the bottom of the list window and select QuickReport: Undeposited Funds.
  5. Double-click one of the transactions listed on the report.
  6. In the transaction, select the option Group with other undeposited funds (In QuickBooks versions after 2004, select the Undeposited Funds account in the Deposit To field.)
  7. Click Save & Close and, if you are asked to confirm the change, click Yes.
  8. Repeat steps 4 through 6 until there are no more transactions on the report, and then close the report.
  9. In the Chart of Accounts window, Undeposited Funds (without the asterisk) should still be selected. Click Account and then select Delete.

    Note: If you receive errors, all Point of Sale payment items will need to be set to the new default prior to QuickBooks allowing deletion of the account.
  10. Select *Undeposited Funds from the list of accounts.
  11. Click the Account button and select Edit.
  12. Remove the asterisk from the name and click OK.


Point of Sale will now transfer transactions to the one remaining Undeposited Funds account.

 

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QuickBooks Point of Sale Multi-Store 18.0 ADD A SEAT
QuickBooks Point of Sale Multi-Store 18.0 ADD A SEAT
$2 700.00
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QuickBooks POS Pro 18.0 3pc Bundle w/Merchant Services
QuickBooks POS Pro 18.0 3pc Bundle w/Merchant Services
$3 065.00
$1 048.00


QuickBooks POS Multi-Store 3pc Software Peripherals Bundle
QuickBooks POS Multi-Store 3pc Software Peripherals Bundle
$3 265.00
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QuickBooks POS Multi-Store 18.0 ADD A STORE w/Merchant Services
QuickBooks POS Multi-Store 18.0 ADD A STORE w/Merchant Services
$2 700.00
$849.00



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