Undeposited Funds Preference

by Dream Pegasus
(Mary Land)

I'd like to see the screens simplified.

For example, in the "Receive Payments" screen, "Undeposited Funds" account is defaulted.

To turn it off I had to break my head and finally managed to find it in the Preferences setup! Very complicated!

I would prefer NOT to have this hidden.

Jennifer replies:

Yea! Somebody agrees with me! I feel the same way about this.

It used to be that in the Receive Payments screen, and in the Sales Receipts screen, you could select which account to deposit the money into. Then in about 2005, I think, Intuit make it a Preference. I think they had good intentions, but I don't think it has resulted in fewer problems for people.

For those reading this who are unsure where to find this, follow this path:

Edit > Preferences > Sales & Customers > Company Preferences tab

Then, in the lower right corner of this box, you will find a checkbox labeled, "Use Undeposited Funds as default deposit to account."

If this box is checked, then QB automatically takes your customer's payments and places them in a "holding" account called Undeposited Funds. You then must record the bank deposit in the Make Deposits screen.

If this box is unchecked, then you can record the deposit of the money directly into your bank account. Be careful here though... you want your bank deposits in QB to match how they will appear on the bank statement.

Here are some instructions I wrote about how to do this right:

http://www.jenniferthieme.com/record-customer-payments-in-qb.html

Thanks for writing.

Comments for Undeposited Funds Preference

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Sep 21, 2015
Last month I join NEW
by: Anonymous

Last month I join help with assignment as a accounts intern as I am still new to QuickBooks and I think I am not doing right transaction because when I balance the sheet the profit and loss report didn’t match now what can I do am so confuse

Sep 16, 2015
Undeposited Funds Preference NEW
by: Anonymous

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Jul 13, 2014
RESPONSE TO JUNE 13, 2011 CAUTION ABOUT LOCATION OF TURNING OFF UNDEPOSITED FUNDS NEW
by: Anonymous

Yes, that really did help, as I was mad searching for it, about to flip out.

Thanks much.

Nov 14, 2013
Thanks for pointing out, Really in 2011 it is another place NEW
by: www.yazinc.net

Thanks for pointing out, Really in 2011 it is another place

Jun 13, 2011
Use Undeposited Funds checkbox OPTION
by: Anonymous

a QUICK CAUTION, IN THE NEW 2011 VERSION THIS OPTION IS UNDER "PAYMENTS" AND NOT ONDER SALES & CUSTOMERS... HOPE IT HELPS...

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