Clearing old Transactions from Undeposited Funds

Question

Hi there,

We have transactions sitting in our Undeposited Funds account that date back to 2014. There are hundreds of transacations that show up when we select the prepare bank deposit button. Is there a way to clear these out without affecting our payables/receivables? A 'bulk' adjustment soluition would be ideal as we don't have the resources to go through hundreds of these one at a time.

We would like to use this account correctly moving forward and would like a clean slate to work with.

Currently Using AccountRight 2020.3

Thank you

Steven_M · Accepted Answer

Hi @darcyc

I would recommend taking a look at my post on Cleaning old electronic wage payments mid year. While this particular post does refer to the Prepare Electronic Payments window, the same principles will apply to the Prepare Bank Deposit window. For example, your options would be:

* Process those transactions to a bank account and then deal with the aftermath.
* Delete or reverse out the transactions then re-enter them as intended.

However, the recommendation would still be to create a new bank account in your account lists and then set that account as the Bank Account for Undeposited Funds (Setup>>Linked Accounts>>Accounts and Banking). As the Prepare Bank Deposit window is looking at that account for the transactions, creating a new account "hides" those older transactions from view.