Reconciling Undeposited Funds Account

mrskatecorby

Hello,

 

I have an amount showing in Undeposited Funds Account from a previous financial year that was not moved out. It appears to be from some time ago and I need to know what to do with it wthout affecting my bank balance.  does that make sense?  Happy to answer an questions. 

LRBooks61

hi

Is the amount on your bank statement for that time? If so and the bank has been reconciled, I suggest 

 

You do a find transaction for the amount in the undeposited funds account.

Perhaps someone did another tranasation instead of depositing that amount to the bank

 

Do a find transaction from the banking screen ( bottom ribbon)

On the accounts tab go into advanced

change to all accounts

change date range as appropriate

put in the amount you are looking for

see what comes up

 

If there is two transactions ( the undeposited funds and a doubled up transaction) you need to address it with respect to the transaction , which is correct , what needs to be done and the time frame. Changes can affect your BAS reporting 

 

 

For instance if the undeposited funds transaction is for a customer payment and the receive money is coded to an income account in error I would deposit the payment as at today and do a spend money ( the exact reverse of the receive money payment)as at todays date - this effectively cancels each other out in the bank rec but corrects the transactions in this periods BAS 

 

hope that helps

Lisa

 

Lisa