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Kristy35's avatar
Kristy35
2 months ago

Balance in Undeposited Funds but no deposits to prepare

I have a balance in the Undeposited funds account at the end of the Financial Year (ours is 30/9/24) but no corresponding deposits to clear.  I can see 2 adjustments of the problem amount ($105.70 in...
undeposited funds
  • Genreve_S's avatar
    Genreve_S
    2 months ago

    Hi Kristy35,

     

    There's no way to adjust the account without adding a new transaction to the undeposited accounts. It might be a good idea to talk to an accountant or financial advisor for advice specific to your situation.

     

    Regards,

    Genreve

Isaiah_C's avatar
Isaiah_C
MYOB Moderator
2 months ago

Hi Kristy35,

 

Since the balances are from previous financial years (2017 and 2019), it's important to verify journal adjustments or deposits that might not have been cleared. You mentioned being unable to adjust these historical entries, so we'll explore alternatives.

 

To resolve the balance without impacting the current Prepare Bank Deposit screen, you can create a general journal entry to offset the balance in the Undeposited Funds account. Use an appropriate clearing account or income/expense account for this adjustment, based on your accountant's advice.

 

Given that the issue spans multiple financial years, it's advisable to consult your accountant. They can guide you on the best way to handle the adjustment without affecting compliance or financial records.

 

Regards,

Sai

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