Forum Discussion

Kristy35's avatar
Kristy35
15 days 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
Kristy35's avatar
Kristy35
15 days ago

Hi Sai,

 

Thanks for the response.  I have already tried creating a Journal entry debiting the $105.70 out of Undeposited funds, but that creates a deposit in the Prepare bank deposit screen (see attached).  If I deposit this from here into another account (ie Suspense Account or similar) it creates a credit into the Undeposited funds account effectively cancelling out the Journal entry and I am back where I started.

  • Genreve_S's avatar
    Genreve_S
    MYOB Moderator
    15 days 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

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.