Forum Discussion

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

Kristy35's avatar
Kristy35
2 months 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
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

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