Forum Discussion

Contributing User

6 years ago

Solved

Undeposited Funds / Prepare Bank Deposits

In Premier v19, we used to process to pay an employee as cash from undeposited fund. Then we used to pay some additional distribution from undeposited fund. Both these transactions used to go and s...

Andrew_Y
6 years ago
Hello 121vk

Thank you for bringing your query to the community forums. I hope you will find them and the AccountRight Support pages to be a fantastic resource.

I have found these two help articles that may be of use to you. Please have a read of them and see if they are of use to you in dealing with Undeposited Funds and Preparing bank Deposits.

Preparing a bank deposit

About undeposited funds

If I have pointed you to helpful information, kindly consider marking this post as a solution so that others may find answers easier.

CathVSA

Experienced User

6 years ago

Hi Steven I found this thread that seems to be relevant to my problem, I hope you don't mind me jutting in!
I am using version 2019.4. We paid an employee cash, instead of by the usual method of eft. I ticked the "cash" box in the payroll system which allocated the payment to Undeposited Funds. I then processed that with "prepare bank deposit" and it hit the bank account as expected.
That transaction however doesn't seem to be able to be cleared from the Undeposited Funds screen. I have tried reversing the transaction and re-entering it and it just leaves us with more entries that won't clear, even after processing the bank deposit.
I see in your reply here that you shouldn't process payroll transactions via undeposited funds, clearly I wish I saw that before doing it, but given that it is an allowed option, what is the issue and what can I do to clear the transaction that has been processed from the "prepare bank deposit" screen?
Thanks! Cheers Cath