Reconciling Undeposited Funds Account
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.
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
