Forum Discussion

mrskatecorby's avatar
Experienced Cover User
3 years ago

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 wthou...
  • LRBooks61's avatar
    3 years ago


    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