prepare bank deposit

[ChanceOscar1]

Hi, could someone please help me? When I go into prepare bank deposit there are transactions dating back to 2003, way before my time. How can I clear these without impacting on my bank rec. All these transaction are either wrong or already reconciled as the accounts all balance. Thanks 

[CloverQ]

Thank you for your enquiry @ChanceOscar1 

It is bit of a worry where you can see those transactions in Prepare Bank Deposit window to be processed, while they also appear under the bank account and already reconciled. I would suggest going to Setup > Linked Accounts > Accounts & Banking Linked Accounts > check if the linked account set for undeposited funds is also your main bank account. 

If they are the same, I would suggest choosing a different linked account instead. If the linked account is already a different one then most likely there are double entries in the company file. 

While it's best to correct those transactions by either depositing them into the bank account or deleting the double entries, it may not be practical since they go way back. A possible workaround would be hiding them all by changing the current linked account for undeposited funds to a new account. Please note that this method should only be used as a last resort. 

Hope this helps. Please do not hesitate to post again if you have more queries.

[ChanceOscar1]

Hi CloverQ

Thank you so much for replying to my query. I have checked the linked accounts and it is my main bank account. What would you suggest the linked account be? Just a new bank account? I am a little confused as to what I should do with the current entries that go back to 2003? I would appreciate your comments please.

[CloverQ · Accepted solution]

Thank you for the update @ChanceOscar1 

The linked account for undeposited funds works as a holding account. When 'Group with Undeposited Funds', it would automatically post to the holding account, you can then go to Banking > Prepare Bank Deposits to deposit the funds to the main bank account. 

Currently your holding account is the same account as the main bank account, when you choose 'Group with Undeposited Funds' it would be posting directly to the bank account. All the transactions from 2003 under 'Prepare Bank Deposits' are actually transaction associated with the main bank account. 

Since 'Prepare Bank Deposits' only displays transactions associated with the current linked account, you would no longer see these transactions after choosing a new linked account. If all your bank accounts are balanced as of now, you can then change the linked account without changing any transactions.

I would suggest creating a new bank account, you can name it Undeposited Funds then set it as the new linked account. In the future when 'Group with Undeposited Funds' is used, please remember to deposit the funds later via Prepare Bank Deposit. 

Hope this helps. Please do not hesitate to post again if you have more queries.

[ChanceOscar1]

Hi,

All sorted, thank you so very much.