What is Undeposited Funds in Quickbooks Online

What is Undeposited Funds in Quickbooks Online, when do you use it, how does it work and why can it be such a pain in the butt! This video shows you not only what is undeposited funds in Quickbooks Online, but also why it's used and what the benefit of it can be.

Most people don't really get the gist of undeposited funds in Quickbooks Online, but if used correctly, it can be a very handy account. But there is a secret little trick to using it the right way to make sure your bank reconciliations are a breeze at month-end.

Discover this tip in this video about undeposited funds in Quickbooks Online!

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[igoys]

Sorry didnt get the part where you showed the bank deposit.. was it auto filled due to bank feed or did you had to add this manually? also once we have the deposit added to checking.. before reconsiling do you go back to transactions and match them manually with the 3 diff invoices?

[warrenguardiario]

Hi! is there any way we can delete a bill payment by batch? Let's say I have a duplicate 700 bill payment ? if Qbo doesn't have the option do you have any other alternative?

[magicallyspotless]

I have undeposited funds and as im looking it was not deposit into my account. Are the funds in a quickbooks acct since the payments were made with a credit card? I dont see the funds in my bank account.

[kevinfarmer]

If I have not done the 2nd step of marking off in deposits and the undeposited funds are just sitting there. My bank account has been reconciled but I have accumulated a lot of undeposited funds

[XYZOxyz]

And how do you match it in "banking transactions"? You left out that part.
Personally, I absolutely hate this account, it's not an accounting concept. I have a client who puts everything to undeposited funds and he never moves anything out of it. Can you please show how things look in "bank transactions" when undeposited funds is used vs when it's not used (ie payment is received directly to chq account)?

[rachelc]

How does one deal with this issue when having bank accounts linked to their quickbooks online and the deposit shows up automatically? (I'm searching through your videos and may find the answer but figured Id ask in the meantime)