3 Responses to QuickBooks® Undeposited Funds Account

  1. At the beginning of this year we began inputting credit card charges into thru the vendor “enter bill & expenses” section of QuickBooks, however we never used the pay bill section. We simply used the data for expense tracking purposes, the same went for inputting customer invoice; we never deposited the undeposited funds. Recently we did one large fund deposit and one large bill pay but the accounts were off by 20K positive, so we temporally placing that extra income as owners draw. Now we reconcile each month and input credit card charge property, and everything matches great.

    Here is the catch, before we did that large bill pay and depots the undeposted funds. We forget to input a credit card statement which had many charges totaling 8,000. ( no wonder there was a positive difference ) What do we do with it, how can we input the charges w/out screwing everything up.

    Thanks a million.

    • I would enter the credit card statement that you missed and post a credit on that statement for the balance to owners draw to offset the 20K you have already posted there. The credit card statement will then be a zero statement as you have already effectively paid it with the large bill pay you entered.

  2. i find it very easy to use quickbooks without going to college or accounting school. it’s awesome program