Undeposited Funds

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I needed to transfer money from BANK ACCOUNT A to BANK ACCOUNT B and the funds sat in a holding account for a week. I don't wish to record the holding account in RECKON, so I selected TRANSFER FROM BANK ACCOUNT A to UNDEPOSITED FUNDS. A week later, I then created a TRANSFER FROM UNDEPOSITED FUNDS TO BANK ACCOUNT B. 

However, my Reckon reminders show both transfer amounts as MONEY TO DEPOSIT. How do I clear these reminders?
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Jay Garland

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Posted 1 month ago

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John G, Information Support Analyst

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Thanks for asking Jay.

The entries in the Reminders are there because there are transactions that need completing.  You have made two transactions to the Undeposited Funds account.  These must be cleared (despite the two transactions cancel each other out in Amounts) by using the Make Deposit function and when completed the Reminders will disappear.  Its a special condition on the Undeposited Account to prevent amounts being left in there for an action that is meant only to be temporary.

For what you are doing you need another account - either an Other Current Account like "Transfer Holding Account" or a Bank Clearing Account.  


Hope this helps.


regards,
John.
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Wilma, Accredited Partner

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Hi Jay , I think if you did the second transfer as a deposit it should work.
so cancel the second transfer and do it as a deposit.

Cheers
Wilma
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Jay Garland

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Thanks. I've gone with setting up an "TRANSFER HOLDING ACCOUNT" and that has resolved the matter. Many thanks.