Undeposited Funds on balance sheet out of balance to Make Deposits
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Amy_9051873
Member Posts: 10 ✭
Hello.
Reckon Hosted.
My balance sheet in undeposited funds says $5100 DR. When I go the make deposits window, there are $5,000 worth of deposits to banked.
If I journal CR Undeposited funds, DR somewhere else (sales/suspenseetc), then the deposit shows up again in the make deposit window
How is it that the undeposited account balance (it is a current asset type account), doesn't agree to make deposits?
Or, how do I journal to the undepsoited funds account without it wanting to include it in a future deposit in the make deposit window?
I have never had this before.
Thank you
Reckon Hosted.
My balance sheet in undeposited funds says $5100 DR. When I go the make deposits window, there are $5,000 worth of deposits to banked.
If I journal CR Undeposited funds, DR somewhere else (sales/suspenseetc), then the deposit shows up again in the make deposit window
How is it that the undeposited account balance (it is a current asset type account), doesn't agree to make deposits?
Or, how do I journal to the undepsoited funds account without it wanting to include it in a future deposit in the make deposit window?
I have never had this before.
Thank you
0
Comments
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Hi Amy. You will have to do a reconciliation of your Undeposited Deposits account. Somewhere there is a $100 discrepancy which you need to find. Have a look at the account and you should be able to track this back. When was the last time that it reverted to zero - in other words when did the banking side clear the balance of the Undeposited Funds account back to zero? It could even be that a change has been made in something gong back in time. However, tracking that zero balance in the account, should enable you to readily discover where this discrepancy has occurred.
John L G2 -
Thank you for your reply John...and I have reviewed the file. However in the scheme of this file size, I can't go through every transaction, there are thousands. It never returns to zero due to timing differences.
I am happy to lose the $100 difference as immaterial, just don't know how to actually correct it.
I also can't actually figure out what could have caused it - ie, what type of error on a transaction would cause this to happen?
Amy0 -
Amy. First thing here is I need to check your terminology. You say that before you do ?make deposits? the balance was debit $5,100. Are you sure about that? Does that mean that the balance in the actual general ledger accounts was showing in red? The only time to my knowledge that the balance would be debit (showing in red) is when a ?make deposits ?is completed as it tends to appear before all other individual receipts recorded on that same date. It is starting to sound to me that a deposit for a subsequent date has been recorded with an earlier date than it should have. This is the only way that I can see that the balance can be debit (in red). Perhaps it is by pure chance that your two amounts are so close together.
Based on my testing, any other extraneous transaction in Undeposited Funds will cause that to show up in the ?make deposits? window. If something strange has occurred with a deposit, perhaps it might show up in a bank reconciliation.
If none of the above seems to make any sense in your situation, then there is something else that you can do. Initially go to ?file>utilities>verify data ?and run than and see if that reveals any errors. If not, or irrespective, then go to ?file>utilities>rebuild data? and run that three times and see if that corrects the problem.
John L G0 -
Hi John.
Undeposited funds is an asset account, on the DR side of the balance sheet, therefore DR means it has a positive balance.
If I want to reduce it's balance I would CR it via a journal.
Balance of the account on the balance sheet is $5100 DR (positive balance).
If I want to make the deposits to the bank account, I would go to the Make Deposits function, select the transactions and it will go CR undeposited funds, DR bank.
However, When I go to Make deposits, it only has transactions in it equalling $5,000.
If I try to correct via a journal, my journal would be CR undeposited funds, DR elsewhere (suspense). In doing this, it puts a transaction in the "Make deposits" window and once included in the deposit to the bank account the balance doesn't agree again.
The only solution I have is to do this journal - then leave the transaction in the Make deposits window indefinitely. Messy.
The "Make deposits" function and the balance of the account are out of balance.
I have not seen this before in many years of experience, nor do I see it anywhere in the forums that anyone else has asked it before.
I have run the verify and rebuild x3 - no change.
Thanks,
Amy
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Hi Amy. Thanks for the clarification. I needed to know exactly what you meant, as I have no knowledge of your overall understanding of bookkeeping in general. Obviously you know double entry bookkeeping.
If you make the journal entries that you propose and end up with an amount in the Make Deposits window, are you not able to do a single deposit for that $100? If you do, then you would end up with a bank deposit which doesn't exist. You could even deposit that $100 to the Suspense account that you use in the Journal and that in turn might wipe that balance clean. Somewhere along the way, it seems that you need to create that journal, make a deposit of $100 as mentioned, and hopefully that will clear up the problem for good. To me that is a better option than having the $100 sit forever in the make deposits window.
I agree that there does not seem to be much logic as to how this problem came about, but there does seem to be a solution to resolve it, one way or the other.
John L G0 -
Thank you for your time John.
If I do the correction journal, that puts a CR to undeposited funds, and a negative deposit in the "Make deposit" window. Can't do a negative deposit, so I put in a second line (suspense, same value) to put the deposit back to NIL. Upon processing that deposit though, it now has a DR back to undeposited funds, putting me back where I started.
The balance in the account doesn't agree to the Make deposits function - I need to somehow journal or impact the ledger balance without it appearing in the make deposits function, or vice versa.
Amy0 -
Amy. To me it seems that you are trying to correct the transaction the wrong way around. To clear the balance, you need to put a debit to undeposited funds which will then enable you to have a further $100 in that account to enable you to make that elusive deposit which will finally clear the balance. You could credit that deposit to whatever Asset account you use in the Journal entry, because you cannot use your normal bank account or you will have an outstanding deposit to get rid of. On the other hand, this might not work because I suppose it will only increase the balance of undeposited funds as well. Very confusing. Without actually going through the process it is difficult for me to work out what will work.
John L G0 -
I am having the same issue, Amy! Did you find a fix? My undeposited funds balance is $471.56 but there is nothing to be deposited.... Please let me know.0
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Hi Jami.
No - unfortunately haven't been able to find a solution. I have journalled to the undeposited funds account so that the balance sheet shows as it should, and have to leave that transaction in the "make deposits" window indefinitely.
Not great - but for users of the report, at least the balance sheet shows correctly.
Not sure if Reckon support sees these posts in order to to flag it with them?
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Ok, thank you for your reply. We have tried everything and no solution yet...0
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