Undeposited Funds Reconcilation Needed
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Kristen Jendretzky
There needs to be a way to reconcile the Undeposited Funds account or a report that proves the balance in the account. The Undeposited funds account should net to zero but won't if there are always payments in transit. The only way I have found to identify what is in the account is by exporting all the transactions to to Excel and matching them one by one. The Undeposited Funds account is not an available account in the Reconcile module but would be a great solution if it was.
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Tommy Wang
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Tommy Wang
Thanks for bringing this up! Question from my side: Would simply re-enabling the 'Reconcile' module for the Undeposited Funds account be the complete solution, or is there specific functionality beyond that which would be necessary?
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Martha Adele Powell
Tommy Wang I think that would solve it.
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Erin Vukelich
Tommy Wang Yep, that would do it!
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Pamela Kyle
Tommy Wang yes I think that would help
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Kristen Jendretzky
Tommy Wang, Yes, I believe re-enabling the 'Reconcile' module for the Undeposited Funds account would be the complete solution. Thank you!
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Shannon Geiman
Yes! And if you try to fix it with a journal entry it makes the account negative
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Priscilla Wolfe
I agree. The account was reconcilable and subsequently taken out of the reconciliation window. What would be the reason for removing the "other current" asset account, a balance sheet account from reconciliation?
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Stephen Weaver
Absolutely agree. It's a must have.
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Pamela Kyle
Yes! So many accountants mishandle this account. It would help explain what this account balance is for.
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