Fixing Deposit Issues in Quickbooks

After processing your bank reconciliation, you may sometimes find that you have deposit issues such as:

  • Undeposited Funds account still has customer payments in it.
  • The reconciled bank account still has uncleared deposits in it.
  • Some of your customer receivables balances look too high or have a negative balance.
  • The revenues on your income statements look too high.

Keep in mind that most QuickBooks company files out there have had one or all of the above issues occur at some point in the life of the business.  Rest easy though.  All of these issues are correctable. If you are up for it, with all your other business owner/CEO duties, there are plenty of instructional videos and blogs out there to assist in resolving these issues.  However, if you are in a time crunch to fix a real mess in your QuickBooks company file, the most efficient use of your time & money is to hire a QuickBooks expert to assist you.  This way you can maintain important operations of your business such as:

  • Having accurate receivables balances for your customers, especially if some of them are past due for payment.
  • Your Income Statement accurately reflects your company’s revenues. This is important for tax, credit and investor reasons.
  • The bank cash balances on your Balance Sheet financial statement are correct.

One place to begin working at your deposit issues is to process either an A/R Aging Detail or Customer Balance Detail report and pinpoint the ones that seem too high or have negative balances. Does one customer have a zero balance but this is made up by a receivable perfectly offset with an unapplied payment? If you work all customer balances that show up on this report, one by one, and do some real investigative work here, you will eventually discover what caused these errors.  You will then be able to clear out the issues with these receivables, and ultimately have a clean QuickBooks company file again.

Note: AccuraBooks is a bookkeeping firm only, so please consult with your Certified Public Accountant for verification and clarification about the contents of this article.

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