Hey there, @OTB2012.
Thanks for joining the thread. Allow me to share insights about Undeposited Funds (UF) in QuickBooks Online (QBO).
Yes, you're correct. The UF account holds customer payments in QuickBooks until you deposit them at your real-life bank.
Your funds will still remain in this account not until you create a bank deposit in QuickBooks. The system won't automatically deposit it to the right account, thus you'll have to manually do it inside the program.
All payments in the Undeposited Funds account automatically appear in the Bank Deposit window. Once you have your deposit slip in hand, you'll have to open this window to move the funds to the actual bank accounts. Let me show you how:
- Click + New and select Bank Deposit.
- From the Account ▼ drop-down list, choose the account you want to put the money into.
- Select the checkbox for each transaction you want to combine.
- Make sure the total of the selected transactions matches your deposit slip. Use your deposit slip as a reference.
- Click Save and close or Save and new.
On the other hand, you can review your past bank deposits by running the Deposit Detail report. This report lists all your completed bank deposits in QuickBooks. Here's how to open the report:
- Go to the Business overview then select Reports, or go to Reports.
- Scroll down to the Sales and customers section.
- Click the Deposit Detail report.
For additional info, you may check the following articles:
Should you need more help in moving money from the Undeposited Funds to the right account, don't hesitate to let me know. Have a good one.
