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How do I add an 'Undeposited Funds' account to Quickbooks Online (QBO)

Objective:

  • There is not an Undeposited Funds account in my Quickbooks Online account
  • There is not an Undeposited Funds account in my QBO account
  • No Undeposited Funds account

Environment:

  • Quickbooks Online
  • QBO

Additional Information:

In order to set up the QBO integration, you will need an 'Undeposited Funds' account in QBO.  Clio maps all Bill Payments recorded in Clio to the Undeposited Funds Account in QBO. In QBO you will then need to create a deposit to move the funds from Undeposited Funds into the Operating Account.

To create a deposit in QBO follow this link to the Intuit Support Page  https://community.intuit.com/articles/1583122-bank-deposits

Note: You can't edit an Existing Account and change it into the "Undeposited Funds" account, you must create a new Account.

Answer:

  1. Login into Quickbooks Online
  2. Click on the Gear Icon top right of the screen
  3. Select Chart of Accounts
  4. Account Type = Other Current Assets
  5. Detail Type = Undeposited Funds
  6. Name = Undeposited funds
  7. It is NOT a sub-account
  8. Click on Save and Close
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