When we've taken over a new client, or completed a site assessment, we've sometimes seen an account called Undeposited Funds on the Balance Sheet, but when we go into the Create Menu to Make Deposit, there is nothing there!
Have we lost our minds, or is there something wrong with QBO?
The client, or the previous bookkeeper, has set up an account in the Chart of accounts called Undeposited Funds, and isn't using the one that is automatically created by QBO. So, although the name of the account is the same, the functionality is not.
In order to determine the balance and clear it out of that account, you will need to look at the details of the register to identify the transactions that make up that balance.