We offer the below customer's solution to their own QuickBooks (QB) problem to help others.

Problem: When using QB 2012 Pro to do an IIF import, instead of payments going to the QB Undeposited Funds account, it creates a new Undeposited Funds account and the payments are reflected there. The old, original Undeposited Funds account is renamed "*Undeposited Funds" and contains a balance of zero. Thus one cannot "make deposit" from the new account.

Solution: When importing for the first time, it did not create a customer properly within the customer list and instead put “<team alias> Website” in “Other Lists” which caused the import to fail. To fix this, delete “<team alias> Website” from the “Other Lists” and manually create it as a customer. Then do the import again.

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See Also
QuickBooks error line 6
Why is my QuickBooks IIF file showing a negative balance?