Let me share a few information about Undeposited Funds in QuickBooks, jenakason.
The Undeposited Funds account holds customer payments in QuickBooks until you deposit them at your real-life bank. You'll have to record a bank deposit and combine the payments in QuickBooks. All payments in the Undeposited Funds account automatically appear in the Bank Deposit window. It's also a good thing to clear out payments from your Undeposited Funds to prevent any issue.
On the other hand, if you're getting a negative balance from your checking account, you may have transactions that are missing and aren't recorded in QuickBooks. You'll have to make sure you've recorded all the possible transactions. If you've found it hard to distinguish which transactions are recorded, I suggest reaching out to your accountant to simplify things for you. They also know more about retained earnings concerns and how you can separate items for your mortgage interest.
In addition, for reconciliation of your checking, saving, and credit card accounts, we recommend you do it every month. This way, comparing your bank statements to the list of your transactions wouldn't be more complex since you'll have to do it on a monthly basis.
For reference, you'll want to create reports in QuickBooks for Mac to give you an overview of what's happening in your business.
Please touch base with us if there's anything else that you need to know about your QuickBooks transactions. Don't forget, we're always here to do the best that we can do to help you.
