I'll share some insights about how Undeposited Funds account works in QuickBooks Desktop, Scott13.
Undeposited Funds account is used to hold all the invoice payments and sales receipts we want to combine before we create a deposit. When we run a QuickReport of the Undeposited Funds account, it will show all the transactions that we're associated with the account (including the transactions that are already been deposited to your bank account).
The sales receipts will not show in the Make Deposits window since these the transaction we're already deposited into a bank account. In addition, we can also check if the balance of your Undeposited Funds QuickReport. If it's showing zero, that all the payments have been already deposited to the bank. I'll guide you how:
- Select Lists from the top menu bar.
- Choose Chart of Accounts.
- Right-click Undeposited Funds and select QuickReport: Undeposited Funds.
- From the Dates drop-down menu, select All.
- Check the balance of the report.
I've added an article that will help you in recording the money owed to your business for goods or services: Accounts Receivable (A/R) workflows in QuickBooks Desktop.
Please don't hesitate to drop a comment or start a conversation below if you need more help in managing your transactions. I'll be around to help.
