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About undeposited funds The Payments subtab lists all payments posted to the Undeposited Funds account. Good discovery. The undeposited funds account in QB is a special account type, and youre right that QB creates this account when you enable that preference. If you create or rename another account and give it the name of undeposited funds, that account isnt the special account that QB is expecting. On the Files subtab, select and attach files from the File Cabinet related to this transaction. It is recommended to map Cash and Credit Card transactions to Undeposited Funds. Therefore, when you create your bank deposit, you can select all three payments into one amount, just like your bank account. Accounting Enigmas: Undeposited Funds Account The Amount column shows the payment amount in the currency of the bank account, which was entered when received for a cash sale, invoice, or other transaction. Use the Events, Tasks, and Phone Calls subtabs to add to attach activities, such as events, phone calls, and tasks to this transaction. Step 3: Match Undeposited Funds in Bank Activity. If the Deposit Total is not an exact match to the Undeposited Payments Total, use the 'Adjustments' tab on the Bank Deposit to record any variances between the expected deposit amount and the actual deposit on the bank statement. WebHow to use Undeposited Funds to clean up your accounting software and avoid double counting of income. The currency and exchange rate display for the account. Bookkeeping Basics Coursera Quiz Answers This Undeposited Funds posting prevents a time lag between the amount shown on your books for a bank account and the bank balance. In the 'Undeposited Payments' tab, select all of the transactions that are connected to the deposit you are recording.