One of the most misunderstand areas of QuickBooks is the mysterious “Undeposited Funds” account. This really confuses a lot of people and in this episode I try to explain how it works and why it is useful. In order to understand it, you have to think about the process of events that take place throughout the sales cycle. First you create an invoice, then you receive payment from your customer, then you make a deposit into the bank account. Once you analyze what happens in each of these steps, you should have a better understanding of how the Undeposited Funds account works in QuickBooks.
Was this lesson helpful to you? Please let me know in the comments section down below!
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This post was written by Michael Debyah.
Hi there! I'm Mike. I am a CPA and an Advanced Certified QuickBooks ProAdvisor. I teach QuickBooks locally in classrooms and do one-on-one training sessions. I created this site so I could extend my teaching to more people and offer them the best support possible.
Hi Mike,
Your podcasts have been invaluable! You should sell them to Intuit!
I also downloaded the e-book, which I think is perfect for anyone starting out or for small business owners.
Thanks so much.
Keep up the good work!
Sharon
Hi Mike,
I would like to see you do an episode on client data review.
Sharon – I never actually use the client data review but it does have some features so I will try to cover it soon. Thanks!
i key sales receipts, deposits and journals every 2 weeks. How will i know that i made an error within the volume that was keyed. Some one else does the checking
Hi Mike,
Thank you for sharing your expertise on QuickBooks.
You explained it very well and I learned a lot from it.
Can you discuss also the setting and preferences of customer center?
Thanks and more power.