There is an exclusive account called ‘Undeposited Funds in QuickBooks’, which is used to carefully store invoice payments & sales receipts of users. After that, users submit the sales receipts & the invoice payments to their official bank, thereby obtaining the bank deposit slip.
This account is needed because it helps users correctly track all their receipts & payments, and it also helps them ensure that their QB records are in sync with their official bank account records.
The following sections of this comprehensive blog will help you gain a thorough understanding of this topic.
If you want to get prompt technical guidance for ‘Undeposited Funds in QuickBooks’, you can dial 1.833.802.0002 to contact our QB Professionals Team.
Most Accurate Introduction to ‘Undeposited Funds Account in QuickBooks’
Most customers tend to deposit several payments into their bank accounts at once. For example, if you deposit four separate checks, each of $300 value, in your bank account, then your bank will combine these checks to finally deposit $1200 into your official bank account.
Now, the ‘Undeposited Funds Account in QuickBooks’ is used to hold all these payments until you acquire the final deposit slip from the bank. Thereafter, you can use the final deposit slip to combine all the separate payments in your QB account. This ensures that the QB data continues to reflect the same value as that of your official bank account.
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Valid Step-Wise Procedure to Deposit All the Payments & Receipts into the ‘Undeposited Funds Account’
The QuickBooks Desktop application automatically puts all the payments & receipts into the ‘Undeposited Funds Account’. In addition, if you utilize ‘QuickBooks Payments’, then all your payments & receipts are automatically processed & combined via accurate internal tools.
However, if you still need to choose the ‘Undeposited Funds Account’ at the time of generating a sales receipt, you can do so by the process described below:
- Instantly visit the ‘QB Desktop’ homepage and then strike the ‘Create Sales Receipt’ tab, following which you can seamlessly choose the ‘Customer’ through the customer menu on the screen.
- After that, effectively go to the ‘Deposit to’ menu & then immediately choose the ‘Undeposited Funds’ option following which you can fill out the form displayed on the computer’s screen.
- Next, just tap the ‘Save & Close’ button to completely save the new settings, after which all your sales receipts shall be put inside the chosen account.
Precisely Combining Payments via the Bank Deposit Slip in QuickBooks
After getting the bank deposit slip, you can execute the following steps to combine all the payments in your QB Desktop account:
- Just tap the ‘Record Deposits/ Make Deposits’ menu on the QB window & then promptly choose the required payments within the ‘Payment to Deposit’ window, following which you can jump to the ‘Make Deposit’ window.
- Afterward, you must select an appropriate account via the ‘Deposit to’ menu & then you can verify the total deposit amount, following which you can add a memo as per the requirement.
- Now, save the amount of combined payments by tapping the ‘Save & Close’ button on the screen.
You have now received complete & accurate information about ‘Undeposited Funds in QuickBooks’. If you need more help, you can dial 1.833.802.0002 to contact our QB Professionals Team.
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