Undeposited Funds

Instructions on how and why you would use the Undeposited Funds account.

By default, we assume that you will deposit each check into the cash account individually as received. However, if you will deposit multiple checks at one time, or may hold checks for a period prior to depositing, you might want to use the undeposited funds account to hold your receipts until you are ready to actually deposit them. This option allows you to receive multiple checks at various times, but deposit them as one lump sum into your cash account which can be very beneficial for large bank reconciliations. To use this feature:  

  • Select Settings
  • Select My Company
  • Select Codes Tab
  • Select Use Undeposited Funds

This does three things:  

  1. The Undeposited Funds account will now automatically come in as the default "Cash Account" in Money In.
  2. The Undeposited Funds account will now automatically come in as the default "Account" in Make Deposit.
  3. You will be able to select each Money In receipt from within the Make Deposit screen so it can be deposited.

Note: It is very important that you select this option before you use the Undeposited Funds account.  There are additional triggers that are needed for Make Deposit to work correctly that do not happen if this has not been selected.