Undeposited Funds in QuickBooks: An Authentic Technical Guide

It is super important for every QuickBooks Desktop user that the official bank records remain in sync with the records held within this software. In order to assist users in syncing transaction records, QB Desktop has a special account commonly referred to as ‘Undeposited Funds in QuickBooks’. This account is usually utilized to safely store invoice payments & sales receipts until the user acquires the final deposit slip from the official bank. Thereafter, all the combined payments are equally reflected in the bank account & the QB software. The relevant processes associated with this special account & all other details are explained in this blog.

If you want detailed guidance regarding ‘Undeposited Funds in QuickBooks’, you can dial 1.833.802.0002 to contact our QB Professionals Team.

What Are the Basic Features of ‘Undeposited Funds Account in QB Desktop’?

As stated before, ‘Undeposited Funds Account in QB Desktop’ is used to correctly store sales receipts & invoice payments until the user combines all the payments in the software. Now, it is generally observed that users deposit several checks together in the official bank, and the bank combines all the checks following which the final deposit slip is issued. For example, if you deposit five checks worth $200 each in the official bank, the bank will combine these checks as $1000 & then it shall provide you the deposit slip indicating the total amount. You can now use this slip to combine all the receipts & payments inside the ‘Undeposited Funds Account’ to get the final total amount in QB Desktop.

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Highly Suitable Process to Put Payments & Receipts inside the ‘Undeposited Funds Account in QuickBooks’

One of the core features of QB Desktop is that it is internally configured to put all the receipts & payments within the ‘Undeposited Funds Account in QuickBooks’. However, if any QB user wishes to select the ‘Undeposited Funds Account’ for any specific sales receipt, then the following process must be followed:

1. First & foremost, carefully choose the ‘Create Sales Receipt’ option indicated on the QB Homepage, and then you must also choose the relevant name of the customer through the ‘Customer’ menu.

2. Thereafter, precisely select the ‘Deposit to’ option and then choose the ‘Undeposited Funds’ option, following which you can fill in all the required details as indicated on the screen.

3. Next, just submit the receipt to the account via the ‘Save & Close’ button on the window.

Verified Procedure to Combine Payments through the ‘Bank Deposit Slip’ inside the QB Desktop Account

The process detailed below can help you to combine various payments using the ‘Bank Deposit Slip’ inside the QB Desktop Account:

1. Firstly, immediately choose the ‘Record Deposits/ Make Deposits’ menu present on the QB window & then select the necessary payments through the ‘Payments to Deposit’ window on the screen.

2. Afterward, jump to the ‘Make Deposit’ window & then precisely select the account via the ‘Deposit to’ menu, following which you can verify the total amount shown on the window.

3. Next, type the official date registered by the bank & then tap the ‘Save & Close’ button to finally save the total amount.

You have read the various aspects & processes associated with ‘Undeposited Funds in QuickBooks’. For further help, dial 1.833.802.0002 to contact our QB Professionals Team.

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