Undeposited Funds! - All-Better
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Undeposited Funds!

13 Feb Undeposited Funds!

So your moving right along through your reconciliation trying to get everything ready for you tax professional then it happens…….  Your deposits don’t match your bank statement, customers have credits that don’t belong and you have a huge balance (hopefully) in this account called undeposited funds.  You didn’t create this account and you can’t delete it either.  So what gives??  Think of this account as “money is transit” you have received the money but haven’t taken it to the bank yet.

1st you will need to get out your deposit book or what ever record you have that concerns what payments were actually deposited.  This will allow you to record the deposits correctly.

2nd you are going to go to banking and then make deposits.  Here you will check what payments you want to deposit together and then hit the ok button.  Now change the bank account and date at the top if needed, you can also record a memo if you’d like and any cash back that was taken.  Now hit Save & New to finish recording the rest of you payments.

note: If you are having trouble finding what customer payments you have left to deposit hit the “payments” button on the top of the “make deposits” window to see what payments are still waiting to be deposited.

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