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QuickBooks Tips Blog

Help! What are Undeposited Funds In QuickBooks?

Posted by Richard Haralson on Jun 18, 2014 7:15:00 AM

'What are undeposited funds?' is a very common question for users of QuickBooks.  The short answer is, undeposited funds are funds that have been recieved by the company from the customer and not yet been deposited into your bank. To further clarify, QuickBooks follows a set of accounting activities called a flow.  The following examples will better illustrate. 

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Topics: Using QuickBooks effectively, QuickBooks Undeposited Funds, Service Based Business, Simple Bookkeeping

Video Blog QuickBooks Tip: QuickBooks Undeposited Funds Explained

Posted by Matt Roberge on Aug 7, 2012 8:39:00 AM

The undeposited funds account in QuickBooks causes confusion for many users.  However, understanding why undeposited funds exists and how to properly use the function is key to accurate books.  I can't tell you how many times I have seen income overstated due to the fact that the receivable process was not handled correctly.  This video on the QuickBooks undeposited funds account makes the process clear and easy to understand.

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Topics: QuickBooks, QuickBooks Tips, QuickBooks Tips Blog, QuickBooks Video Tips, QuickBooks consulting, QuickBooks advice, QuickBooks Undeposited Funds