Undeposited funds are self explanatory – payments which are to be deposited in the bank but are on hold. Several times, you may have received a payment, invoice amount or refund that has to be deposited in the bank but is on hold. When you are tracing for a single account, you can easily find all the relevant entries. But as a budding business, you may find it a little difficult. And with any size of business, missing any payment or deposit on hold is very crucial. All of these can be managed very easily with the help of QuickBooks.
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Steps for Delete Undeposited Funds in QuickBooks
When used with care, the Undeposited Funds feature can simplify your life to a great extent. It has been precisely designed to work with the received payments and bank deposit features. This approach will help you complete the invoicing process. Once you decide to delete the undeposited funds, it means you are streamlining all the pending payments you have received and all your bank accounts and expenses records are well maintained. Here are the following steps that you can go through to incorporate new changes:
- Sign in QuickBooks account
- Go to the Accounting menu.
- Choose the tab of Chart of Accounts.
- You need to find the account then you wish to update
- Then, Go to the Action column and click on the View register.
- Then check the reconciled deposit to open its details.
- Select the Delete button from drop down.
- Now, click Yes to confirm.
Once these steps are followed, you may check the Bank deposit page. There will be no deposit there to see. When you are set to record the deposits, it is important for the group of deposits to match your bank activity exactly. You can select all the payments you wish to deposit, select the correct bank account and the date of deposit to happen. The technical accounting of the record deposits function is credit undeposited funds and debit cash or checking. If this process is not handled properly, then you may run into the risk of overstating income.
Benefits of Deleting the Undeposited Funds
The idea is to keep things streamlined with your business accounting. QuickBooks, gives you a precise idea and time to plan your investment further. Following are the benefits:
- Undeposited funds are asset to the business
- This approach will keep your business operation well managed
- Another way to record your transactions and cash paid by vendors
- Ease to navigate
- Simple advancement to adapt
- Processing time is very less
The best part is you do not need any specific person to do all this. You can do it on your own. The QuickBooks platform and its options are very easy to explore. This user friendly approach will make you a pro at bookkeeping and accounting. Whenever you face a difficulty, you can contact our well versed team of experts. Just dial a toll free number to get connected and learn more to explore.