We have been receiving more requests for help using Quickbooks and specific issues that many people encounter with the program. To try to fix this, we will be doing a new series of tutorials that hopefully will be helpful to anyone who is using Quickbooks for their small business. Today's topic will be discussing the "Receive Payment" Journal and 'Undeposited Funds' that many people have issues with.
If you have any questions on any of our topics, post a comment and we will do our best to respond quickly. If you need further assistance, please contact us and we will be glad to help you.
In "Receive Payment Journal" in Quick Books , money receives from customer for sells automatically goes in the Undeposited Funds account. To make the other option available for deposit:
Go to Edit - Preference
Payment (Left side) on the Company Preferences tab, uncheck " undeposited funds" as a default deposit:
When this preference is turned off, the "Deposit To" field appears on the Receive Payments window. When is on, it goes to 'Undeposited' and you don't have another option.
You can create any other account for deposit as "deposit to" such as bank or owner equity-withdraw and post it. Your 'Undeposited' Funds account should always be zero. you can find this account in the asset section of your accounts chart. If the account is not zero, there are problems with customer payments and deposit to work out.
For more more tips in Quick Books or Bookkeeping, please contact us and stay tuned for more tips and helpful articles to help you on your way of becoming better at managing your books.