QuickBooks 2008 Solutions Guide for Business Owners and Accountants

Chapter 8Troubleshooting and Correcting Errors with the Undeposited Funds Account

• The Purpose of the Undeposited Funds Account

• Preference Settings that Affect Undeposited Funds

• Reviewing the Balance in the Undeposited Funds Account

• Fixing Errors with the Undeposited Funds Account

• Undeposited Funds Account Checklist

The Purpose of the Undeposited Funds Account

The Undeposited Funds account is part of the suggested workflow for Accounts Receivable. Recall from the discussion in Chapter 7, “Reviewing and Correcting Accounts Receivable Errors,” that there are typically four common steps to processing Accounts Receivable transactions:

1. Create an invoice, sales receipt, or statement charge.

2. Receive customer payments.