undeposited funds in Quicken H&B
Options
Unknown
Member
We have just upgraded to Quicken home & business. We invoice customers and want to use undeposited funds account to deposit multiple funds. Help in Quicken explains how to create the account but them says to just transfer the money to the bank account. I must be missing something
0
Comments
-
I'm not sure what you're missing. Think of the undeposited funds account like the place you hold the checks and cash (an envelope, desk drawer, or safe) before you bring them to your bank. When you deposit the checks and cash at the bank, you are transferring the funds from place you held the checks and cash to your bank account. To enter the transfer in Quicken, open the undeposited funds account and press Ctrl + Shift + T.
We do this dance with checks and cash because when we deposit multiple checks and cash we've received to the bank at one time, the bank's deposit transaction shows the total of the checks and cash with the date of the deposit. Note: If we held the funds for a variety of days, it would not be appropriate to match their receipt to the date of the deposit in the bank account.1 -
As an aside, the technique was adopted from Quickbooks ... which creates that "Undeposited Funds" account automatically. QB anticipates that we're going to be making a combined deposit, from multiple invoices and multiple customers, all at once.
It's never been clear to me why HBRP doesn't do the same thing.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP1
This discussion has been closed.