Summary: One of the most misunderstand areas of QuickBooks is the mysterious "Undeposited Funds" account. This really confuses a lot of people and in this episode I try to explain how it works and why it is useful. In order to understand it, you have to think about the process of events that take place throughout the sales cycle. First you create an invoice, then you receive payment from your customer, then you make a deposit into the bank account. Once you analyze what happens in each of these steps, you should have a better understanding of how the Undeposited Funds account works in QuickBooks. Was this lesson helpful to you? Please let me know in the comments section down below! Sign up for my email list to get QuickBooks news and other info delivered to your inbox.
