Receiving electronic payments through qb for mac

That doesnвЂ™t match actual practice and complicates bank reconciliations because the amounts recorded in the bank register wonвЂ™t match what appears on the bank statement. If customer receipts had not been first put in Undeposited Funds as a holding account, each individual receipt would appear as a deposit in the bank account register. Making a bank deposit in this manner results in a credit to the Undeposited Funds account and insures that the transaction recorded in your bank account register matches the actual deposit made to the bank. Receipts from several customers can be grouped by clicking on the Banking->Make Deposits menu selection and selecting those receipts that make up the total deposit. A customer receipt results in a debit to Undeposited Funds pending deposit in a bank account. By using the Undeposited Funds account as a holding account, your accounting for customer receipts can match actual practice and simplify bank reconciliations.

In actual practice, these individual receipts are grouped into a bank deposit that consists of funds from several customers. When you record customer payments by clicking on the Customers->Receive Payments menu selection, youвЂ™re recording individual receipts. The Undeposited Funds account is an Other Current Asset account thatвЂ™s automatically created by QuickBooks to record funds received by a company that are not immediately deposited in a bank account.

Receiving electronic payments through qb for mac