Undeposited Funds

[Mark Baustian]

 I use an undeposited funds account when I recieve payment on an invoice. I 
just select that asset account as the Transfer To account and enter whatever 
other info, date, check number etc is required. The transaction is recorded in  
Undeposited Funds by the customer name on the account and the Invoice entry in 
the Accounts Recievable is balanced by a payment entry. When I deposit the 
check I open the Undeposited Funds account and enter a line for the deposit, 
eg, Deposit (customer 1, customer 2), transfer the amount to the checking 
account and enter the amount. One thing GC does that can generate red ink in 
the account is that if I recieve and deposit money on the same day it will put 
the deposit ahead of the reciept. To avoid this - which is only annyoing to me 
but doesn't really matter, - I fudge the dates by a day so the reciept is 
recorded first. I don't know if the business features contain this. I think I 
just created the Undeposited Funds account as an Asset account manually. I use 
v2.4.11 on a debian system. - Mark

> Message: 14
> Date: Fri, 14 Feb 2014 17:03:31 -0800
> From: Brenda Reed <brendareed123 at gmail.com>
> To: gnucash-user at gnucash.org
> Subject: Undeposited Funds
> Message-ID:
> 	<CACmKuT87jy3Db7un-66nuMvmp==sbeViGsPcdM+hRuPT_cpw+A at mail.gmail.com>
> Content-Type: text/plain; charset=ISO-8859-1
> 
> Does anyone use GnuCash and the "undeposited funds" account? I want to use
> it but I'm having trouble finding any documentation on using it in GnuCash.
> I set up the Asset:Undeposited Funds account and I'm using the A/Receivable
> business account for invoicing. How to use the undeposited funds account
> when creating the invoice and when paying the invoice, and when making the
> deposit to the checking account?
> I'm running v2.6 on Windows 7. Thank you.
> *********************************************