Undeposited Funds

Brenda Reed brendareed123 at gmail.com
Sat Feb 15 23:06:35 EST 2014


Thank you Mark, this adds even more clarity. I'll be trying this in
a copy of my account.


On Sat, Feb 15, 2014 at 3:22 AM, Mark Baustian <mbaustian at frontiernet.net>wrote:

>  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.
> > *********************************************
>


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