Undeposited Funds

[Brenda Reed]

Thank you Mike, I don't live near town either, in fact I mail in any
deposits as it's not worth my time to drive to the bank and it works well.

On Sat, Feb 15, 2014 at 7:23 AM, Mike or Penny Novack <
stepbystepfarm at mtdata.com> wrote:

> Brenda Reed wrote:
>
>  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.
>>
>>
> I'm not using the business features and not using any built in
> "undeposited funds" account. I always create the chart of accounts by hand
> and I did create an account for "undeposited funds" because this is
> something common for me. I don't live in town and not going to make a
> special trip to drive in just to make a bank deposit unless a very large
> one.
>
> So if it's going to be a while, I enter the transaction debiting
> undeposited funds for the amount (and assigning the other side of the
> transaction as appropriate). Then when I finally get around to making a
> bank deposit record that as a debit to the bank account and a credit to
> undeposited funds.
>
> Michael
>