Subject: Re: Undeposited Funds

[Brenda Reed]

Well, I tried what you suggested Mark, and it works great. I did find out a
few interesting things that I thought I would share. 1) If you forget to
put anything in the Action field (Hours, Material or Project) when creating
the invoice (it allows it without an error and the invoice looks fine for
the time being). Then when you pay the invoice and make the deposit, in the
A/R Register you will see the invoice and the payment transactions both
with an "L" in the Type field and the note "Lot Link" in the Action field
and the note "Internal Link between invoice and payment lots" in the Memo
field. There is obviously something wrong with these transactions and I
found out it was due to nothing being chosen in the Action field when
creating the invoice. 2) In the A/R register I find it odd that there is no
reference to the invoice # in the payment transaction and the Customer
Summary does the same thing. It would be typical to show the invoice #
somewhere in the payment trans and on the payment in any reports. Thanks
for your help.

I previously wrote:
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.
> > *********************************************