Undeposited Funds

[R. Victor Klassen]

When I make a deposit, I try to put the check/cheque numbers in the splits, and each one then appears as a transfer from Undeposited Cheques.  Payments when invoices are paid are posted to Undeposited Cheques and have the cheque numbers attached.   This makes it possible to track if something goes awry.


On Feb 15, 2014, at 11:08 PM, Brenda Reed <brendareed123 at gmail.com> wrote:

> 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
>> 
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