Explanation of Undeposited Funds account

Legacy KB ID: 613

Question

How the Undeposited Funds account works.

Answer

The Undeposited Funds account is a holding account, similar to holding money in a drawer until you go to your bank to make a deposit.

When you use the receive payment's function, use a payment item on an invoice, or enter a sales receipt, Reckon Accounts holds the received money until you are ready to deposit the funds into your bank account.

Note: If you are not using accounts receivable functions, such as invoices and payments, you can also choose not to use the Undeposited Funds account by going directly to the Make Deposit window.

The following steps describe the process:

  1. After you receive a payment from a customer, Reckon Accounts holds the payment in the Undeposited Funds account until you deposit the payment into the bank account.
  2. When you deposit the money to your bank account, in Reckon Accounts, you record the deposit transaction. (The Payments to Deposit window lists all transactions waiting in the Undeposited Funds account.)
  3. When you select a transaction and click OK, Reckon Accounts moves the money from the Undeposited Funds account to your bank account.
  4. This process allows you to match your deposits in Reckon Accounts to your bank statement for easy reconciliation of you Reckon Accounts bank account.
Note: You can change the Undeposited Funds account name if you want. The new name will appear in your account register.


Need more help?

Ask the Reckon Community at: https://community.reckon.com/

Or Log a Support Ticket: https://www.reckon.com/au/support/

How did we do?

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Blue line in a Reckon Accounts register

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