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QuickBooks 2010 Solutions Guide for Business Owners and Accountants by Laura Madeira

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Chapter 8. Reviewing Undeposited Funds Account

The Purpose of the Undeposited Funds Account

The Undeposited Funds account is part of the suggested workflow for Accounts Receivable. Recall from the discussion in Chapter 7, “Reviewing Accounts Receivable,” that there are typically four common steps to processing Accounts Receivable transactions:

1. Create an invoice, sales receipt, or statement charge.

2. Receive customer payments.

3. Optionally, place payments into the Undeposited Funds account (preference setting will automate this). ...

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