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). ...