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I have had this entry ($800.) showing in on the Balance Sheet for months as undeposited funds. I know the company paid an employee for some tools. The employee endorsed the check and the boss gave him cash. Found the paper check in the boss' desk. A friend was told to make a journal entry to debit cash and credit undeposited funds until the CPA told me what to do. People have changed and I got bad advise.
What can I do to clear this up?
Lady Gano
Solved! Go to Solution.
The only things that belong in undeposited funds are Payments received from customers. These are either Sales Receipts or Payments against Invoices previously issued.
In this case I think the transaction should be deleted and then, when you decide to deposit it, record that deposit as a Deposit type transaction entering the check directly as a line item on the deposit.
The only things that belong in undeposited funds are Payments received from customers. These are either Sales Receipts or Payments against Invoices previously issued.
In this case I think the transaction should be deleted and then, when you decide to deposit it, record that deposit as a Deposit type transaction entering the check directly as a line item on the deposit.
Thank you for your response.
We do not use the customer side of QB. I'll know from now on not to use that account.
Lady Gano
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