What is the purpose of GL account Tender Summary?

Allow me to provide a few information about the General Ledger account and guide you on how this is used, Rocky2079.

A general ledger is used to record all of the company's transactions. Within a general ledger, transactional data is organized into assets, liabilities, revenues, expenses, and owner's equity. The transaction details contained here are compiled and summarized at various levels to produce a trial balance, income statement, balance sheet, statement of cash flows, and many other financial reports. 

Whereas the Undeposited Funds account holds invoice payments and sales receipts that you want to combine. It's like the lockbox wherein you keep payments in before taking them to the bank. You can read this article for more information: What Is General Ledger and Why Is It Important?

Apart from this, QuickBooks provides reports and caters to your business needs. For more information on how you can generate them, read this article for you to be guided: Understand Reports in QuickBooks.

Let me know if you need help with the General Ledger account. I'll always be right here to assist you all the time. 

Thanks for the reply Maria.  I understand the accounting and GL structure.  My question is what is Quickbooks purpose of GL account 'Tender Summary' and how was it intended to be used?  It seems to be a duplicate of 'Undeposited Funds', but there must be a reason why it was created.  Thank you.

Good day, @Rocky2079.

A tender summary is a document produced to summarise your tender response. This reports a brief history of the tendering process and an analysis of each tender submission and any subsequent negotiations. 

Its primary purpose is to assist the client or employer in the decision-making process to select the most suitable and capable contractor to complete the project within a specified time and quality.

This isn't a default account in QuickBooks. Someone who have an access to your QuickBooks account might create it. You can also refer to your accountant for further explanations about the usage of this account. 

Additionally, you can run a quick report for this account to review its transactions. Just go to Lists and select Chart of Accounts. Then, right-click the Tender Summary account and select QuickReport:Tender Summary.

You can always visit our general articles list page to help accomplish your task in QuickBooks.

Should you have any follow-up questions or concerns, don't hesitate to post again here in the Community or leave a comment on this thread. Take care and have a good one.