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WorkingPoint Accounting Software: Creating an Undeposited Funds Account

Topic: WorkingPoint News | Comments Off on WorkingPoint Accounting Software: Creating an Undeposited Funds Account

Posted on October 22, 2010 by admin

As an accounting software, we deal with business accounting all day long. We have a talented support staff that really knows how to make revenue, income, chart of accounts, profit loss reports, and everything else financial seem easy and doable (even without an Accounting degree). Every once and awhile we come across a support question which we’ve never come across before, and which we think you might benefit from knowing the answer to.

All of our paid members can access accounting support from our highly trade support staff, who are available to answer your questions about both the application and small business accounting.

Support Question:
Is there a way that you can receive a payment on invoice without depositing it into your bank account on the day you receive it? I might receive payment today and then another tomorrow and then make a deposit tomorrow. That way my bank account lines up even with my accounting reports.

WorkingPoint Answer:

Thanks for your email. At this time, we do not support a traditional undeposited funds account that holds payments that have been posted against invoices until you deposit them. When you receive a payment against an invoice in WorkingPoint, the payment is automatically entered as a deposit in the bank account you choose.

One way you could handle the deposit would be to create your own undeposited funds account by creating a new bank account called Undeposited Funds (or the like) and always choose that bank account as the deposit to account when you receive a payment. Then when you are ready to deposit, you can use the Move Entries feature to move the payment from one bank account to the one you actually deposited your money too. The handy checkboxes let you choose and move more than one payment – so if you pile them up before heading to your bank, this may be an option for you.

Hope that helps. Please let me know if I can assist you with anything else.


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