QuickBooks – The Undeposited Fund
Software: Intuit #QuickBooks Desktop #accounting software
Unless you turn it off, if not, Undeposited Fund account will be the default deposited to account when payment received.
You may feel that this feature (undeposited fund as a default deposit to account) is redundant if you prefer to record the deposit directly to the bank account instead of holding in the undeposited fund and make a deposit later.
The undeposited fund account can be useful if you have various payment modes such as cheque, cash, credit card, etc. The undeposited fund allows you to consolidate funds received and transfer to the bank when payment has cleared or physically deposited to the bank.
As a retailer, you may accept the voucher, which issued by the mall management, as a form of payment. You can use the undeposited fund to consolidate the vouchers and transfer to the bank when payment received from the mall management.