Overstated Undeposited Funds
US QuickBooks Online Edition : Plus
I have a new client who for years now has not used Make Deposit, BUT she has been using online banking which brings down the deposits into the bank account. This means she has been able to reconcile her bank statements this way. This also means I cannot do the classic fix of moving the undeposited funds into the bank account since it's already there. She does have a large Owner's Capital account, and wonder if it's "reasonable" to adjust the Undeposited Funds against the Owner's Capital as that must be overstated too. What do the accounting types think?
