Undeposited Funds to Income
10/23/09 9:28 AM, Viewed by asker 11/19/09 7:32 AM
Total Views: 54
How do I change a deposit from undeposited funds to income
Answer
You don't want to change it. When you entered the invoice or sales receipt, that recorded the income. If you enter the income again when you receive payment or make the deposit, then you'll double count the income.
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Answer
The income is recorded when you enter the invoice or the sales receipt. If you enter it on the deposit, then it will not show up in the customer centers or on various reports. The deposits should say undeposited funds--it flows through that account before the deposit goes into the checking account.
You can set up 3 different items and map them to 3 different income accounts if you would like to do that. You see the income on the profit & loss report -- not in the bank account.
Author of the book "Successful QuickBooks Consulting"
http://www.LongforSuccess.com
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Comment
When I pull my reports up it is showing all my deposits as undeposited funds, and I need them to say Income - Excavating. That is where the income is coming from. I have three different ways of income and I need to differentiate between them for the accountant or does it matter since it is all income?