ZigaForm version 5.3.5

What is Undeposited Funds on the Balance Sheet?

By |2021-08-02T08:38:04-05:00June 9th, 2021|Comments Off on What is Undeposited Funds on the Balance Sheet?
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The following applies to those of you who are using the Group with Other Undeposited Funds feature. We highly recommend the use of this feature. This is a “safety” feature in accounting, used to track the process of making a physical deposit.

Undeposited Funds are payments that have been received but have not been physically deposited with the bank. This can happen when you enter a customer payment using the Receive Payments form and using the Group with Other Undeposited Funds option.

This amount is displayed on the Balance Sheet, as an Other Current Asset, called Undeposited Funds. Once deposited, this amount is moved to the actual bank account.

Go to Banking | Make Deposits to “tell” the software you have made the deposit. The physical bank deposit is later verified to have occurred and recognized by the bank through the Bank Reconciliation feature. Tip: Banks Recs should be performed by an outside accounting firm or other individual of high trust.

If you want to see what makes up this amount, there are several reports.

Reports | Banking | Deposits.

Reports | Financial | Balance Sheet. Double click on the Deposited Funds amount. This will list each payment in detail. You will see the date, amount, customer name, and more.

You may also open the Deposits form. It will tell you that you have undeposited funds. You can click the Payment s button and all of them will be listed with all the details.

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HVAC Electrical Plumbing Software

Aptora delivers a true All-In-One services software solution including CRM, accounting, payroll, inventory, vendors, sales, marketing, dispatch, flat rate pricing, and more. NO 3rd party plugins or integrations required. Created by contractors for contractors, we know what it takes to grow your services-based businesses.


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