The Balance Sheet gives provides an “Undeposited Funds Report”. Basically is it a “trust me” number, with no way to verify the accuracy. i.e. there is no easy way to see a summary of what makes this number as of a given date. A report that showed the customers and undeposited amounts paid that created the Balance Sheet number would be super helpful.
8 thoughts on “Undeposit Funds Report”
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I believe we have you covered on this already Alan.
Let me briefly cover the feature, so we are all on the same page.
The following applies to those of you who are using the Group with Other Undeposited Funds feature. We/I 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.
Now, to address your post.
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 of the details.
Please let me know if this helps and if you still have a feature request.
Thank you for the reply. This is a lot more detail and accuracy than I received on the “Support Request” I submitted, which resulted in this feature request. Since this is a Feature Request, this is tricky, because I cannot talk to anyone. From what I can tell, those reports don’t provide what I am looking for/ suggesting.
I would like to be able to print a report that lists customers and amounts as a given date… and have that tie to the Balance Sheet amount. This would be helpful for audit purposes, as well as knowing if something is off in the system.
It is possible that I am missing that info on one of those reports… and if so, I apologize. Feel free to call me.
Thank you.
Alan
Great info James. We were doing it this way but we had forgotten why.
Alan,
I don’t think another report is needed. Go to Reports | Accounting | General Ledger | Transactions by Account. This is the same as drilling down on the balance sheet.
I have attached a screen shot of the report. It seems to have what you were asking for. Is there other information that is necessary?
From what I can tell, that report requires some effort to get the end result desired. The Balance Sheet shows an “As-Of” picture.
Scenario: For 12/31/2020 I want to click “report” for what makes up the $11,050 undeposited funds number on the Balance Sheet. I literally want a report that shows …
Payment Name Amount
12/30/2021 Alan $ 50.00
12/31/2021 Bob $5,000.00
12/31/2021 Sally $6,000.00
TOTAL $11,050.00 <— THIS NUMBER TYPING TO THE BALANCE SHEET (assuming no data issues)
I am suggesting a report that provides the "undeposited funds" as of a given date in time… without needing to use excel to figure out the final information. The information is available… I am suggesting it be presented as a report, not a transactional detail list.
If I am missing something please feel free to call. Thank you!
Alan
The attached report has all of that information.
As far as making it a stand-alone report, I will let others vote so we can see if it is a priority.
Thank you.
Your attachments are not readable (i.e. there is no way to expand them and view the detail). Could you please email the full-size screenshot so I can see the text?
Thank you.
Alan
I am going to give this to tech support and let them go from here.