Undeposited Funds show as negative on balance sheet although actual balance is zero

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  • Updated 5 months ago
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Shows as negative asset on balance sheets. The actual balance of this account is zero after transfers to the cheque and cash payments accounts are made

There is probably a very simple answer, but as I am a relative newbie to Reckon One and accounting in general, I just cannot see it.

Also, Undeposited Funds has been set up as a Bank Account. Is this right?

Any assistance would be appreciated.

Thank you
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John_P

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Posted 5 months ago

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Hi John

Yes undeposited funds is a bank account, if you take chq/csh to the bank from various customers you need this account.  You receipt the various customer payments to this account, then the money is taken from undeposited funds to the bank account to match the total of the deposit made to the bank.

Which general ledger account has the negative balance?
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John_P

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Thanks for your help. It seems that it is date dependent. Ideally, after the transfers to the bank and/or cash accounts, the balance remaining should be zero.

Cheers

John_P