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Undeposited Funds in Express Accounting

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Thought I'd share a tip:

When I switched from QB, the one thing I missed was "Undeposited Funds".  I would enter checks received and assign the money to Undeposited Funds and then when I made a deposit to my business checking, I entered it as coming from Undeposited Funds, this made my QB checking account match my bank statement for reconciling and without linking my bank account with QB.

In my EA chart of accounts, I was able to manually set up a new account called Undeposited Funds with a $0 balance.  Now when I receive a client payment I assign it to the Undeposited Funds account and when I finally go to bank and make a deposit, I make a Transfer in EA from Undeposited Funds to my business checking account.

This just helps me keep things straight.

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It would be helpful to me to have a way to "unapply" a client payment and have the invoice remarked as not PAID.  I think there's probably something I'm unaware of in the software. Can you comment on that, please?

Also, I've noticed some invoices being marked PAID when they're not, and I didn't apply any payments incorrectly.  One day I opened the invoices list to find that every invoice was marked paid.  I had to restore my last backup and redo all invoices and payments made since that date.


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  • 1 month later...

Regarding your workaround for handling ""Undeposited Funds"" in EA, it sounds like a practical solution. While it may not be as seamless as QB, it's great that you've found a way to make it work. Setting up a manual ""Undeposited Funds"" account with a $0 balance is a clever workaround.Assigning client payments to this account and transferring the funds to your business checking account when you deposit, you achieve the same result as in QB. It's a bit more hands-on, but if it helps you keep your accounts in order and reconciles with your bank statement, that matters.Accounting software varies, and finding the best approach often requires creativity. I suggest you consult with a small business accountant. They can offer valuable insights and ensure you're on the right track for your specific business needs.

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