I am setting up Quickfile to take over from my very old desktop based Quickbooks system.
I have some payments that relate to sales recorded on the Quickbooks system, but they were not deposited to our bank until after the start date of our Quickfile system. On the old Quickbooks system they just sat in an Undeposited Funds account. Should I just set up a bank account called Undeposited Funds on Quickfile to put these in until they are paid into our main bank account or is there a better way to account for these payments?
A new bank account would certainly do the trick.
When these are deposited and show on your bank statement, you can then create a “money out” transaction on the cheque account and tag it as a transfer to your bank account in QuickFile.
Hope that helps
A holding bank account sounds correct to me - I use a “cheque holding account” for cheques in both directions:
- when a customer pays me by cheque the sale is logged as paid into the cheque holding account, when the cheque deposit shows up on the current account that’s a bank transfer from the holding account to the current account
- when I pay a supplier by cheque the purchase is paid from the holding account, when the supplier cashes the cheque then the “money out” from my current account is a transfer to the holding account
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