How to Transact using ‘Undeposited Checks’ Account

How to Transact Using ‘Undeposited Checks’ Account

Overview:

Clearing Account is a general ledger account used by businesses and/or accountants for tracking financial details or transactions on a temporary basis.

Most businesses use ‘Undeposited Checks’ Account to store all collections that are yet to be officially deposited to their banks.

Scenario:

Record deposited checks to the bank and deduct them from the ‘Undeposited Checks’ account.

Procedure:

1. Record collection in Receive Payments and choose the ‘Undeposited Checks’ Account in the ‘Deposit To’ field.

2. Once deposited to the respective banks, record the deposit transaction in Receipt Vouchers and choose the Bank in the ‘Deposit To’ field accordingly. In this case, the ‘Undeposited Checks’ balance will be transferred to the selected bank.

Application:

Go to ‘Inquiry’ > ‘Account Inquiry’ to check the balance of the ‘Undeposited Checks’ Account. The ‘Undeposited Checks’ account balance is reversed upon recording the deposit to bank transaction.

For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://support.qne.com.ph