Undeposited funds
I have recently started receiving payments from a customer who has two businesses. I invoice them separately, as they are two separate entities. I am unfamiliar with how he manages his bookkeeping,...
Forum Discussion
Hi
Your idea is completely correct -
Just clarifying a couple of things in setup for linked accounts
Your account and banking has your Bank account for undeposited funds as undeposited funds
Your sales has bank for customer receipts as the Business bank account
So how it should work is that when you do a receive money for the sale from the customer you change the bank from the drop down list to undeposited funds and receipt each sale seperately than you should go into prepare deposits and record the two receipts together as one transaction to the bank
I have a feeling that you have changed the customer receipts account to undeposited funds instead of the banking account (linked accounts) which is why everything has changed
Hope this is useful
Lisa
Hi Lisa,
Thank you so much for your response :)
Until recently, I never needed to use Undeposited Funds, so didn't put too much thought into it when setting up the account linked to it.
All I knew at the time, was that MYOB wouldn't allow me to use my Business Bank account (I can't remember why).
If I link the Business bank account to Undeposited Funds now, MYOB is processing everything related to that Bank Acccount (including Spend Money) to that UF account - even when I "uncheck" UF while processing the transaction. This leaves me with large volumes of transactions sitting in UF waiting to be matched.
I have created a "dummy" asset account now to link UF in Setup, as almost all of my transactions are NOT UF. I only have one customer who pays for both of his businesses in a combined payment. Once I started using this dummy account, all of those transactions disappeared - the ones waiting to be linked.
Although, I am OCD and part of me wonders where they are ... all the way in the background lol
Customer receipts account wasn't changed at all. They are processing to the Business account. I only played around with the Bank Accounts (thankfully lol).
Thanks again for your assistance. Very much appreciated :)
