Cash Deposit using Undeposited Funds account

[neag82]

I want to put customer receipts such as cash and credit card payments into the undeposited funds account. However, once they are in there I can't seem to find how to then "deposit" them into our general trading account once they appear in the bank. 

So for example: I do weekly bookkeeping for our business and deposit money weekly but would like to show in MYOB that we have actually already received payment for these invoices as this way they won't show up on the open invoices report. I know it works in Account Right using the prepare bank deposit but I cannot see anything similar in MYOB Business / Essential. 

What am I missing? Any suggestions appreciated. Thank you.

[Tracey_H]

Hi @neag82 

Thanks for your post. You can record a Transfer money transaction to move the deposit amount to the bank account. The From account is the Undeposited funds account and the To account is the bank account. The amount will appear as a deposit in the bank account and the Undeposited funds account will be cleared back to zero.

You can then match the Transfer money transaction to the bank feed transaction or manually reconcile in the Reconcile accounts window.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

[accountsdfmc]

How do you allocate which deposits apply to that transaction?