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Can A1 Acct Inc help us fix our growing Undeposited funds account?

April 26, 2017A1 account Acct Fix funds growing help undeposited

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Can A1 Acct Inc help us fix our growing Undeposited funds account?

1 Answer

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10 Posted

If you notice that a large balance in Undeposited Funds, a common error in recording customer payments has probably occurred. This occurs when a customer payment is entered in the Undeposited funds account, and then enters the same payments as a deposit in the account register or in the Make Deposits window. This error causes problems with the financial statements because the payments are counted twice, which overstates income and assets. We will work with you to correct this problem.