What is an Undeposited Funds Account?
The second, and most critical, step involves the actual preparation and recording of the bank deposit. This action immediately recognizes the revenue on the Income Statement while placing the cash value into the temporary holding account. The use of Undeposited Funds involves a necessary two-step procedural flow within the general ledger. A zero or near-zero […]
What is an Undeposited Funds Account? Read More »

