activate quick view in quickbooks for mac

Depending on preference settings, QuickBooks creates and assigns special account types to certain general ledger accounts, and these special account type settings aren’t clearly marked in the program.Ī common QuickBooks bookkeeping problem can occur if the Use Undeposited Funds as a default deposit to account is selected but deposits are not made using the Banking->Make Deposits function. Likewise, simply assigning the name Undeposited Funds to an account won’t by itself cause it to behave like this special account. You can safely rename the Undeposited Funds account that QuickBooks automatically creates without changing the function of this account. Note: Enterprise Solutions users will find this preference on the Payments sub-menu. Click on the Sales & Customers sub-menu on the Company Preferences tab and check the box on the Use Undeposited Funds as a default deposit to account. Click on the Edit->Preferences menu selection to open the Preferences window.

In order to use the Undeposited Funds account, you first need to enable this preference. That doesn’t match actual practice and complicates bank reconciliations because the amounts recorded in the bank register won’t match what appears on the bank statement.

If customer receipts had not been first put in Undeposited Funds as a holding account, each individual receipt would appear as a deposit in the bank account register. Making a bank deposit in this manner results in a credit to the Undeposited Funds account and insures that the transaction recorded in your bank account register matches the actual deposit made to the bank. Receipts from several customers can be grouped by clicking on the Banking->Make Deposits menu selection and selecting those receipts that make up the total deposit.

A customer receipt results in a debit to Undeposited Funds pending deposit in a bank account. By using the Undeposited Funds account as a holding account, your accounting for customer receipts can match actual practice and simplify bank reconciliations. In actual practice, these individual receipts are grouped into a bank deposit that consists of funds from several customers. When you record customer payments by clicking on the Customers->Receive Payments menu selection, you’re recording individual receipts.

The Undeposited Funds account is an Other Current Asset account that’s automatically created by QuickBooks to record funds received by a company that are not immediately deposited in a bank account.

Activate quick view in quickbooks for mac