1300 Undeposited Funds
The default holding account for customer payments received but not yet deposited to a bank account.
In Solo Superstars
Checks and cash you have received but not taken to the bank sit here. Card payments use a processor clearing account instead, one per processor.
Example
Receive a $900 check on Friday: debit 1300 900, credit 1100 900. Deposit it Monday: debit 1010 900, credit 1300 900.
Codes shown are the defaults a new workspace starts with. Yours may be renamed or renumbered — check Accounting › Chart of accounts. See the full default chart.
Also called
- QuickBooks: Undeposited Funds
Related
- Clearing account — A holding bucket for money in transit that should return to zero once both sides of a movement are recorded.
- Processor clearing — Where a card payment waits between the customer paying and the processor depositing it, net of fees, into your bank. One clearing account per processor.
- Deposit — Money arriving in a bank account. One deposit may cover several customer payments, minus fees, so a deposit is not the same as a payment.
- Chart of accounts — The list of buckets your money can be sorted into: assets, liabilities, equity, revenue, expenses. New workspaces start with a default set you can rename or extend.
- Default chart — The chart of accounts every new workspace starts with, numbered the way QuickBooks users expect. Yours may have been renamed or extended since.