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Farhana Akter
Farhana Akter
Professional Accountant | Quickbooks & Xero Specialist
Published May 31, 2023
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What is Undeposited Fund?
Undeposited funds refer to the payments received by a business that have not yet been deposited into its bank account. This account is typically used by businesses that receive multiple payments from customers throughout the day and do not want to make frequent trips to the bank to deposit each payment separately.
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Instead, the business can group all of the payments received into a single deposit and record this as an undeposited funds balance in their accounting system until they are ready to deposit the funds into their bank account. This allows for easier and more efficient accounting and tracking of the funds received.
Once the business is ready to deposit the funds, they can record a deposit in their accounting system that decreases the balance of undeposited funds and increases the balance in their bank account.
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