What does Undeposited Funds mean?

By Michael Schwartz

Updated 14 days ago

Undeposited Funds is a default account in QuickBooks and Xero that holds funds from payments to your company until you deposit them to your bank account. 

taxomate posts invoices/journals to Undeposited Funds (or chosen account). Once the bank account posts the deposit, this can be reconciled against the invoice/journal in the Undeposited Funds account. 

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