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Think of the Undeposited Funds account as an envelope where you keep checks until you take them to the bank.
If you deposit more than one check or payment in a group deposit, you can enter those transactions so that your Bank Register matches your Bank's monthly statement.
Because we are trying to replicate in your QuickBooks Online Company what you're actually doing daily, then when your bank statement arrives, the amount of the deposit matches the deposit in your QuickBooks Online bank register.
Note: Certain reports or registers may show the deposited amount listed under Undeposited Funds, which, is used to denote the last account the funds were in before being deposited. To see what funds are sitting in Undeposited Funds that have not yet been deposited to the bank account, go to your Banking menu and select Deposits or look at the Undeposited Funds account via your Balance Sheet from the Reports menu.
Or to create an Account QuickReport for a list of Undeposited Funds please, see the related KnowledgeBase article 2489: How can I create a report that shows a list of undeposited funds?Back to top