How to clear cash clearing when bank deposits are not being performed on a daily basis?
1. Create an Undeposited Funds general ledger (an asset account i.e. 1014) in your chart of accounts as a place holder/clearing account for tender that you do not deposit in your bank every day.
2. Create a Journal Entry template that functions as a Bank Deposit JE with the flexibility of choose the Undeposited Funds GL over the bank account GL to deposit cash and cheques to.
3. If you choose to use the Undeposited Funds GL, you will need to move that money from that clearing account to your bank at a later date. This step is covered in a subsequent video "Undeposited Funds - Transfering funds from this clearing account to your bank"
Video source: training:undepositedfundsbankdeposittemplate10901151544.flv
Created by Vera Oliveira at 1/15/2009 3:44:35 PM