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UNDEPOSITED FUNDS ACCOUNT

Home > Money With Melanie > Superannuation

24 / May / 2007

When reconciling your bank account, tyring to match up a single deposit entry appearing on your statement with perhaps several individual receipt entries in MYOB for the same day can be a tedious task and prone to error. It is much better to group your receipts in MYOB so as to match the actual bank deposit.

This can be achieved with an Undeposited Funds account. You will first need to create an Undeposited Funds account in your accounts list – it should be an Asset and it must be a Bank Account. The account should also be linked to Unbanked Deposits.

  1. From the Setup menu select Linked Accounts
  2. Select Accounts & Banking Accounts
  3. Enter the account code for Bank Account for Undeposited Funds

To prepare a batch bank deposit that will transfer receipts from Undeposited Funds into your bank account as a single transaction, which will mirror your actual bank statement:

  1. Go to the Banking Command Centre
  2. Choose Prepare Bank Deposit
  3. Ensure the correct bank account is selected from the Deposit To Account drop-down menu
  4. You can Select Receipts By different payment methods using the drop-down menu
  5. Enter a suitable Memo
  6. Enter the Date of the transaction
  7. In the Deposit column, click to indicate which items should be included in the bank deposit – a tick will appear
  8. The Total Deposit Amount of selected items will be displayed at the bottom of the window
  9. Click Record to transfer the total amount to your cheque account

For further assistance: Contact Melanie Jenkins
Download this MYOB Help Sheet with accompanying images to assist you with each step below…

UNDEPOSITED FUNDS ACCOUNT

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