Banking

Group with Undeposited Funds

If you use a cash drawer or accept credit card payments, you may want to use the Group with Undeposited Funds feature to consolidate these receipts into a single deposit amount.

Note:  The "Group with Undeposited Funds" preference doesn't apply in the Bank Register

When you record payments into the linked undeposited funds account, individual cash receipt transactions are recorded in the undeposited funds account -- not directly to your checking or credit card accounts. You can group transactions to the undeposited funds account by selecting the Group with Undeposited Funds option or by selecting the linked undeposited funds account in the Deposit to Account field.

The account that displays next to the Group with Undeposited Funds option is the linked account for undeposited funds. The account that you choose for your linked account for undeposited funds must be a Bank account type. (Account types)

Note:  Choose your undeposited funds account for customer credit card payments and credits

After you've grouped all of the cash receipts transactions you want, you can then make a bank deposit which can include one or many of the grouped transactions. You prepare the bank deposit using the Prepare Bank Deposit window. (Preparing a bank deposit)

A single bank deposit transaction will appear on your bank statement; this one transaction combines all of the payment transactions that you grouped in the bank deposit.

Note:  The Bank Register can't be used to enter MYOB Merchant Account Service transactions

For each Receive Payment transaction you record, a corresponding payment receipt can be printed.

Note:  The linked account for undeposited funds must be a local currency account

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