Bank statements and undeposited funds
I am using QuickBooks for the first time. Right now I am entering bank statement transactions, withdrawals and deposits manually. I am creating invoices and payments on same day and posted them in undeposited funds. Now it is showing more income than I received actually. What should I do now to correct the income and payments?
It is my advised that you should create sales receipts and deposit them into your bank account. If they come in group then deposit them to undeposited funds and then click the +bank deposit to group them just like they went into your bank account.
Now navigate to Bank feed window then go to match those up as they deposit into your bank account. You are doing only matching the deposits not entering them. This is the only way you can avoid entering your income twice.
I hope it helps. Thanks