There are two basic goals in bookkeeping. Keeping track of your income and expenses so that you improve your chances of making a profit. Collecting the financial information so that you can file all the necessary tax returns to the federal, state and local taxing authorities.
What is the Undeposited Funds Account in QuickBooks?
You have finally decided to join the 85% of small business owners who use QuickBooks for their accounting system. You have installed it, created your company file and begun working in it. It seems simple enough, your Home Page has a flow chart that shows you the order you need to perform tasks. Your forms, like the invoice and check, are familiar looking. Just fill in the form and QuickBooks takes care of posting everything to the correct accounts. So much easier than pen and paper.
My Paper Pusher, LLC 