What Is the Undeposited Funds Account and Why Should I Use It?

The Undeposited Funds account is an Other Current Asset account that’s automatically created by QuickBooks to record funds received by a company that are not immediately deposited in a bank account.

This is where the IIF file deposits the money from TU and then you will need to deposit those monies into your bank account.  Watch the tutorial below for more information on importing your IIF and depositing your money in QB.

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See Also
When does the IIF file generate?
Aging Report