19: The Most Common DIY Bookkeeping Mistake: Undeposited Funds

We’ve seen it all when it comes to looking over business owners’ books, but there’s one bookkeeping mistake that we see again and again: undeposited funds.Undeposited funds is an account in QuickBooks Online, and it is an automatic account that is created if you are invoicing out of QuickBooks. If you see that account growing, it’s a big red flag. Tune into this episode to understand: 02:51 — What are undeposited funds03:29 — Why undeposited funds create issues on your financial statements05:35 — How undeposited funds happen11:47 — How undeposited funds might be making you double-counting your revenue 12:31 — Why remedying undeposited funds is crucial for tax savings13:44 — How to spot the warning signs of undeposited funds on your balance sheet🧹Get a Quickbooks Cleanup to Get Your Books Back on Track If you’ve run into issues with undeposited funds, or you're looking to re-categorize existing transactions, reconcile accounts, examine journal entries, etc, our QuickBooks Cleanup will get your books in order so you have an accurate financial view of your business so you can scale more effectively and give your accountant the best numbers to reduce your tax bill. When you book a call, we’ll get to know your business and needs and determine exactly what needs to get accomplished during the Quickbooks Cleanup process. https://knowyourworthpgh.com/bookkeeping📈 UNDERSTANDING YOUR PROFIT AND LOSS GUIDEGet the Profit and Loss Guide ❓TAX PLANNING QUESTIONS TO ASK YOUR ACCOUNTANTGet the Tax Planning Questions Guide 🛍 75+ TAX WRITE OFFS Get the Tax Write Offs ✅ BOOKKEEPING CHECKLISTGet the Book Keeping Checklist 💵 BOOKKEEPING AND FINANCIAL ANALYSIS SERVICES FOR BUSINESS OWNERSApply for Bookkeeping or Financial Analysis Services 👋 CONNECT WITH SYDNEY & KRISTEN Website: https://knowyourworthpgh.com/Instagram: https://www.instagram.com/knowyourworth_pgh/ YouTube: https://www.youtube.com/channel/UC3wzOVSDSC-xsmLg8JJ8MJg/