Question: When I try to enter a payment from a customer, it ends up in “undeposited funds” and not my checking account in QuickBooks. How do I fix that?
Your chart of accounts (COA) is important groundwork for your business to organize your financial transactions. The specificity of your COA will determine how clearly you can view your financial statements. You want enough detail to delineate categories of cash inflow and outflow that are important to your business, but not so much detail that your financial statements are a jumbled mess of detail.
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My husband, Steve, consults with small businesses that he calls “underdogs”—businesses that rely primarily on the skills and efforts of their owner/operators. He helps them identify their “super powers” that they bring to their businesses.
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There are five versions of QuickBooks, each designed for specific applications, and the ad specialty business was not one of their selected specifics.
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The ad specialty distributor business, regardless of its size, is unique. It does not fit a “business mold.”
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