In order to be able to export the revenue numbers from Jackrabbit to your QuickBooks account there must be an Undeposited Funds account in the QuickBooks Chart of Accounts. The payments received from your customers are posted to this account in the journal entries created during the export. If you do not see this account in your QuickBooks company account you will need to add it prior to your first export.
What is this Undeposited Funds account all about? Think of it as an envelope where you keep checks/cash until you take them to the bank. It is what is called a 'clearing account' and is intended as a temporary landing spot for incoming funds. The account should clear out to zero when you deposit the funds by creating a Bank Deposit in QuickBooks.
The QuickBooks Bank Deposit function allows you to group payments received so they are in agreement with what actually hit the bank on a particular day, making it easier to reconcile your bank statements.
The deposit process includes these steps:
- Select the bank account you are depositing the funds to.
- Enter the date the deposit actually hits the bank account.
- Use the checkboxes to select the items in Undeposited Funds that you want to include in the deposit.
- If any other funds are being added to the physical bank deposit that are not listed, use Add other funds to this deposit to enter the details of those funds.
- The total of the deposit should match the deposit slip taken to the bank.
For more information on using the QuickBooks deposit function refer to the QuickBooks Help articles Record and make bank deposits in QuickBooks Desktop and Record and make bank deposits in QuickBooks Online.