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Undeposited Payments are considered an asset. They are payments you have collected, but not yet deposited in the bank. Typically, this is the total of cash and checks sitting in your cash drawer waiting to be deposited.

Undeposited Payments on Deposit Reports

Current payments, that have not yet been deposited, show up on your current Deposit Report. Go to Functions > Family Accounting > Deposit Reports . Under Current Deposit Report (lower left) choose View or Report.

Undeposited Payments on the Receivable Journal Summary

The “Receivable Journal Summary” report shows Undeposited Payments as the difference between payments received and deposits closed during the dates you select. Think of this as a snapshot in time. When the report shows Undeposited Payments for a past month, it’s okay. It is not related to current payments waiting to be deposited.

Week 1: You post $5,000 in new payments by check and cash, but only deposit $4,500. The rest of the money came in late Friday and has not yet been taken to the bank. The report would show $500 in undeposited payments in theDebit column. The asset increased since more money came in than was deposited.

Week 2: This week you post $4,000 in new payments by check and cash. You deposit $3,900 of it plus the $500 from last week for a total of $4,400. The report will show the difference between deposits closed ($4,400) and new money coming in ($4,000) for a change of $400 in the Credit column. The asset decreased since less money came in than was deposited.