Clearing Undeposited Funds

Undeposited funds is a temporary place to keep tenant checks or cash before you go to a bank to deposit them. It is a safe, for example. It concerns ONLY monetary payments and not online payment.

When you make a payment and check the undeposited funds box, system applies the payment to a lease and put in the safe (GL 1001:1000), waiting for you to go the bank to deposit the amount.

Here are the steps to make a payment, place as undeposited funds then deposit to the bank:

Step 1: Make a payment

Go to Tenants & Leases -> Leases -> Details tab -> Actions -> Make Payment


Input the amount, select Cash or Cheque and tick the box Undeposited. Click Save.

Then click to Actions -> Process.


To see the undeposited funds box:

Go to Finance-> Accounting-> General Journal


It is possible to make a Bank Reconciliation for Undeposited Funds itself (GL 1001:1000), checking the safe content.

The Safe content is presented on Undeposited Funds Lister, which by default shows un-cleared payments waiting for being deposited to a bank:


Step 2: Transfer the funds (deposit to the bank)

Go to Finance-> Undeposited Funds

Select the payment concerned and click on Transfer Funds


System will ask you for Bank Deposit Date (this date will be shown on Bank Rec as a Received date). For example, we have selected yesterday date: 07/08/2021.



After that Payment is cleared (it is gone from default view on Undeposited Funds Lister (you can still see it if you remove default Status filter) and shown on Bank GL:

Go to Finance -> Accounting -> General Journal




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