Let’s say you invoice a customer for services and, even though it’s 2023 and there are much faster and more secure ways to pay, your customer pays you with a good old fashioned check!

This means you deposited the check and the funds were credited to your account, and some time later...

It’s a good day for a clearing account! Or so the expression goes!

Or doesn’t it?

I created this video many moons ago to make it easy for me when I had to explain The Undeposited Funds account. 

But the undeposited funds account was always a bit limiting....