CornerstoneCPA wrote: Another purpose of Undeposited Funds is to match deposits to those with the bank, instead of having each payment listed individually as some other (CRAPPY) software packages do.[...]
Why in the world is New Bank Acct Opening Dep set up as a liability? Is it not the client's cash? I wish Intuit would reserve opening balance accounts only for accountant credentials, because the typical user has no idea how to properly use them.
Agree on the Undeposited Funds -- with any number of payment services (Paypal, Intuit Payments, Square, etc), it is common for several invoice payments to be lumped together into a single bank deposit. Undeposited funds is the cleanest way to handle that.
As for Opening Balances, they should be going to equity, not liability. In QB, when you set up the initial balance for existing accounts, it offsets to OBE automatically, and at some point all the OBE should be journaled to some other equity account, but doesn't really have to be. They discuss this in the help and support.