Question: When I try to enter a payment from a customer, it ends up in "undeposited funds" and not my checking account in QuickBooks. How do I fix that?
Ask an Accountant
Your chart of accounts (COA) is important groundwork for your business to organize your financial transactions. The specificity of your COA will determine how clearly you can view your financial statements. You want enough detail to delineate categories of cash inflow and outflow that are important to your business, but not so much detail that your financial statements are a jumbled mess of detail.