The Undeposited Funds feature is designed for accurately matching your Property Matrix records with real-life bank transactions, specifically when multiple checks are deposited simultaneously.
When manually depositing checks:
Incoming payments first appear in the Undeposited Funds account within Property Matrix.
When you physically deposit these checks at your bank, you can record this deposit in Property Matrix by selecting the specific checks included in the batch.
This recorded deposit appears as a single bulk transaction, accurately reflecting the grouped deposit on your bank statement.
You can view the Undeposited Funds account by navigating:
Accounting page > Accounts tab > Asset dropdown. Here you'll find a listing labeled "Undeposited Funds."
For users who prefer to skip the Undeposited Funds step:
Incoming payments immediately appear directly in your operating account, bypassing the Undeposited Funds process.
Keep in mind, using this method means the system won't track grouped deposits since deposits aren't manually recorded.
To toggle the setting for skipping Undeposited Funds:
Navigate to Settings page > General Settings tab. Locate the Accounting Profile section, click the vertical (3-dot) menu, and select Edit.
In the new window, check or uncheck the option: "Deposit payments directly (skip undeposited funds)."
Note: The direct deposit setting does not impact ProPay transactions. ProPay transactions always reflect actual bank activity by initially appearing in Undeposited Electronic Funds. Deposits for ProPay transactions are automatically created once ProPay processes funds into your bank account.
For more details on creating deposits in Property Matrix, please refer to this article.