Dec 08, 2019 · A balance sheet should always balance. The name "balance sheet" is based on the fact that assets will equal liabilities and shareholders' equity every time.

Undeposited Funds on Balance Sheet. Undeposited Funds is a special account created by QuickBooks as a clearing account for payments that have been received but not yet deposited into the bank account. The easiest way to picture this account is as the top desk drawer.