The Undeposited Funds GL Account will populate 'Undeposited Funds' on the Bank Deposit screen as well as match Undeposited Funds on the Bank Activity Screen. This account is merely for holding funds that have not been deposited yet.
Learn how to manage Undeposited Funds here.
Set the Undeposited Funds Account
To set the Undeposited Funds GL Account, navigate to System Preferences by hovering over 'Administration' in the top ribbon and then clicking 'Preferences'.
On the 'Accounts' tab of System Preferences, click the 'Undeposited Funds' selector and choose the desired GL Account.