Prepare Bank Deposit
The Prepare Bank Deposit feature allows users to hold money in an Undeposited Funds account and then deposit it into the bank - mimicking what actually happens in real life when you make a bank deposit. The Undeposited Funds account represents the money collected before it gets deposited into your bank account. Then the Prepare Bank Deposit feature allows you to check off specific transactions and group them together for a bank deposit. In addition to indicating which customer receipt transactions to deposit, you can record cash back, transaction fees, and extra income in the Prepare Bank Deposit window.
Using Prepare Bank Deposit
You can access the Prepare Bank Deposit window by going to the Banking module and then clicking on the Prepare Bank Deposit button.
To create a bank deposit (once in the Prepare Bank Deposit window):
- In the upper left select the account you wish to make the deposit to
- In the upper right set the date to be the proper date for the deposit
- (Optional) Enter data in the Allocation Account and Cash Back fields only if you are taking cash from a deposit, excluding it from the deposit into the checking account.
- (Optional) You use the Deposit Adjustment window to enter fees you paid during the course of a transaction. In the memo field, indicate the nature of the expense or extra income. This feature can be used for example, to indicate fees you are charged for online transactions, including fees for international wire transactions. When you use this feature, you would indicate a customer pays the full amount of an invoice, while only depositing the amount actually received, and expensing the difference as bank fees.
- Check off any items that should be included in the deposit
- Click record
Clear Already Deposited Receipts
If you have receipts in the Prepare Bank Deposit window, but the receipts have already been deposited, you can remove these previously deposited items, from Prepare Bank Deposit. To do so, select your Undeposited Funds account at the top left of the window where it reads 'Deposit to Account'. Record the deposit. This will debit and credit the undeposited funds account with no impact on any account balances.