Deposits

Use Deposit to record bank deposits for receipts that do not pay customer invoices. Examples of miscellaneous cash receipts include loan or stock proceeds, repayment of employee advances or reimbursement of expenses. Funds that you receive that pay customer invoices should be entered in Customer Payments.

To enter a deposit complete the following steps:

  1. Access the Deposits application from the Financial/Cash Manager menu and click on New in the Deposits List screen to enter a new transaction.

  2. Optionally, you may enter a reference number or identifier for the deposit.

  3. Select a Deposit Account and press Tab. As you enter a Deposit Account in the Type-Thru drop box, the system will find the best match. You can also click on the down arrow at the right of the drop box to display the full list of deposit accounts. Scroll down the list until you find the desired account and click to retrieve it for the deposit.

  4. Optionally, you may select a Class or enter informative text in the Description field.

  5. Enter the total amount of the deposit in the header section.

  6. By default, Active will be checked. If you uncheck the Active field, the deposit will not update the Account's balance or have any impact on your company's financials and the deposit will not be available in the Reconciliation application.

  7. There are two options for filling in the deposit detail lines. You can use the Import Payments button to retrieve a list of undeposited customer payments and you can select the payments to be deposited. Or you can manually enter the deposit lines by selecting an Account and entering the Amount. Enter as many transactions lines as you need.

  8. Optionally, you may select a Class, Received From entity, Payment Method or enter a Reference Number or identifier of the payment being deposited or descriptive text for each transaction in the Memo field.

  9. When the sum of the transactions equals the Amount of the deposit, click on Save to save the Deposit.

  10. If the sum of the transactions does not equal the Amount of the deposit, the document will be saved with with an inactive status (Active unchecked) and will not update the account balances or have any impact on your company's financials. Correct the out of balance condition and press Save again.

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