Bank Deposits

Overview

When you receive cash and checks for payment, these eventually will need to be deposited at the bank, usually grouped with other payments. When the group of checks and cash is taken to the bank, a Deposit is recorded in the system. When creating a Deposit, any new payment receipts and cash sales are automatically added to the deposit document, but may be unchecked if the funds are not included in the bank transaction.

Creating Deposit Documents

To create a Deposit document:
  1. Navigate to Bank → Deposits. A list of previously created bank deposits is displayed.
  2. Click Create.
  3. Change the Posting date, if necessary. This is the date the deposit was made at the bank. You can find it in the Bank stream.
  4. Change the Bank account, if necessary. This is the account to which the deposit is or will be made.
  5. Change the deposit Number, if necessary.
  6. In the lower half of the deposit document, select the checkbox next to the Payment receipts and Cash sales that will be included in the deposit. As each box is checked, the Total at the bottom will change to reflect the total of all checked cash receipts. The initial list that is populated on the deposit includes all cash receipts and cash sales that have not been previously included on a deposit.
  7. If there are items to deposit that are not part of cash receipts, click the G/L accounts tab and enter them.
  8. Enter the Customer/Vendor.
  9. Enter the G/L account in the Acct. column.
  10. Enter the Amount.
  11. Enter a Note (optional).
  12. Enter the Project (optional).
  13. Enter the Class (optional).
  14. Add a note on the Memo tab (optional).
  15. Click Save to save a draft or Post and close to finish the Deposit.

Matching Deposit Documents to Bank Transactions

Once the Deposit document is created, match it to the bank transaction.
  1. Go to Bank → Bank stream.
  2. Find the required transaction there.
  3. Click the New, Match, or Split column and select Match.
  4. Select the created Deposit document and click Match.
  5. Click Approve to approve the transaction.