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Banking > Bank deposits
Bank deposits
You need to create a bank deposit to record the receipt of payments that you deposit as a single transaction in your bank account (such as the day’s credit card and cash takings).
Before you record a bank deposit, you need to post the payments to a temporary holding account (known as an Undeposited Funds account) until you create a bank deposit. To do this, select the Group with Undeposited Funds option in the Receive Money or Receive Payments windows when you record a payment.
note : Don’t group payments made directly to your bank account
Payments deposited directly into your bank account (for example a customer payment made by direct credit), need to be posted to the bank account that received the payment. You do not need to group these payments.
To prepare a bank deposit
1
Go to the Banking command centre and click Prepare Bank Deposits. The Prepare Bank Deposit window appears.
2
In the Deposit to Account field, type or select the account into which the funds selected in the Prepare Bank Deposit window will be deposited.
3
If you want to group receipts by payment method:
a
In the Select Receipts by field, select Payment Method.
b
In the adjacent field that appears, type or select one or more payment types. (For credit cards, select one or more credit card types.) Only payments made using that method are listed.
4
Type a date to display undeposited funds up to and including that date.
5
[Optional] Type a description of the bank deposit in the Memo field.
6
Select the receipts you want to include in the bank deposit by clicking in the Deposit column next to them. Alternatively, if you want to select or deselect all receipts, click () at the top of the Deposits column.
7
[Optional] If you want cash back from your deposit enter the amount and the assign the account for the transaction. You can also assign a job, department and category for the cash you receive. If you assign multiple jobs, departments to the cash back, split will be displayed and all amounts must equal the total amount received.
8
[Optional] If you need to enter an adjustment transaction—for example, to record credit card transaction fees or to keep part of the deposit as cash—click Deposit Adjustment. The Bank and Deposit Adjustments window appears.
In the Fees and Cash Back and/or the Adjustment for Excess Funds fields:
a
Type the adjustment amount.
b
Type the date and an ID number.
c
Select an expense or income account—as appropriate—for the adjustment amounts.
d
Type a description in the Memo field and complete other fields as necessary.
e
Click Record.
If you need to record additional adjustments or fees, click Deposit Adjustment again.
9
Click Record to record the bank deposit.
Related topics
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Receiving money
▪
Receiving payments
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