Banking > Preparing a bank deposit
Preparing a bank deposit
When you receive payments that you want to deposit in a batch (such as credit card, cash and cheque payments), you need to post the payments to a temporary holding account until you create a bank deposit. This holding account is known as an Undeposited Funds account.
You can post a customer payment to the Undeposited Funds account by selecting the Group with Undeposited Funds option in the Receive Money window or Receive Payments window when recording a payment.
When you make bank deposit in a batch, funds are transferred from the Undeposited Funds account to the account of your choice as a single transaction.
To prepare a bank deposit
1
Go to the Banking command centre and click Prepare Bank Deposit. The Prepare Bank Deposit window appears.
2
In the Deposit to Account field, enter 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 the transaction.
If you want to select or deselect all receipts, click the icon at the top of the Deposit 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
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 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
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Receiving payments

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