Bank deposits

You can create a bank deposit transaction to record the receipt of multiple customer payments that you want to deposit as a single transaction in your bank account (such as the day’s check, credit card, or 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.

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, 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, 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 need Cash Back from this deposit:

a	Type or select the Allocation Account and the amount of Cash Back in the corresponding fields.

b	Assign a Job and the appropriate Tax Code, if needed.

The Total Deposit Amount will be automatically adjusted, if necessary.

8	In the Adjustment for Fees 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	Enter the Tax Code, if necessary.

f	Type or select the Job number, if needed.

g	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

■	Receiving money

■	Receiving payments