DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Deposits Process


#1

@lubos

I’ve been trying to use the new Deposits tab, but am not winning. Here’s what I really want to do:

Day 1 & 2; Cheques come in from customers I’d like to apply them to their accounts recording the cheque numbers and charging the other side to undeposited receipts;

Day 4; I group the cheques in my drawer into a deposit, complete a deposit slip and deposit them. At this point I’ve gone from undeposited receipts to uncleared deposits

Day ??: At some point the deposits clear the statement and should move from uncleared deposits to Checking account (Cash at bank)


However I find I can’t do the above. I seem to have two options that aren’t quite there:
(i) If I start with deposits and group a few cheques into a deposit applying each line to a different customer AR invoice or Invoices, I can’t put the cheque numbers on the lines. However, when the deposit clears I can move it from uncleared to cash at bank:
(ii) If I start with receive money, I can actually put the correct cheque numbers in and apply to the invoices and see the cheque numbers hit the customers account but then I can’t really make use of the deposits function.

Could you please clarify the process flow for the deposits function. I’m missing something.

Ideally I’d want:
Enter cheques and apply to AR (Dr Undeposited receipts / Cr AR);
Group cheques into a deposit and pay into the bank (Dr Uncleared deposits / Cr undeposited funds);
Clear (Dr cash at bank / Cr uncleared deposits).

Also I think these accounts should be shows in the Cash at Bank section of the summary to bring the total to ‘available’ funds.

Appreciate clarification of the process. Thanks!


#2

This workflow is not totally supported, there is one missing element but it can be easily added.

The first question. When you deposit cheques from customers, how do they show up on your bank statement? As single deposit or multiple deposits for each cheque?


#3

@lubos. With my current bank I see a single number for the deposit on the statement. There is a separate section that breaks out the detail of each deposit. To be clear I’m not saying the process needs to be the triple step process I described but I don’t understand the current process and how I would apply it.

When I receive cheques where do you currently recommend one starts? I need to enter the cheques when received to credit my customers accounts immediately. But if I start with Deposits I’d need to enter a separate deposit per cheque in order to be able to key in all the cheque numbers and I’m fine doing that. I can then when I get the statement enter a ‘receive money’ transaction and match it to the multiple ‘deposits’ I entered. It works, but the terminology all seems backwards to me… i.e. I actually had a received money/had a receipt when I got the cheque, I’m having to enter them as deposits but I hadn’t actually deposited them and I had to enter them as multiple deposits even though they’ll really be combined into one. Then the deposit showed up on my bank statement and I entered that as ‘receive money’.

As I say I can live with it, but it seems confusing terminology. I’d like to

  1. Enter a Receipt (cheque) when I get it (Dr Uncleared Cr AR);
  2. Not required but would be nice, to be able to group the receipts into a deposit
  3. Match the bank statement “DEPOSIT” to either the multiple individual cheques that make it up or to the grouping per line 2 if we had that functionality. (Dr cash at bank / cr uncleared)

Again just feels like I’m entering multiple “deposits” when I get receipts and haven’t actually deposited anything. I record nothing when I make the deposit and then enter ‘receipts’ (receive money) when I get the bank statement.

Apologies for the long waffles, just finding the terminology a but confusing or out of line with what one is actually doing, it would be clearer to me if I entered a ‘receipt’ when I received the check, grouped them into deposits and recorded a depost when I deposited them and ‘cleared’ them (not received money) when I get the bank statement…

Hope this is helpful and again thank you for an awesome product. I can manage my way through the receipts/deposits process by doing deposits first/receipts (from the bank statement) second but the terminology just feels backwards and I wanted to confirm with you that I am understanding your intended process and using it correctly. Thanks.