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!