This article will cover how to process a Deposit.
The Make Deposits feature is used to process deposits for both General and Trust funds receipts. Receipts entered are added to the deposit based on the payment type selected and if the payment type is to be added to a Deposit.
Payment Types can configured to add or exclude the transaction from the deposit. To access “Payment Types select Lists > Payment Types.
Items added to the Deposit are grouped together and show in the Bank Reconciliation as a single deposit. Finalizing of a Deposit is necessary in order for the Deposit to display in the bank reconciliation.
To process a bank deposit:
- Click on Banking
- Select Make Deposits
- Bank Account - Select an appropriate bank
- Date of Deposit - Select or enter the date of the Deposit (see tips below)
- Select the transactions/receipts to include in the deposit. Do not deposit transactions/receipts that have a date for separate months. This will cause the bank reconciliation to have an error.
- Include deposit slip - Select if a bank deposit slip is required
- Finalized Deposit - Click to complete the deposit
Tips:
- Deposits finalized with the incorrect date can be edited and date changed (see article How to change the date of the finalized Deposit)
- Deposits can be undone/reversed (see article How to undo Deposits)
- All Payment Types which are set to including in a deposit, must be deposited in the same month to reflect on the Bank Reconciliation. These deposits form part of the closing Bank General Ledger balance on the Bank Reconciliation.
To add the firm’s banking information to the Deposit form, go to Firm & Financial > Chart of Accounts. Select the bank account to edit. Add the Bank Name, Bank Transit Number, Bank Client Number and Bank Account Number.
- The deposit form now includes the firm’s banking information