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Bank Deposits

Intro – Bank Deposits

Use a Bank Deposit transaction to record deposit you make at your bank. This includes handling multiple customer payments, accounting for bank fees and getting cash back. Before creating a bank deposit transaction, make sure that you have recorded the customer’s payment by ‘Payment Received‘ and deposited it to Undeposited Funds.

Bank deposit is a posting transaction.

Create a New Bank Deposit

  • Go to Bank / Credit Card on the left sidebar, and select Bank Deposits
  • Click Add New button.
  • Fill in the following fields
    • Date: The default date is today.
    • Deposited To: Select the bank account where you are depositing the money.
    • Currency: This is the bank account currency. It is auto filled when you select the bank account.
    • Undeposited tab.
      • This tab lists all customer payments which deposited to Undeposited Funds account. Payments transactions include
        • Payment Received
        • Receipt
        • Invoice, when a customer pays deposit or a portion of the total amount upfront.
        • Vendor Credit, when receiving vendor’s refund.
      • Select payments that are included in this deposit.
    • Funds tab.
      • This tab is used to record funds which have not been recorded or need to account for bank fee.
      • Click or tap Add Fund button.
      • In the Add Fund dialog, fill in the followings
      • Received From: Enter source of funds or bank charging a fee.
      • Account: Select the income account or expense account for fee.
      • Description: Explain what the money is for.
      • Amount: Enter positive amount. For bank fee, input a negative amount.
    • Cash back: Enter positive amount if any.
    • Cash back Account: Specify which account you are putting the cash back into.
  • Click Save.

 

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