How to Record Collection using the Deposit Function

Modified on Sat, 20 Jul at 10:29 AM

Rather than cash receipts journals, you can use the deposit function as an alternate way to record the collection of funds. With deposits you can create a deposit transaction that matches your bank deposit slip and facilitates smooth reconciliation. Follow these steps to post entries using deposits.

Creating a new deposit batch

From your Home page, go to Cash Management --> Deposit and select the batch you want to work with.
If required, you can create a new batch by selecting New on ribbon to generate following screen:

Complete the General fast tab

In General fast tab you will enter following information that will become the header of your document:

Field Name	Details
No.	The serial No. will auto populate when you move to the next field depending on No. Series setup.
Bank Account No.	Select the bank account where the deposit is made.
Total Deposit Amount	The total sum of all checks being deposit that matches the bank slip.
Total Deposit Lines	The amount will auto populate when you enter lines below.
Difference	The system will update the balance remaining to be entered in the lines area.
Posting Date	Date to be reflected in GL, preferably the same date it was deposited in the bank.
Document Date	Date when posting takes place. It could be same as deposit.
Programs Code	Dimension value if required for posting.
Funder Code	Dimension value if required for posting.
Currency Code	Generally left blank for local currency. Enter only when dealing with foreign currency.

Complete the Lines fast tab

In Lines fast tab you will enter information for the individual checks that are being posted from different customers/sources.
Note: The columns can be adjusted to suit your needs for efficient data entry.

The table below provides the details for completing the Lines fast tab.

Field Name	Details
Dimension Comb Code	Choose the appropriate combination if available or leave blank.
Document Type	Enter the nature of the document (payment or Refund).
Account Type	Select appropriate type (Customer, G/L Account etc).
Account No.	Select the account number for the type selected.
Description	The system will populate the description based on default data. However it can be edited.
Details	Enter any additional information to support the line.
Debit Amount	Enter the amount in this column if the account selected is to be debited.
Credit Amount	Enter the amount in this column if the account selected is to be credited.
Amount	The system will populate based on the previous column.
Document Date	The date from header will be defaulted here. This is editable.
Document No.	Enter customer check no. here or any other info to identify the document.
Programs Code	Dimension value if required for posting.
Funder Code	Dimension value if required for posting.
Expense Cat Code	Dimension value if required for posting.

Applying customer payment to open invoices

Once all lines are entered you can apply customer payment to open invoices. In order to do so, highlight the line for the first customer and click on Functions.
Click on Apply Entries to generate the list of all documents open for the specific customer.
Select the invoice that is being paid and click on Set Applies-to ID icon on ribbon.
NOTE: If the amount of invoice selected is same as the amount on the check, the balance will become zero. In a situation where more than one invoice is being paid, you can select more lines until the balance becomes zero.
When done selecting the invoices to clear and balance is utilized, click Ok.
Once all applications are done you can proceed to post, test, or approve your document.
You can select Deposit Test Report and view/print entries that will be posted.
Printed option can also be used for getting approval from the supervisor if required.

Posting Entries

Once all approval/checking process is performed the document can be posted.

Click on the Post icon on ribbon to post the deposit.
The posted document/entries can be viewed in the Posted Deposit page.

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