Recording Deposits

To record deposits and corrections select;

• Banking -> Deposit Journal -> Create or Edit New Deposit Entries

Entering deposits is also a four step process.

1. The first step is to select the bank account into which the funds were deposited. When the Account Number Window appears either enter the general ledger bank account number or double click to select it from the Chart of Accounts. The Deposit Entry Window will then open.
2. Enter the deposit data into a temporary batch.
3. After editing and correcting any errors transfer the new deposit entries from the temporary batch into the Permanent Deposit Journal.
4. Lastly, post the new Deposit Journal entries to the general ledger accounts.

When the Deposit Entry Window (see Figure ) appears enter the data for the individual items which make up the deposit.

You should split the total deposit amount according to the source of the individual items in the deposit and record the amount from each source as a separate Line Item. That is, each Line Item should be credited to a different account representing a different source of the funds. In the example in 100.00 is due to a cash sale, and 2397.00 is a collection on accounts receivable.

Each Line Item will be credited to the account number you enter for that line. The net total of all the Line Items in the deposit will be automatically calculated and added to the bank account you selected (in this example General Ledger Account Number 102, Merchant's Bank). After entering a line of data when you click the OK button the data you have entered will be transferred to the list at the bottom of the window. (Note that the number of Line Items are limited to 50 before you must post the batch to the general ledger accounts.)

Figure: Deposit Entry Window

All fields are required to complete the deposit entry.

• Deposit Received Date - Either enter the date of the deposit (or adjustment) or click the Calendar box to select a date. The month of the date determines which month is updated with the amounts in the general ledger accounts. So be sure to change the date if you are entering multiple deposits on different dates.
• General Ledger Account - This is the GL account number which represents the source or type of money included in this deposit or adjustment, (e.g., a sales account, collections on receivables, etc.). Each different source represented should be entered as a separate Line Item. To enter and account number either type the account number or double click to select a number.
• Deposit Source or Other Description - Enter the source of or reason for the deposit or adjustment or some other description which is meaningful to you for future reference.
• Deposit or Adjustment Amount - Enter the amount deposited (or adjustment amount) for this Line Item. If you are splitting the deposit to several different accounts enter the amount for this account only. If you are recording a deposit which is credited entirely to one general ledger account the amount you enter here will be the same as the total deposit.
• After you have entered the data click the OK Button. The data will be transfered to the window below the entry fields.
• Fiscal Period - If you scroll to see the far right column in the window you will notice that the month of the entry has been used to calculate the fiscal period (month) under which the transactions will be recorded. This is the month of your accounting year in which this transaction occurred. This month will be updated with this amount in the general ledger.

SAVE THE ENTRIES - Entries should be saved before closing the window. If you have not saved the entries you will receive a warning that entries made since the last save will be lost if you do not save before exiting. To save the entries click the Save Entries button. To exit the entry function click the Quit button. To get help about entries click the Help button. To print the batch click the Print Entries button.

When you save these entries they are held in a temporary batch file in the data base until you have verified that the entries are correct and the way you want them to be. You may change, or delete, any entry in the temporary batch by clicking on the line containing that entry in the window at the bottom of the screen and selecting Change or Delete from the pop-up window. You may also quit and return to the Deposit Entry window as often as needed. When the temporary batch is finalized and moved into the permanent Deposit Journal it is no longer available for editing.

Each temporary batch is limited to 50 lines before you must move the batch into the permanent Deposit Journal. You may exit and reenter the deposit entry function as often as needed without losing entries.