Bank Deposits

Before starting bank deposit, the following options must be set-up:

This option allows the user to determined if you want the system to apply the payment amount to the oldest invoices automatically if the payment amount adds up to the invoice total.  The user will still need to accept the payment as the system will suggest what invoices to pay based on the payment amount. If the system cannot add invoices together to get to the payment amount, no invoices will be suggested.

So, if the box is checked, it means that you do not want the system to apply automatically. If you want the system to suggest which invoices to pay, please leave the box blank.

The banks that you are dealing with must be created in the Bank maintenance as well to be able to do Bank Deposits and cash receipts.

The bank deposit allows you to enter the amount of cheques so you can go to the bank and deposit your cheques as soon as possible.   The attachment of the invoice will be performed in a second step through cash receipt.

Screen Shot:

Deposit Number: Press enter and the system will ask you if you wish to create a new deposit. If it is a new deposit that you are starting, you can select yes. If you want to recall a previous open deposit, type in the deposit number and press enter and the system will recall the existing open deposit or the user can perform a search to see all open deposits and can select from the list.

Deposit Date: The user must press enter to accept today’s date.

Bank: The system shows the default bank so the user can press enter to select this bank or select the proper bank from the pull-down list.

Type: The user must select the type of payment with the drop-down list. By default, the system is on Cheques, so the user can press enter to accept this type of payment.

Customer Number: The user must type in the customer number or perform a search to find the customer by pressing F1.

Cheque number: The user must type in the cheque number.

Amount: The user must type in the amount.

Example of Bank Deposit entered:

Once the bank Deposit is entered, the user must press Alt-F4 to exit.

The system will ask you the following question:

The user has 2 choices:

1-The user must answer yes if all payments has been entered and time to review the bank deposit.

2-The user must answer no if all payments has not been entered.

For this example, the user selected yes to print the bank deposit.

Bank statement Report:

Once the deposit printed, the system will ask the user the following question:

The user has 2 choices:

1-The user must answer yes if the bank deposit has been reviewed with no errors since once the deposit has been updated, the user cannot bring any changes to it.  The user will have to create a new one to bring corrections to the bank deposit.

2-The user must answer no if the bank deposit has been reviewed with errors so the bank deposit will still be available to bring any necessary changes.

For this example, the user chose Yes to update and ready to proceed to the next step. The user can now bring the bank deposit with the cheques to the bank for deposit.

This update allows the payment to appear on the customer’s account under the Statement Tab as a transaction Type “CRD”. “CRD” stands for Cash Receipts Deposit.

Statement Screen shot for Account 4 on Bank deposit – Payment of $3002.92:

Since the system option to apply automatically is on, the system applied this payment automatically since the payment amount was equal to the amounts of 2 invoices.

Statement Screen shot for Account 12 on Bank Deposit – Payment of $500:

Even if the system option to apply automatically is on, the system didn’t apply this payment automatically since the payment amount didn’t equal to any amount of the invoices.  The system doesn’t apply partial payments automatically.  The user must apply this partial payment through the Cash Receipts module.

The user can also view these payments under the customer account under the Payment History Tab: