Recording Receipts into the Un-Deposited Funds Account and Processing Deposit Slips
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When receiving cash or checks from Clients, it might be desirable to record the receipts as they are received so that they are recognized in Design Manager and to prevent bookkeeping or filing errors. The receipts, however, may not be physically deposited at the banking institution for several days which causes the date of the receipts in Design Manager to be markedly different than the date they are cleared at the financial institution. Using the Un-deposited Funds Account allows you to record the receipts in Design Manager, than mark them as deposited when they are physically transferred to the bank.
***Watch it in action! View our Un-deposited Funds video tutorial here.***
To use the Un-deposited Funds account, first be sure an account is selected for the Un-deposited Funds on the Company Information Window - Other Accounts Tab.
By default, all databases already have an Account 10900 - Un-deposited Funds assigned. You can, of course, assign a different Account, if desired. The Un-deposited Funds Account is generally an Asset Account. You can add a specific Account through the Account Glossary Window.
Next, you must designate which Cash Receipt Payment Types should collect in the Un-deposited Funds Account by editing the desired Cash Receipt Payment on the Company Information Window - A/R Payment Tab and selecting the Receipts will first appear in Un-deposited Funds (a bank deposit is made) option.
***Actual POS (Point of Sale) receipts will NOT appear in the Un-deposited funds account. See below for the best way to manage the POS drawer.
Now, when receipts are entered on the New Cash Receipt Window using such a Cash Receipt Payment Type, the monies will be accumulated in the Un-Deposited Funds Account rather than the associated Checking Account. The receipts will be recorded as received in Design Manager as of the Receipt Date entered by the user on the New Cash Receipt Window. For example, a final Payment on a Client Invoice will close the Client Invoice as of the Receipt Date. However, the receipts will not yet be listed as Deposits on the Checkbook window. Rather, they will be collected on the Cash Receipts - Make Bank Deposit tab.
When you are ready to deliver the receipts to the banking institution, select the proper Cash/Checking Account on the Account menu. Insure that all the proper receipts have a checkbox in the Tag column on the Un-deposited Receipts Grid and click the Print button. Doing so will display the Print Deposit Slip Window.
Enter the date you are transferring the receipts to the banking institution into the Deposit Date. If your Deposit Slip forms are numbered, input the number into the Deposit Slip Number (Deposit Slip No.) field. If the forms are not numbered, select the Slips are not numbered, just use the date option.
Printing the Deposit Slip:
Click the OK button to print a Deposit Slip Report which can be printed on the Deluxe Business Checks and Solution Deposit Ticket Item #81019. Make sure that you have the Printer selection on the Printer Button Bar set to the desired printer. For more information on printing options, see the Printer Button Bar. Whether printing the Deposit Slip to the monitor or directly to the printer, you will need to either accept or reject the Deposit Slip after printing and reviewing it.
Accepting and Rejecting the Deposit Slip:
After printing the Deposit Slip or closing the Print Preview Window, you will be asked "Do you wish to accept or reject this Deposit Slip?". If the Deposit Slip is correct, click the Accept button. If you need to remove receipts, change the Deposit Date, etc., click the Reject button to correct the errors. Upon clicking Accept, the receipts will be removed from the Make a Deposit Tab and will now be listed as a single Deposit entry on the Checkbook Tab.
Accepting the Deposit Slip will credit the Un-deposited Funds Account and debit the Cash/Checking Account displayed in the Account menu.
Create a new Asset (Bank/Checking) account called "Cash Drawer" or you can add multiple new accounts for each drawer, "Cash Drawer Reg#1","Cash Drawer Reg#2", etc. Set your POS/Cash Receipt Payment Type(s) to go into the new account(s); Here you can make a POS Only Pay Type or multiple pay types for each register (Register 1, etc...). The new account(s) will always have the amount of cash in the drawer. When you take money out of the register to deposit it into the bank, you can do a Transfer from the new account into your Bank/Checking Account. When you need to get change at the bank, you can transfer money into the new account from your Bank/Checking account.