Summary

The Receipt Deposits process is used to create a deposit transaction in the Bank Reconciliation module using the receipts in a committed Cash Receipts module batch (CR> Cash Receipts). If you are not using multi-bank checking, all of the receipts in the CR module Cash Receipts batch will be combined into a single deposit transaction. For example, if there are cash, check and credit card payments in the Cash Receipts batch, all of those transactions will be combined into a single deposit transaction. This may be problematic if you do not receive the funds from credit card transactions immediately. If you are using multi-bank checking, you have the option to create a deposit from each receipt line item. This allows deposits to be grouped based on the bank accounts associated with the GL accounts on the detail line items on a receipt.

After a Cash Receipts batch has been processed in the Receipt Deposits process, a deposit transaction will be created in the Clear Transactions process (BR> Clear Transactions). The bank account attached to the deposit transactions will be increased by the deposit amount once the deposit transaction is processed and committed in the Clear Transactions process. For example, if you have deposited the receipts from a Cash Receipts batch into a bank account, process the batch in the Receipt Deposits process. This will create a deposit transaction in the Clear Transactions (BR> Clear Transactions). When you receive your bank statement verifying the deposit amounts were correct and had been cleared, process the deposits in the Clear Transactions process to increase the balance of the bank account.

The functionality of the Receipt Deposits process will vary if the Cash Receipts module is set up to use multi-bank deposits (CR> Utilities> Setup> Enable multi-bank deposits toggle). Multi-bank checking is used to associate specific GL cash accounts with bank accounts. If the Cash Receipts module is set up to use multi-bank deposits, the bank accounts associated with the cash account attached to the receipt line items will be used in the deposit transaction created in the Receipt Deposits process.

Flowchart

The objects in the diagram represent processes in the application. Click on an object to view information about the process.

Step by Step

1     Create or open a Receipt Deposits batch.

2     Select a committed Cash Receipts module batch to deposit into a bank account.

3     Print the Proof List.

4     Commit the Receipt Deposits batch.