Process A/R Bank Deposits

Introduction

The purpose of this process is to create deposits and, at the same time, update customer account balances and transactions history. This also updates the Bank Account System with deposit information.

Post Receipts

See the Post Payments procedure for guidelines on posting receipts. Once a receipt has been posted, it is held as a "memo" item until a deposit is processed. When account information is viewed, a flashing message is displayed to alert you an undeposited receipt is on hand. This is especially useful when off-site managers make deposits and you wish to know how how much funds are being held.

Pre-Deposit Procedures

Before actually running the deposit program, be sure all posted receipts are accounted for and the total of actual items (checks, cash, credit cards, etc) equals what has been posted to the system. To do this balancing, the system provides a pre-deposit report used as a balancing report. Be careful receipts are not being posted while you are in the process of balancing! In addition to balancing totals, you should make sure receipts have been posted to the correct accounts. Use the Pre-Deposit Adjustment program to correct any errors found. You cannot delete a posted receipt, because of accounting controls, but you can void any receipt you wish. However, you cannot void a cash receipt where a receipt was issued, except for the System Administrator.

Process Bank Deposits

Once you are certain the receipts are balanced, you can run the deposit program. The system will give you a grand total to verify the deposit then send the deposit slips to the printer. You must insert the Micr-encode card and use the special deposit slip forms in order to print the deposit slips. Endorse all the checks, then take to the bank. When the bank deposit receipts are returned from the bank, match them up with the deposit's paperwork and hold until the month-end balancing process. They should also be reviewed to ensure the system deposit amount and the amount the bank posted are the same. If not, a deposit correction should be obtained from the bank and entered into the system, saving time at month-end. At this time, receipts will be posted to Customer's accounts. If a receipt is for the exact amount due, or any greater amount, then the needed funds on hand will be applied to all outstanding Customer invoices. If the Customer still has an account balance, after posting the receipt(s), the account must be manually adjusted. Do this through menu# 1.1.5.

Correct a Bank Deposit

If, for some reason, you need to correct a deposited item once it has been posted to the system, you will need to reverse out the item in question, then redeposit the single item. You may be able to discard the deposit slips, if the item has already gone to the bank. Be sure to review the Bank Account System to ensure it reflects the correction.

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