Bank Deposit

Purpose

To move money directly from a standard account to a bank account, you must use the Miscellaneous Deposit form. A deposit is the opposite of a withdrawal. It is essentially a Sales transaction without a check, use for any transaction other than a customer payment. For example, if you were to accept a refund from an insurance company (i.e. an insurance expense that is to be reduced), you would enter it as a Miscellaneous Deposit.

 

Usage

1. Select a bank account

In the field marked Bank Account you select the account to which you will deposit funds. Either type the number or select it using the lookup screen.

2. Enter the date

This is the date on which the deposit will take place.

3. Enter a document number

The document number is used to uniquely identify bank transactions. You can look up these transactions later by their document number.

4. Enter an amount

This is the amount you want to deposit to the selected account.

5. Choose the GL Account

The GL Account is the account from which to withdraw the money to be deposited. Either type the number directly into the field or use the lookup.

6. Enter a reference

You should have a reason for the deposit, so that you can later review your transactions and understand why they were made. Enter your reason in the Reference field.

7. Select if this is a beginning balance

If you want to setup a beginning balance for the selected bank account, check this box. This will not make an entry in the General Ledger; it only affects the bank account.

8. Post

When you have entered all the information on the form and are ready to deposit the funds, click the Post button.