Bank Deposits

Bank Deposits

Overview

A bank deposit document helps you record payments, checks, and other funds being deposited into your bank account, usually grouped with other payments. When the group of checks and cash is taken to the bank, a Deposit is recorded in CustomBooks™.

When creating a Deposit, any new cash receipts, cash sales, and customer prepayments will automatically show on the deposit document window, but check only those documents that are included in the bank transaction.

Benefits of a Bank Deposit Document

  1. Tracks all deposits in one place.
  2. Simplifies bank reconciliation.
  3. Ensures accurate financial reporting.

Steps to Create a Bank Deposit Document

To create a bank deposit:

  1. Navigate to Bank → Deposits. A list of previously created bank deposits is displayed.
  2. Click the Create → New.
  3. Change the Posting Date, if necessary. This is the date the deposit was made at the bank.
  4. Change the Bank Account, if necessary. The default bank account specified in Bank Settings → Default accounts will be pre-filled. This is the account to which the deposit is or will be made.
  5. Change the Deposit Number, if necessary. The deposit document numbering is defined in Admin Panel → Auto-numbering → Documents → Deposits and will increment automatically. For more information, see Document Numbering.
  6. In the lower half of the deposit document, check the checkbox next to the Cash Receipts, Cash Sales and Customer Prepayments that will be included in the deposit. As each box is checked, the Total at the bottom will change to reflect the total of all checked cash receipts. The initial list that is populated on the deposit includes all cash receipts, cash sales and customer prepayments that have not been previously included on a deposit.
  7. If there are items to deposit that are not part of cash receipts, click the G/L Accounts tab and click Add button to enter. If none, skip to step 8.
    7a) Enter the Customer / Vendor.
    7b) Enter the G/L Account.
    7c) Enter the Amount.
    7d) Enter Payment Method (required if transaction is associated with a 1099 account, otherwise optional).
    7e) Enter Memo (optional).
    7f)  Enter Project (optional).
    7e) Enter Class (optional).
  8. Add a Memo. (optional).
  9. Click Save and Close or Save to post the document or Save Draft if you have not finalized the document yet.


Creating Deposits



Deposits from Stripe Credit Card Processing

When Stripe is used for credit card processing, funds from charges that you have processed are moved from Stripe to your designated bank account on a scheduled that has been defined in Stripe. When this deposit is made, CustomBooks™ automatically creates a deposit document for you based on the transactions from the Stripe transaction. This deposit can then be matched in Cloud Banking when the transaction flows in.

For more information about Stripe, see Processing Credit Cards Using Stripe.
For more information about Cloud Banking, see Cloud Banking.

 

Other Deposit Features and Functionality

On the Deposit document command bar, there is a Show button that will show you the following options:
  1. Transactions - Shows a list of documents or transactions that are linked to the deposit document.
  2. General Journal - Shows the list of transactions recorded as a part of this document.
  3. Audit Log - Shows the changes made to the document. For more information, see the Audit Log
     article.
  4. Document register records - Shows the detailed log or reference entry within the system that tracks the individual transactions or source documents included in a the bank deposit.

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