What you'll find:
When customers make payments (especially by cash or by cheque), or suppliers send you a rebate cheque, the funds are usually posted to a holding (or clearing) account. The cash and cheques remain in the holding accounts (like the actual pieces of paper remain in the cash box) until you deposit them. At the time of deposit, you add a Bank Deposit to record the movement of the funds out of their respective holding accounts and into the bank account.
Tips
If you make a lot of bank deposits, you might find it handy to add the Bank Deposit shortcut button to your toolbar.
Results from the Bank Deposit Activity report can be helpful when reconciling bank accounts.
You many want to run the Payment Activity Report and filter for undeposited payments to make sure you caught them all.
You can use the Bank Deposit Report as a printed record of what was deposited.
Note
You can still use journal entries to move the funds manually from the holding accounts instead of using the bank deposit feature.
If journal entries are used to record bank deposits, the payments won't be flagged as deposited. This just means they have not been deposited via the Bank Deposit function.
To add a new bank deposit:
Navigate to General Ledger > Bank Deposit.
The Manage Bank Deposit window opens.
Click Add.
The Add Bank Deposit window opens.
In the Deposit Date field, optionally change the date of the bank deposit. This date will be used as the posting date.
The default date is today, but it can be changed (including to a date in the past). You can add more than one bank deposit per day.
In the Location field, select from which location the deposit will be made.
In the Bank Account field, select the bank account to which you are going to deposit.
Only GL accounts flagged as reconcilable will be listed.
Click Retrieve Payments.
The Bank Deposit Search window opens.
Select the date range of the transactions you want listed.
The date range defaults to list undeposited payments received in the last month.
Select the Location(s) of the transactions.
All locations are selected by default (even though they are not blue). Click to select a single location. If you need to select multiple locations (e.g. certain locations send their cheques to head office for deposit) hold down the Control key and click the other locations.
Select the Payment Type(s) of the transactions.
Only payment types flagged as Show on Bank Deposits? will be listed. All allowable payment types are selected by default (even though they are not blue). Click to select a single payment type. If you need to select multiple payment types (e.g. to list only cash and cheques) hold down the Control key and click another payment type.
Check Include Supplier Rebates if you have supplier rebate cheques to deposit.
The default is to check all 1, 2, and 3 accounts for supplier rebates.
Optionally limit the rebates retrieved by selecting one or more GL accounts.
(use CTRL+CLICK to select more than one from the list)
Click Search.
The search window closes, and you're returned to the Bank Deposit window with a list of all undeposited transactions that meet the search criteria .
Note
Payments that are flagged as Pending on another bank deposit are not listed.
In the Include column, check the box for each transaction that is being deposited. The payment count (in the lower left of the window) increases.
Click View Report to see the details of the payment.
Use the Comments field to record any notes about the deposit.
Apply Exchange
The Apply Exchange? field can be used for more than currency exchanges.
It can be used to get "cash back" from a deposit. For example you have $4000 in cheques to deposit, but you will be withdrawing $500 in cash (the Exchange Amount) for the petty cash account (the Exchange Account), so the total deposit would be $3500.
It can be used also to deposit funds that were not created by AR payments..
Click the Apply Exchange? check box.
The Exchange section opens.
Select to/from which GL account the exchange funds will be posted.
The posting will be allocated to the same Location as the bank deposit location.
Type in the Exchange amount.
Use a negative amount for cash back; use a positive amount to deposit 'extra' funds.
Use the Comments field to document the exchange.
When the bank deposit is completed, the journal entry will include postings to move funds to/from the Exchange account GL.
Click Update if you want to save what you've done so far and complete the bank deposit later.
Each selected transaction is flagged as pending, but no funds change accounts (and no GL postings are generated).
The Bank Deposit window closes and the deposit will display on the Manage Bank Deposits window with a status of Pending.
Click Complete Deposit if all required payments have been checked as Included and you are done with bank deposits for now. The Bank Deposit window closes and the deposit will display on the Manage Bank Deposits window.
- or -
Click Complete & New if all required payments have been checked as Included and you want to create a new bank deposit from the same settings and same list of retrieved payments (just the ones not already included). The completed deposit will be displayed on the Manage Bank Deposits window next time you see it.
Selected transactions are flagged as deposited, and postings are generated to move the funds from their respective holding accounts to the bank account.
Because you may not have had time to complete an entire deposit at once, agrē allows you to 'save as you go'.
To complete a bank deposit at a later time:
Navigate to General Ledger > Bank Deposit.
The Manage Bank Deposits window opens.
Select the pending deposit you wish to complete.
Tip
By default, the Manage Bank Deposits window shows all deposits dated during the prior week and lists them in reverse date order (newest ones at the top). To see a deposit that is older, click Search and change the default date range.
Click Complete to finish the bank deposit.
The Bank Deposit window opens.
Finish the steps for Adding Bank Deposits.
Use the Bank Deposit report to see which payments were deposited or are pending.
To view details of a bank deposit:
Navigate to General Ledger > Bank Deposit.
The Manage Bank Deposit window opens.
Select the deposit you wish to view.
Click Preview Item.
The Bank Deposit report opens. The status of the deposit (complete or pending) displays on the report.
You can edit a completed bank deposit to change the Deposit Date or Comments. If other data needs to be modified, you will need to undo the bank deposit and redo it with the correct information.
Navigate to General Ledger > Bank Deposit.
The Manage Bank Deposit window opens.
Select the completed deposit you wish to edit.
Click Edit.
The Bank Deposit window opens.
Edit the Comments.
Edit the Deposit Date if the bank deposit has not been reconciled and falls in an open accounting period.
Click Update.
The Bank Deposit window closes.
If the new date still falls in the same accounting period, or only the comments are updated, the original posting will be modified.
If the new date is in a new accounting period, the old posting will be reversed and reposted with the new date.
Mistakes happen, so you can undo a completed or pending bank deposit. Only bank deposits in open periods can be undone.
Caution
Undoing a completed deposit does not return the status to pending.
Once a bank deposit of any status is undone, it's gone for good so you may want to print it before you undo. You can view the details of what you undid in the Audit/Admin data exports.
To undo a bank deposit:
Navigate to General Ledger > Bank Deposit.
The Manage Bank Deposit window opens.
Select the pending deposit you wish to undo.
Click Undo.
The Confirm Undo window opens.
Click Yes to Undo the bank deposit.
The Confirm Undo window closes.
The bank deposit is removed immediately from the Manage Bank Deposits window.