New Deposits
The Bank Deposit module allows users to record funds being moved into a company bank account or cash ledger. This includes depositing physical cash, customer payments, or miscellaneous income. This form ensures that all incoming transactions are accurately reflected in the General Ledger (GL) and the Bank Reconciliation statement.
To complete the bank deposit correctly, please fill in the necessary fields below.
Date
The Date is a mandatory field for bank deposits. It represents the official date the funds are recognized in the system. Accurate dating is essential for matching the transaction with bank statements during reconciliation.
Reference
The Reference is a unique, alphanumeric iterative code used to identify each bank deposit. Users can modify the numbering sequence in Setup -> Transaction Reference. This allows for customized prefixes (e.g., DEP-2026-001) while maintaining a consistent audit trail for all incoming funds.
From (Payee Category)
The "From" field is a mandatory dropdown used to categorize the source of the deposit. Users can select categories such as Miscellaneous, Customer, Supplier, or Employee. This selection determines which sub-ledger is affected and helps define the nature of the transaction (e.g., a refund from a supplier vs. a payment from a customer).
Into (Bank Account)
The "Into" dropdown identifies the specific destination for the funds. This is typically a Bank Account or a Cash Account. Selecting the correct account ensures the debit entry is applied to the right financial asset, which is critical for real-time liquidity tracking.
Name / To the Order of
When "Miscellaneous" is selected in the "From" dropdown, the Name field allows for manual entry of the person or entity providing the funds. This provides a descriptive record for the deposit voucher without requiring a permanent master record in the system.
Payment Type
The Payment Type dropdown specifies the medium of the deposit, such as Cash Account, Cheque, or Electronic Transfer. This helps categorize how the money was received and assists in the physical verification of funds during the reconciliation process.
Multiple Persons
The "Multiple Persons" toggle allows a single deposit transaction to be split across different counterparties. When enabled, a "Counterparty" column appears in the Deposit Items table, allowing the user to credit different customers or entities within one total deposit entry.
Deposit Items Table
This section facilitates the breakdown of the deposit, allowing users to allocate funds to specific accounts.
- Account Description: Select the GL account(s) where the credit will be applied (e.g., Sales, Interest Income, or a Receivable account).
- Branch and Department: These fields allow for dimensional accounting. They appear based on company preferences like "Use Branches Only" to track deposits by specific regional locations or internal departments.
- Amount: Input the monetary value for the specific line item. The sum of all line items will form the total deposit amount.
- Memo (Line Level): Add specific details or check numbers for each individual item in the deposit.
- Add Button: Click the blue "Add" button to finalize the line and include it in the deposit list.
Attachments
Users can click "Choose File" to attach supporting documentation, such as a scanned deposit slip from the bank or a copy of a received check, ensuring a digital paper trail for the transaction.
Action Buttons
- Process Deposit: Finalizes the transaction, posts the entries to the General Ledger, and updates the bank balance.
- Draft: Saves the current progress without posting to the GL, allowing for later review or completion.
- Refresh: Clears or updates the current form data to ensure you are working with the latest system settings.
General Ledger (GL)
The General Ledger tab provides a preview of the accounting impact. For a standard deposit, the system will generate a Debit to the selected "Into" account (increasing the bank/cash asset) and a Credit to the accounts selected in the Deposit Items table (e.g., reducing Accounts Receivable or increasing Revenue).
- Account: Displays the specific GL accounts affected. For credit, the selected GL in the transaction will be shown, and for debit, the GL account selected while creating the selected bank account will be shown.
- Debit: Reflects the increase in the destination account (the bank).
- Credit: Reflects the source of the funds or the reduction of an outstanding balance.
- Total: Ensures that the transaction balances, where Total Debits must equal Total Credits.