BR> Receipt Deposits
Summary
The Receipt Deposits process is used to create a deposit transaction in the Bank Reconciliation module using the receipts in a committed Cash Receipts module batch (CR> Cash Receipts). If you are not using multi-bank checking, all of the receipts in the CR module Cash Receipts batch will be combined into a single deposit transaction. For example, if there are cash, check and credit card payments in the Cash Receipts batch, all of those transactions will be combined into a single deposit transaction. This may be problematic if you do not receive the funds from credit card transactions immediately. If you are using multi-bank checking, you have the option to create a deposit from each receipt line item. This allows deposits to be grouped based on the bank accounts associated with the GL accounts on the detail line items on a receipt.
After a Cash Receipts batch has been processed in the Receipt Deposits process, a deposit transaction will be created in the Clear Transactions process (BR> Clear Transactions). The bank account attached to the deposit transactions will be increased by the deposit amount once the deposit transaction is processed and committed in the Clear Transactions process. For example, if you have deposited the receipts from a Cash Receipts batch into a bank account, process the batch in the Receipt Deposits process. This will create a deposit transaction in the Clear Transactions (BR> Clear Transactions). When you receive your bank statement verifying the deposit amounts were correct and had been cleared, process the deposits in the Clear Transactions process to increase the balance of the bank account.
The functionality of the Receipt Deposits process will vary if the Cash Receipts module is set up to use multi-bank deposits (CR> Utilities> Setup> Enable multi-bank deposits toggle). Multi-bank checking is used to associate specific GL cash accounts with bank accounts. If the Cash Receipts module is set up to use multi-bank deposits, the bank accounts associated with the cash account attached to the receipt line items will be used in the deposit transaction created in the Receipt Deposits process.
Flowchart
The objects in the diagram represent processes in the application.
|
Related Links
Click here for information on the Clear Transactions process.
Click here for information on committing a Cash Receipts batch.
Step by Step
- The Receipt Deposits process is a single batch process, meaning you can process only one batch at a time. Click here for information on single batch versus multi-batch processes.
- If there is an open batch in the Receipt Deposits process, you will not be able to create a new batch. If you would like to create a new batch, you can either delete the existing batch (highlight the batch in the batch number drop-down at the top of the Receipt Deposits palette and press DELETE), or you can reset the steps on the palette by returning to the first step of the process. If you return to an earlier step of the process, all of the information in the previous batch will be overwritten.
- If there are no open batches in the process and you would like to create a new batch, select New in the batch number drop-down menu at the top of the palette. This will open the New Batch window. The batch number, batch month and batch year of the batch will not affect the Receipt Deposits that are generated in the process. The batch information is for reference purposes only.
- Open the Select Batches window (BR> Receipt Deposits> Select Batches).
- The Receipt Deposits process is not a standard batch process. You can have only one batch open at a time. If the batch is set to a later step on the palette (for example, the batches have been selected and the proof list has been generated) running the Select Batches will overwrite the work that has already been completed on the palette. Any deposits that were going to be created by the overwritten batch will not be created.
- The Select Batches window will display committed Cash Receipts batches that have not been processed in a Receipt Deposits process.
- Cash Receipts batches that have already been processed in a Receipt Deposits palette will not display in the window.
- Click the Bank Account field label to select a bank account from a list.
This is the bank where the receipts will be deposited.
- If the Cash Receipts module is set up to use multi-bank deposits this field will be disabled. The bank accounts associated with the cash accounts used on the receipt line items will be used as the bank on the deposit transaction.
- Bank accounts are created and maintained in the Bank Account Maintenance window (SS> Maintenance> Bank Account).
- The Deposit Date field is used to enter the deposit date of the Cash Receipts batch. The Deposit Date field will default to the current date.
- When generating reports in the Bank Reconciliation module, the deposit date will be used to filter the transactions that display on the report. The deposit date will be used in the same way as the check date on a check.
- The Include receipt detail toggle will be enabled if the Cash Receipts module is set up to use multi-bank checking (CR> Utilities> Setup> Enable Multi-bank deposits toggle).
- Check the Include receipt detail toggle if you
would like to create a deposit for each receipt. If there are receipt line
items that are associated with different bank accounts on a single receipt,
those line items will create a separate deposit. For example, if there are
two line items on a single receipt and each line item debits a GL account
that is associated with a different bank account, the two line items will
create separate deposits. If both line items debit the same GL account, the
line items will be grouped onto the same receipt.
- If you do not check this toggle, all of the receipts associated with the same bank account will be combined together to create a single deposit amount.
- Click the Selected toggle of each Cash Receipts batch you would like to process in the Receipt Deposits palette.
- If you are not using multi-bank checking, all of the receipts in the selected batches will be combined into a single deposit. For example, if you select three batches of $1500, $1000 and $2500, all three batches will be combined into a single deposit of $5000.
- The total displayed in the Selected Amount field at the bottom of the window will update each time a Cash Receipts batch is selected.
- Click the Save icon
the batches have been selected.
- Open the Proof List window (BR> Receipt Deposits> Proof List).
- Click the Print icon
to process the report immediately or enter a date and time in the field next to the Print icon to schedule the report to generate at a later time.
You can view the progress of the report on the Job Viewer window (SS> Utilities> Show Scheduled Jobs). Click here for information on the Jobs Viewer window.- Click the Print icon drop-down menu and select Print Preview to preview the report before printing.
- Click the Print icon drop-down menu and select Excel to export the report data to an Excel spreadsheet as unformatted data.
- Click the Print icon drop-down menu and select Excel (Formatted) to export the report data to an Excel spreadsheet that includes much of the Springbrook formatting found on the printed version of the report.
- Once the report is generated, you can also display the report using the View Reports window (SS> Utilities> View Report). Click here for information on the View Reports window.
- The Proof List will display the bank account code and description selected in the Bank Account field on the Select Batches window (BR> Receipt Deposits> Select Batches). Each bank account included on the report will generate a line item on the report. The Deposit Date column will display the deposit date entered on the Select Batches window (BR> Receipt Deposits> Select Batches> Deposit Date field).
- Select Commit from the Receipt Deposits palette. This will open an information window.
- Select Yes to commit the Receipt Deposits batch.