Accounts Receivable > AR Bank Deposits

The Record Deposit function allows you to list the total amount, number of receipts and refunds contained in a bank deposit including negative receipts. It also allows you to identify and record the posted receipts/refunds that make up the deposit or refund. Refunds are considered as negative receipts and will appear as negative (-) amounts in the grid.

You can use this function to ensure that all your receipts and collections from invoices are completely deposited. You may compare the actual cash received and recorded in AccountMate with the amount that will be deposited to verify that the total collection matches the total amount deposited.

The receipts you record in the Record Bank Deposit function should be the actual receipts as represented by the customer payments included in the deposit. Each customer payment is considered as one receipt and is represented by one system-generated receipt number though the payment maybe a check and may have been applied against more than one (1) invoice.

To record bank deposits in the Record Deposit function, perform the following steps:

1.Access the Record Deposit function from the Bank Transaction group in the Transactions menu of the Accounts Receivable module.

2.In the Bank # field, enter the bank account to which the deposit was made. You may also click the List box button to display in a drop-down list the available bank numbers; then, click the bank number to select. Once a valid bank # is entered in this field, the corresponding bank information such as the bank name, account number, account description and bank currency is displayed in the Bank Details area.

Note: Clicking the underlined Bank # field will display the Bank Account Maintenance function screen where you can add, update or delete bank account records.

3.In the Selection Criteria section, you may click the Show () button. The expanded Selection Criteria section displays the available filter options for which you want to show receipts and/or refunds to mark as included in the bank deposit you are recording. Select from the following options:

oPay Code

Enter in this field the pay code of the payments which constitutes the bank deposits received and the refunds made. Click the List box button beside the Pay Code field and select either All, Range or List option. If you chose Range option, you must enter values in the From/To fields; while the List option requires you to enter a value in the From field.

oPayment Received/Refunded Date

Enter in this field the date when the payments which constitute the bank deposits were received and the refunds were made. You may click the List box button and select one of the following pre-defined options: All, Range, Today, Yesterday, Previous Week Day, Current Period, Previous Period, This Week or Last Week. If you chose Range option, you must enter a date range in the From/To fields.

4.Select one of the following options:

oProcess Regular Deposit

Choose this option if you want to process AR refunds and receipts that meet the selected criteria.

Note: The AR receipts to be included when you select the Process Regular Deposit option will be the receipts that meet the following conditions: (1) receipts that are not assigned a deposit number; (2) receipts that are not assigned ACH paycodes; and (3) if ACH pay codes are assigned, the receipts have a negative bank amount.

oProcess Direct Deposit

Choose this option if you want to process AR receipts that meet the selected criteria and the following conditions: (1) the customer's prenote status is confirmed; (2) the receipts are not assigned a deposit number; (3) the receipts are assigned ACH pay codes; and (4) the receipts have a positive bank amount.

5.When you are done selecting the filter criteria, click the OK button to proceed. The receipts and refunds that fall within the specified filter criteri for the selected bank will be displayed in the grid at the lower part of the screen. If there is no receipt or refund posted for the bank that falls within the specified selection criteria, AccountMate will display a message informing you of such.

6.Enter values in the following fields:

oDeposit Date

Enter in this field the date when the receipts were actually deposited in the bank.

oDescription

Enter a brief description in this field. AccountMate Enterprise will not allow you to save the transaction if this field is left blank.

oTotal No. of Receipts/Refunds Registered

Enter in this field the number of cash or check receipt items included in the deposit slip.

oAuto-Select

Clicking this button will automatically mark the checkboxes of the first x records shown in the grid where "x" is the value entered in the Total No. of Receipts/Refunds Registered field. The transactions marked will start from the top of the grid regardless of how the records are sorted.

oTotal Amount Registered

Enter in this field the total amount deposited in the bank. Currency must be in the bank's currency.

oBank Fee Amount

Enter in this field the total bank fees amount (e.g., credit card fees, etc.) associated with this deposit.

oExchange Rate

This field is displayed if the selected bank is NOT assigned the home currency code. Accept or amend the default value in this field. This exchange rate only applies to the bank fee amount.

oBank Fee (GL Account ID)

This field is enabled if Bank Fee Amount is greater than zero (0). Accept or amend the default GL Account ID to which the bank fee transaction will be posted. To amend, enter a valid GL Account ID or click the List box button to select the GL Account ID from a list. The default GL Account ID comes from the Bank Fee GL Account ID assigned in the GL Account Selection function.

oNet Deposit Amount

This is a read-only field that shows the total amount deposited to the selected bank less the bank fee amount.

7.The Electronic Payment checkbox is displayed when the Electronic Payment checkbox in the AR Module Setup function is marked. If you selected the Process Regular Deposit option, the Electronic Payment checkbox will be unmarked and disabled. If you selected the Process Direct Deposit option, the Electronic Payment checkbox will be marked but disabled.

8.Accept or amend the default value in the Effective Date field which will be used as the effective date of the transaction. If the Deposit Date is the current system date or earlier, the default date is the current system date; however, if the deposit date is later than the current system date, the default effective date will be the same as the deposit date. The Effective Date field is enabled only if you selected Process Direct Deposit option in the Selection Criteria.

9.Reconcile the values in the Total No. of Receipts/Refund Registered and Total Amount Registered fields with the system-generated values shown in the Total No. of Receipts/Refund Recorded and Total Amount Recorded fields, respectively.

Notes: The values in the Total No. of Receipts/Refunds Registered and Total Amount Registered fields are provided from the marked checkboxes in the grid. The Total No. of Receipts /Refunds Registered value is the total number of receipts/refunds in the grid marked as deposited. The Total Amount Registered value is the total of the Amount field values of all receipts in the grid marked as deposited.

10.Review the information displayed in the grid. This information reflects the receipts and refunds for the selected bank that meets the selection criteria you entered which are not yet recorded as deposited/refunded in AccountMate. These receipts are the applied customer payments and refunds that were posted using the Apply Payment and Adjust Open Credit functions. In the grid, select the receipts that comprise the bank deposit you are going to record. You have the following options:

•You may individually select the receipts that you will include in the bank deposit transaction.

•You may click the checkbox in the first column's header to automatically mark the checkboxes for all the receipts and refunds displayed in the grid.

•You may click the checkbox in the first column's header to mark automatically the checkboxes for all the receipts and refunds displayed in the grid; then, individually remove the checkmarks for those receipts that are not included in the bank deposit.

•You may click the Auto Select button located next to the Total No. of Receipts/Refunds Registered field. Clicking this button has varied outcomes depending on the value you entered in the Total No. of Receipts/Refunds Registered field and the order of the receipts/refund line items in the grid. AccountMate marks as many checkboxes based on the value entered in the Total No. of Receipts/Refunds Registered field.

Note: If you activated the Automate Record Deposit by Pay Code in the General Information page of the AR Module Setup function, AccountMate will automatically select in the grid the receipt records that have the same pay code and receipt date. The Total No. of Receipts/Refunds Registered and Total Amount Registered fields will then show the numbers for the selected records in the grid and the default values for the Deposit Date and Description fields will be the selected records’ receipt date and pay code description, respectively. The Total No. of Receipts/Refunds Recorded and Total Amount Recorded fields are also automatically filled depending on the number of checkboxes marked by AccountMate.

11.Once you are ready to record the bank deposit transaction, click the Save button in the function toolbar. The Record Bank Deposit save confirmation window will then display showing the transaction #, and the ACH file name and location if Process Direct Deposit option is selected and a new ACH file was created.

•If the total receipts registered are not equal to the total receipts recorded, AccountMate will display a message informing you that the total number of receipts registered is off by a certain number. It further asks you whether you want to save the deposit. Click the Yes button to display the Record Bank Deposit save confirmation window; otherwise, select the No button to close the message box and return to the Record Deposit function screen.

•If the total amount registered is not equal to the total amount recorded, AccountMate will display a message informing you that the deposit is out of balance by a certain amount. It further asks you whether you want to save the out of balance deposit. Click the Yes button to display the Record Bank Deposit save confirmation window; otherwise, select the No button to close the message box and return to the Record Deposit function screen.

Record Bank Deposit

Record Bank Deposit

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