Introduction

This new feature available on version: W1 20.4 

User can use Bank Deposit for positing the cash received in bank instead of use Cash Receipt Journal.  This alternative way will make it easier to do bank reconciliations as just one single transaction for the total of all the receipts at the same date.

In additional, Bank Deposit can be use for record the deposit received from customer (i.e. customer prepayment) and it use for offset invoice afterward.

Setup Requirement

Following setup is required before creating Bank Deposit

#Setup
1

Sales & Receivable Setup - No. series for Bank Deposit Nos. 

Note: Post Bank Deposit as Lump Sum can be change in Bank Deposit Card

2

General Journal Template - assign the default no. series for the journal for Bank Deposit.

Use Bank Deposit to record the customer payment for settle customer invoice or prepayment

StepDescription
1

Go to Bank Deposit then click New to create new Bank Deposit

Fill up the information as below: 

IDField NameDescription
1NoBank Deposit No according to the No. Series setup in Sales & Receivable Setup
2Bank Account NoSelect Bank Account number according to Bank Card
3Total Deposit Amount

This total must be the sum of the amounts on all lines.

That means the total amount it deposit to the bank.

4Posting DateDefault work date and posting date of the cash receipt journal
5Account TypeSelect Customer if the bank deposit is for customer payments, choose the Customer Account Type and then select  customer number in Account No. column
6Document Date

Document Date in Bank Deposit Line is usually the Check Date.

For example, doing the deposit on 1/25/2024, but the check was written on 1/20/2024 and you would enter that in here to record the check Document Date

7Document No. 

Document No. in Bank Deposit Line will usually be the Check No.

For example, cheque No. CHQ532057 with cheque amount 10,000.00

8Credit AmountThe cheque amount for the bank deposit line
9Total Deposit Lines

The total amount of bank deposit line

System will calculate the "Difference" in General Tab, you will not be able to post this deposit until this Difference is zero

2Continue to enter Bank Deposit Line for another cheque details.
3

If depositing a cash payment for a specific customer invoice, choose the Apply Entries action, and then enter the invoice number in the Applies-to ID field

(1) select Apply Entries

(2) Set Applies-to ID

**Please note, different with cash receipt journal, the total for applied entries will not calculated by system and populate in bank deposit line.

4

Print the Bank Deposit Test Report (optional)

(1) Select "Show Applications" for showing the Applied customer invoice for the deposit line.

(2) Test Report information

1 - cheque deposit from customer 60000 Blanemark Hifi Shop is use for Prepayment, no existing customer invoice or AR to settle

2 - cheque deposit from customer 20000 Selangorian Ltd is use for settle the customer invoice No. 00-8, the Application is shows in below of the bank deposit line. 

5Post the Bank Deposit

Case example for receipt prepayment from customer by use Bank Deposit

The case scenario is the customer has no outstanding balance.  The customer depositing for prepayment then use the prepayment amount to settle their customer invoice afterward/


1 - Create bank deposit for handle the receipt, once the Bank Deposit for the prepayment is posted, the balance amount to be reflect in Customer Balance

In Customer Ledger Entry, you can see the source code BANKDEPOSIT it identified the deposit is positing via Bank Deposit

  • the cheque no. is recorded in Document No. and the Bank Deposit No. is shoes in External Document No.  This is different with Cash Receipt Journal if the deposit is positing via Cash Receipt Journal

2 - Sales Invoice #103033 for the customer is posted at 01/31/2024.  

3 - Go to Customer Ledger Entries then use Apply Entry function to settle the invoice by use of the prepayment amount.  After applied, the invoice to be settle by the prepayment.

*please note, in the case example below, there have 100 prepayment discount, therefor, you will see the remaining amount is 5,100 after settle the invoice for 5,000.




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