Create a Bank Deposit
Bank Deposits are the method that AcctVantage ERP uses to recognize funds received on the Check Register.
- In order to Create a Bank Deposit, you will need to have received at least one Payment from a Client.
- If you have a Receipt linked to a Sales Order and you don't want to post the Sales Order yet, then you can still post the Receipt.
- The Receipt will be converted into a Client Deposit linked to the Sales Order.
- After a Receipt is added to a Bank Deposit, it is locked in read-only status.
- If you need to make changes to the record, you'll need to void the deposit, make any changes to the Receipt and then re-deposit.
- Neither the Receipt nor the Deposit should be posted if you still want to modify the Receipt.
1. Select the Receipts to Deposit
- Navigate to the Accounts Receivable ➤ Receipts window.
- Highlight the Receipts to be deposited.
- Open the Action Menu and select Create bank deposit.
To find Receipts that have not been deposited yet, use the Filter by menu and select Undeposited. Note the Batch Deposit ID is currently 0 for these Receipts.
2. Enter a Deposit Date
Enter the Deposit Date. This should be the date that will be on the bank statement (in order to make it easy to reconcile).
3. Choose the type of deposit to create
One for Each: Creates individual bank deposits for each Receipt selected. This is a new option added in AV 2020.1.0.
All in One: Creates one bank deposit for all Receipts selected. This is the standard option.
3.1. One for Each
In the Receipt window, note that a One for Each deposit assigns a unique Batch Deposit ID to each Receipt.
In the Check Register window, note that a One for Each deposit creates individual deposit records for each Receipt.
- Find the deposit in the Check Register.
- Highlight the the Non-posted (NP) Bank Deposit.
- From the Action Menu select Post selected records. This action can not be undone.
Posting a Bank Deposit ...
- ... DOES NOT affect the General Ledger. The General Ledger is charged upon the posting of each individual Receipt.
- ... DOES prevent any changes from being made to either the Deposit or the Receipts included within. If you think you may need to change a Receipt or Deposit, then don't post any of these records.