Lesson 44-- Making Deposits

This lesson shows you how to use Goldenseal small business accounting software to handle incoming payments. It's the final stage of the accounts receivable process.

Depositing Funds

To deposit funds into a bank account, follow these steps:

Choose Deposit Funds from the Bank menu. You'll see a 'quick report' window that lists items that may be ready for deposit.
Click in the Type field and choose the type of items you'd like to deposit. See the next section for more about the choices.
You'll see a list of income items, with the amount due, and the amount that is ready to be deposited.
Double-click on an item to see a detailed listing of the transactions that are included.

To view specific items and deposit them, follow these steps:

Put a check mark next to each item that you want to include in this deposit. You can also adjust the deposit amount, if you have received a partial payment.
When you are finished adjusting the deposit details, click OK.
Click Create Deposit to deposit all of the marked items.
Enter the bank account into which the deposit will be made, then click OK.

Goldenseal will automatically create deposit transactions, and mark the source transactions as paid.

Types of Deposit Income

Goldenseal shows different items in the Deposits Funds window, based on what you choose in the Type popup menu.

Payment Receipts-- A list of all undeposited payment receipts.
Cash Sales by Branch-- A list of sales branches, with the amount of cash sales received at each location.
Cash Sales by Date-- A list of undeposited cash sales by date.
Billed Sales-- A list of customers, with the outstanding balance for each.
Billed Projects-- A list of projects, with the outstanding balance for each.
Rentals-- A list of rental leases, with the outstanding balance for each.

Bank Deposits

Bank deposits are very similar to other bank transactions (see Lessons 37 and 38). You'll probably create most deposits with the Deposit Funds command, but you can also enter them directly.

Use deposits whenever you collect money from sales, billing or other transactions, and want to put it into a bank account. If you keep money in a cash account, you'll also use deposits to add to the funds there.

Do not use deposits for money that you transfer from one bank account to another-- use a bank transfer instead (see page 274). Also use transfers for interest and other miscellaneous income that comes directly from the bank.

Creating a Deposit

To create a checking account deposit, follow these steps:

Choose Checking Transactions from the Bank menu, then choose the account that will be used.
Click the New button.
Enter Deposit into the Transaction field.
Enter the type of account making the payment into the Kind field.
Enter the account making the payment into the Received From field.
Enter information about the deposit.

Paying One Item

To deposit a payment from one sale or billing record, follow these steps:

Enter the type of transaction into the Payment Type field.
Enter the specific transaction being paid into the Transaction field.

HINT: To view the transaction or transactions that are being paid, choose Detail Transaction from the View menu.

If the deposit does not reference a specific transaction, enter Received On Account into the Payment Type field. Goldenseal will add the deposit amount to the 'on account' balance for the payer.

Using Breakdowns

To deposit a payment for more than one transaction, follow these steps:

Choose Checking Transactions from the Bank menu, and choose an account from the submenu.
Click the New button.
Enter Payment into the Breakdown popup menu.
Goldenseal will automatically fill in a list of undeposited items from this account. Put a check mark next to the items that are part of this deposit. If partial payment has been received for some items, enter the amount into the Payment Amount column.

Deposits On Account

If a customer pays you money that doesn't apply to a prior transaction, follow these steps:

Create a Deposit transaction.
Enter the customer name and other details.
Choose On Account in the Transaction Paid popup field.

Deposit Posting

When you receive payments or make deposits, Goldenseal automatically 'posts' the action to the transactions that are included in the deposit.

If you include sale, billing record or rental transactions in a payment receipt transaction, Goldenseal changes their status to Paid. Paid transactions will no longer appear as a part of Accounts Receivable.

If you include sale, billing record or rental transactions in a deposit, Goldenseal changes their status to Deposited.

If a payment receipt or deposit covers only part of a transaction, Goldenseal changes its status to Part Paid. The remaining balance will still be included the next time you use the Deposit Funds command, or the next time you create a payment receipt or deposit and reference the partially paid transaction.

Finishing Up

In this lesson you have learned how to use the Goldenseal accounts receivable software to make deposits.

You might want to take a break now, and wander down to the local branch office of your local bank. Take a sniff. Doesn't it smell good? That's the aroma of fresh currency.

In fact it smells so great, why make deposits at all? Just keep the stuff around the office, and you won't need to use room freshener. Or hang a bill from the rear-view mirror in your car or truck, instead of a scented pine tree.

Yes, you can also fold dollar bills into a chic green hat, suitable for shopping or other festive occasions. It only takes about a half-dozen. You might need to use some duct tape as a stiffener, if the bills are worn.

HINT: For even more festive headwear, convert your currency into foreign denominations that have brighter colors.