Use Bank Deposits to add money to bank accounts.
BANK DEPOSIT BASICS
When to Use Deposits | Entering Bank Deposits | Data Fields | Payment
Conditions | Simple Deposits | Deposits On Account | Payment
Status Field | Deposit Posting | Using Bank Deposits
BANK DEPOSIT RECORDS
Entering Records | Changing Records | Deleting
Records | Voiding Records
Finding Records | Sorting Records | Fixing Mistakes
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When to Use Deposits
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.
HINT-- Goldenseal automatically creates Bank Deposits for you when you use the Deposit
Do not use deposits for money that you transfer from one of your bank accounts to another-- use a bank transfer instead.
Also use transfers for interest and other miscellaneous income that comes directly from the bank.
Entering Bank Deposits
Usually it is easiest to use the Deposit Funds command when you have funds to deposit. It looks at all unpaid amounts
from cash and billed sales, project billing and rental income.
To deposit funds, follow these steps:
- Choose Deposit Funds from the Bank menu.
- Click in the popup field at upper right to choose the items to deposit.
- Put a check mark next to each item that is ready to deposit now.
- Click the Deposit Funds button.
- Choose a bank account into which to put the funds, then click OK.
- Goldenseal will automatically create a deposit for the selected items.
For more about the Deposit Funds command. click here.
To directly enter a Bank Deposit into a checking account, follow these steps:
HINT-- You can also enter deposits into
Cash, Credit Card, Escrow, Investment, Loan or Savings transactions.
- Choose Checking Transactions from the Bank menu, and choose an account from the submenu.
- Click the New button, or click on an existing item and click the Edit button.
- Enter Deposits into the Type field at the top of the window.
- Enter information about the bank transaction.
Enter the following information for each Bank Deposit:
Received From-- Choose the type of account from which this deposit was received.
Account-- Choose the account from which this deposit was received.
Transaction Paid-- Enter the type of transaction that this deposit covers.
Reference-- Enter the transaction that this deposit covers.
Amount-- Enter the amount of the deposit. Goldenseal fills in the amount automatically if you reference a specific transaction.
Date-- Enter the date of the deposit.
Record Number-- A record number is entered automatically.
Conditions-- Enter any special conditions for this deposit.
Comments-- Enter any comments you'd like to make about this transaction.
Deposits can be labeled with any of the following special conditions:
None-- No special conditions.
ATM Transaction-- For payments deposited in an automatic teller machine.
Cash Transaction-- For deposits made personally.
Debit Card-- For deposits applied to a debit card.
Electronic Transfer-- For payments deposited electronically.
Phone Transfer-- For transfers made by phone.
Internet Transfer-- For transfer made over the internet.
Other Transfer-- For payments deposited in some other form.
Deposit Payment Types
Simple deposits can cover several types of transactions. When making a
simple deposit, use None as a breakdown choice.
HINT-- To enter a deposit that covers
more than one transaction, use a Payment Breakdown.
Some deposit types do not reference a specific transaction:
Paid On Account-- A payment received from a customer or project that doesn't cover a specific transactions. Goldenseal subtracts the amount paid "on
account" the next time you use the Billing command to create a bill.
Received As Gift-- Money you receive that is not credited "on account".
Some deposit types are income from a specific transaction. Enter
one of the following:
Billing Record -- The deposit covers one Billing Record.
Payment Receipt-- The deposit comes from one Payment Receipt.
Rental Transaction-- The deposit covers one Rental Transaction.
Sale-- The check covers one Sale transaction.
Allowance-- Enter a specific Allowance that this deposit pays for. Available only for Projects.
Change Order-- Enter a specific Change Order that this deposit pays for. Available only for Projects.
Chargeback-- This deposit covers the "charge against" half of a Chargeback.
Equity Transfer-- Enter a specific Equity Transfers which this payment covers. Available only for Owners.
HINT-- To deposit more than one transaction at a time, use a breakdown.
Some deposits come from an expense transaction that is a credit or return
Material Refund-- The check will cover one Material Purchase transaction that has a negative balance.
Other Cost Refund-- The check will cover one Other Cost transaction that has a negative balance.
Payroll Refund-- The check will cover one Payroll Record transaction that has a negative balance.
Subcontractor Refund-- The check will cover one Subcontractor Cost transaction that has a negative balance.
To deposit a payment from one sale or billing record, follow these steps:
NOTE-- To view the transaction or transactions
that are being paid, choose Detail Transaction from the View menu.
- Enter the type of transaction into the Payment Type field.
- Enter the specific transaction being paid into the Transaction field.
Deposits Paid On Account
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.
Create a Payment breakdown to enter a deposit for one or more Sales, Billing
Records or Rental Transactions.
Goldenseal automatically creates deposits with a Payment breakdown when you use the Deposit Funds command.
You can also enter a Payment breakdown like this:
- Open a Checking Transaction.
- Click the New button, or choose New Record from the Edit menu.
- Enter Deposit into the Type popup at the top of the window.
- Enter Customer into the Received From field.
- Enter Payment into the Breakdown field.
- Enter a customer into the Account field.
- Goldenseal automatically fills in all unpaid Sales for this customers. Turn on the checkmarks for the ones the customer
is paying for now.
- If the customer is only paying for part of a sale, enter the amount into the Amount Paid cell.
- Click in the Paid By column and enter the payment method for each item.
HINT-- Recording the payment method for deposits
Deposits Status Field
The following types of bank transaction status are available:
Entered-- The transaction has been entered, but not yet cleared.
Cleared-- The transaction has cleared the bank. This status
is entered automatically after you enter something into the reconcile field.
Canceled-- If you make a transfer between two bank accounts, then delete one of the transactions, then the other
is automatically given the Canceled status.
Job Cost Only-- For past transactions that have been entered
for job costing only. They will not affect the account balance.
Planned-- For planned future transactions. They will not affect
the account balance.
Void-- For canceled transactions.
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.
Using Bank Deposits
Bank deposits change the running total and the Current Balance in the bank
account, just like any other bank transaction.
To see the source of a deposit, choose Detail Transactions from the View menu.
When you receive the bank statement that lists a deposit, enter a reconcile period into the Statement field, so you can reconcile the
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