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Undeposited Funds / Prepare Bank Deposits

121vk

In Premier v19, we used to process to pay an employee as cash from undeposited fund. Then we used to pay some additional distribution from undeposited fund. Both these transactions used to go and sit under Prepare Bank Deposits and we used to group them and clear from there. So in the actual bank account, group amount used to show. However, in Account Right 2019.2, this does not seem to work. When I tried to do the same and clear, the data still sits under Prepare Bank Deposits. Has the process changed!!!!

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Accepted answers

Andrew_Y

Hello @121vk

Thank you for bringing your query to the community forums. I hope you will find them and the AccountRight Support pages to be a fantastic resource.

I have found these two help articles that may be of use to you. Please have a read of them and see if they are of use to you in dealing with Undeposited Funds and Preparing bank Deposits.

Preparing a bank deposit

About undeposited funds

If I have pointed you to helpful information, kindly consider marking this post as a solution so that others may find answers easier.

All comments

Steven_M

Hi @121vk

Generally speaking, Prepare Bank Deposits would be used for deposits into the bank account and Prepare Electronic Payments will be used for withdrawals of the bank account.

Just testing supplier payments in AccountRight 2019.2, in theory, these can be processed through to the Prepare Bank Deposits window by selecting the Bank Account for Undeposited funds* as the Pay from Account in the Pay Bills window. This will place the transactions into the Prepare Bank Deposit window so you can tick the associated transactions to process to the bank account.

Note: Payroll transactions shouldn't be processed through Prepare Bank Deposit.

*Setup>>Linked Accounts>>Accounts & Banking.