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121vk's avatar
121vk
Contributing User
5 years ago
Solved

Undeposited Funds / Prepare Bank Deposits

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 s...
  • Andrew_Y's avatar
    Andrew_Y
    5 years ago

    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.

121vk's avatar
121vk
Contributing User
5 years ago

Thanks but just noticed that in AccountRight 2019.2 use of undeposited funds and prepare bank deposit has been made limited to only receipt of money.  In Premier we could use the function to group payments made to suppliers but it is no longer available.

  • Steven_M's avatar
    Steven_M
    Former Staff
    5 years ago

    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. 

    • CathVSA's avatar
      CathVSA
      Experienced User
      5 years ago

      Hi Steven I found this thread that seems to be relevant to my problem, I hope you don't mind me jutting in!
      I am using version 2019.4. We paid an employee cash, instead of by the usual method of eft. I ticked the "cash" box in the payroll system which allocated the payment to Undeposited Funds. I then processed that with "prepare bank deposit" and it hit the bank account as expected.
      That transaction however doesn't seem to be able to be cleared from the Undeposited Funds screen. I have tried reversing the transaction and re-entering it and it just leaves us with more entries that won't clear, even after processing the bank deposit.
      I see in your reply here that you shouldn't process payroll transactions via undeposited funds, clearly I wish I saw that before doing it, but given that it is an allowed option, what is the issue and what can I do to clear the transaction that has been processed from the "prepare bank deposit" screen?
      Thanks! Cheers Cath

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