Deposits

[normtp]

G`day,

I am attempting to record deposits to the bank register, however it also records a withdrawal for the deposit amount. Why.

I am using this for a Church application so there are no invoices etc.

[Will_SolnX_NZ]

Hi @normtp,

If you're trying to record a deposit with no invoices, etc, then you'll usually do it just using a Receive Money.

The MYOB Help database covers the absolute basics of this: Entering Detailed Transactions (link)

The usual reason for what you're seeing is if you're entering the bank account again in the allocation lines of the receive money transaction. 

The allocation lines (the second place you write in the amount of the transaction), is somewhere you should write in an income account, for example "Donations" or "Christmas Raffle", rather than selecting the bank account. (This is because of the way double entry book keeping works, any money that goes in to one account, comes out of another one).

[TonyLane]

Hi @normtp

Further to response from @Will_SolnX_NZ

The Undeposited Funds account is used to track all the payments you receive by cash, cheque and credit card, before they are deposited to your bank account. When you visit your bank to deposit the receipts (or your credit card company deposits the funds), you can record that deposit by transferring the payments from the Undeposited Funds account to your AccountRight bank account.
This makes reconciling your bank account easy, because you'll be able to match up the bank statement deposit amount with the amounts you've recorded in AccountRight.

The Help Note on this link Undeposited Funds explains more.

Thank you.