How to batch invoices/receipts ?

[ACF]

Hi, we'd like to batch several receipts together so it's easy to match with the balance shown in our bank statement (i.e. the bank received a lump sum amount). Does anyone know how to do that?

Thanks!  

[Alan_M]

Hi @ACF, When you are paying them you can use Group with Undeposited Funds and then you can use Prepare Bank Deposit to make that single deposit from you Undeposited Funds to your bank.

Hope that helps,

Regards,

Alan

[ACF]

Thanks for your reply. Not sure where I made mistake but it seems not working for me.

This is what I've done: I've put the receipts through undeposited funds account under "Sales" command, and under the "Banking" command I clicked "Prepare Bank Deposit" and ticked the items I wanted to batch together. Then I choose the account where I want to deposit the money to, and I changed date to match the bank statement transaction date ( the day when we actually received cash). Then I press "Record".  But all the receipts are still under the undeposited Funds Account when I ran bank resiger report. 

Also when I "Reconcile Accounts", all the receipts are still show up under the undeposited Funds Account.

I've attached a screenshot to show what I've put into the system.  

Thanks!  

[Steven_M]

Hi @ACF

I think you have the correct idea and it does sound like its working for you. Its just an understanding thing. AccountRight is creating a record of what is happening with those transactions. You might like to think of it as an audit trail.

When you record a transaction and group it with undeposited funds you would have 1 transaction. This would be the payment into the undeposited funds account. This would cause the transactions to appear in the Prepare Bank Deposit window. You would then tick those transactions off and process them to that bank account. This would be the one group payment to the bank account.  

When it comes to reporting i.e. the Bank register report, as there is a transaction going to the Undeposited funds account it will report on those transactions. So if you are displaying the report for the Undeposited funds account, there will be the deposit transactions (i.e. the individual payments going into the Prepare Bank Deposit). Also as the transactions are leaving that account, there will be a withdrawal transaction for the full amount leaving the account. The same is true for the Reconcile Accounts window.

Do let us know if you need further explanation or you want to clarify a point.