Setup: Prepare Bank deposit feature

Hello  IdeaExchange,

after previously using Business Basics and upgrading to online Essentials, i would like to see the Prepare Bank Deposit feature made available in this online software.

This feature was fantastic for easily preparing cash deposits and transferring into my main cheque account and keeping a record of all the transactions being deposited into this account.

Currently there is only a "Transfer money" option which only provides the ability to enter the transfer amount therefore not keeping an itemised record of what transactions have been transferred.

The Prepare Bank Deposit Report would then keep an itemised list of transactions ideal for auditing purposes.

Thanks,

UCC

Hi qwerty 

How are your customers paying you?  EFT direct deposit or cash/cheque?

If you are using bank feeds in Essentials, when the deposit to your bank account appears in the bank feed, you can allocate it at that time.

I'm aware that you are experiancing some issues selecting customes from your iPad and if you are unable to select the customers there, I suspect that it is the same issue with your iPad not the software.

Regards,

Alan

Thanks for your suggestion qwerty. It would be efficient for Essentials to have a Prepare Bank Deposit feature like AccountRight. Other users who are interested in this being implemented into the product, please cast your vote here.

My customers can pay by cash, cheque, credit card or EFTPOS or direct deposit. 

I have NO ISSUE with DIRECT DEPOSITS. I have the bank feeds set up and they work 99% of the time.

I used to use the CASH DRAWER to make deposits into the CHEQUE ACCOUNT. I use the cash drawer as most small businesses with a shop front would. Sales by cash and credit card/EFTPOS, and purchases with cash from the cash drawer and then at the end of the day put the balance of the cash drawer into the cheque account.

Thank you for the additional information, qwerty. We understand the importance of a Cash Drawer in your business. Your request has been passed on to our Developers for consideration. We request others who would like a Prepare Bank Deposits like function to please vote and add your comments.  

Yes, totally agree. i have a few clients on accountright plus that i was going to suggest move onto essentials, but, they all use the 'prepare bank deposits' & this would just be too fiddly to do as Alan suggested.

Tried to do the SPLIT as per the suggestion. I am even more lost as what to do here. At least with the annoying Create General Journal I can still see what I'm doing... (right or wrong)

Thanks again for your feedback qwerty  .

In the meantime regards to what the split feature is and what it does, when receiving bank feeds you can either match them to an existing transaction (if you already have a transaction, like an invoice, recorded) or you can allocate directly to an income account (if you don't already have a transaction recorded).

If you select the option to 'allocate' you will see the word 'split' down the bottom of the screen. This simply allows you to select several income accounts, rather than one. In every other way this is the same as allocating to a single account.

If instead  you select the option to 'match' to a recorded transaction, you can match to multiple transactions by ticking them all in the screen down the bottom. To do this, all transactions will need to add up to the exact amount of the back feed.

Please note, that these refer to bank feeds, rather than the 'take payments.' Window.

re: by Liam M on ‎08-01-2015 12:50 PM

i cannot see how i can use this method to allocate multiple accounts, like Sales, Expenses and Drawings all in the one bank feed transaction.

A typical EXAMPLE day would have transactions like

Sale1 $200 Cash

Sale2 $100 Cheque

Sale3 $500 Cash

Expense Fuel $100

Drawings $200

Bank Deposit $500

The $500 would appear on the live feeds but how do I allocate Sales, Expenses and Drawings all within the one "Split"?

Hello qwerty 

The split function would be used for simpler situations where you don't have any negative lines (like the payments you've made in your example) on the split you intend to record. If you do have negatives, you would need to manually record a transaction.

For instance you could record a receive money transaction transaction for with the following lines.

Sales income $200

Sales income $500

Cheque income $100

Expense Fuel -$100

Drawings -$200

You would replace the accounts above with the income or expense accounts that are appropriate in your file. The total of this receive money transaction would be $500 and it could be matched to the bankfeed.