21st Century Accounting Help - Bank Accounts

Deposits

Cash received into the business is recorded in the Bank Accounts/Deposits window. To enter a deposit, select the Deposits command from the Bank Accounts menu and create a new deposit batch.

Types of Deposits

Specify each entry in a deposit as being one of the following:

A Receivables customer receipt. Select "Customer" as the receipt type.
Cash received to be recorded in a cash receipts journal. Select the journal you created for this purpose from the receipt type drop-down list.
Other cash received (for example, a rebate from a vendor or cash from cash sales not registered in a cash receipts journal). Select "Other" as the receipt type.

Distributing the Receipt

The way you distribute the receipt depends on the receipt type.

For Receivables customer receipts, you can distribute the amount against any or all outstanding invoices.
For deposits from a cash receipts journal, the system displays the G/L accounts you assigned when you created the journal.
For other cash received you must specify the G/L accounts when you enter the deposit.

Posting the Deposits Batch

When you post the batch, the system calculates the total amount to be deposited. The system adjusts the following accounts:

All Receivables customer receipts in the batch credit the customer account and the Receivables control account.
For cash journal receipts in the batch, the system debits and credits the prompt accounts for the amounts you specified.
For other receipts in the batch, the system debits and credits the accounts you specified.
For all deposits, the system debits the amount of each receipt to the deposit clearing account.
The system then credits the deposit total amount to the deposit clearing account and debits it to the specified bank account.

The G/L bank account will show a single transaction for the deposit, which includes the deposit number.

Reports

For reporting purposes, the entire deposit is recorded in the Deposits Journal. The receipts from Receivables customers also appear in the Receivables Receipts Journal and detailed Customer Activity report. Receipts from cash receipts journals appear in their respective journal reports. "Other" receipts appear in the Deposits Journal and Other Receipts report.