Deposit Payment

Created by Level 1 Support Team, Modified on Fri, 29 Sep 2023 at 11:23 AM by Level 1 Support Team

Deposit Payment

Once any form of income (via Fee, Record Income, Receive Payment, etc) is collected through our system, you have an option to either deposit the income directly to a Cash/Bank account or choose to posted to an account called Undeposited Funds. If the income is posted to Undeposited Funds account, then these funds need to be accounted, tallied and deposited at the end of the day to the appropriate CASH/BANK accounts. We use the Payments Deposited screen to do this.

Approved Transactions made in the following screen would post to Undeposited Funds and would need to be deposited using the Payments Deposited screen.

Record Income
Record Petty Income
Receive Payment (From customers)
Customer Advances
Sales Receipts
Other cash collection based modules.

Steps For Deposit Payment

From menu navigate to Payments->Payments deposited

As you can see above, you can select the appropriate CASH/BANK account you want to deposit the amount. Use our convenient BULK SELECT option to filter and select the items you want to deposit and add them to the grid.

Once added to the grid, verify the detail and Click on Add button to complete the deposit.

When you check on the associated income screens the status of those entries will get updated to DEPOSITED.

RECORD INCOME REPORT

Note:

You can also select and deposit only few transactions at a time.

E.g. You could filter for all CARD transactions only and deposit them to bank.

You can also use this option for cheques that are waiting to be cleared. That way, you can make deposit of only those cheques which are cleared and leave the remaining as undeposited.

There is also an Get All Undeposited Items report which will show you all the items that are awaiting to be deposited.

If you have a lot of cash transactions, then its highly recommended that Deposit Payment is done on a daily basis at the End Of Day. The physical cash needs to be counted and tallied with the value in Payments Deposited and the deposit should be completed. This will make sure that all money is accounted for and no shortage or excess is left over.

In case you made a wrong deposit, you can delete the deposit to VOID the transaction and make a new one instead.

Note: Remember that transactions that were deposited cannot be changed/edited.

E.g. If you entered and income and accounted the CASH and then deposited it, you cannot edit/delete the corresponding payment entries as their amounts are deposited. Should you need to edit, First Delete the deposit, make the necessary changes and redeposit the amount again.