Deposits are transactions that represent any receipt of monies that is deposited in the bank.
They work the same as journal entries in that they need both debits and credits and those debits and credits have to balance. The difference with deposits is that one of those sides, the debits, is required to be an asset that is marked as a bank account.
This also means that all the line items (offset accounts) of this deposit will be credits. These line items will be made up of income and dedicated accounts and when we look at the chart from the Journal Entries page we will see that credits to income and dedicated accounts increase those balances and that is exactly what we want.
Deposits also have a unique feature in that you can automatically create them when you post an Offering Batch in the Contributions module. This can save you a great deal of data entry time. Deposits created in this fashion have a description of “Deposit from Batch n,” where “n” is the number of the Offering Batch in Contributions. Refer to the Contributions manual for details on setting up this feature.
Deposits can have one of three statuses:
» Blank—The deposit is active but has not yet been cleared.
» Cleared—The deposit has been cleared using the Bank Reconciliation utility.
» Void—The deposit has been voided, and all of its line items have been reversed, setting the deposit to $0.00.
Existing Deposits that do not have a status of “Void” or “Cleared” can be edited anytime within the fiscal year.
- Deposits can be added, edited, and deleted within the Deposits Register.
- You can access this register by selecting “Deposits” under “Transactions” in the menu bar or by clicking the “D” button in the toolbar.
- In this grid you will see a list of your deposits, including the date they were made, the amount they were for, and the status they currently have.
- Each bank account will have its own deposits and you can switch between those accounts using the drop-down box at the bottom of the window.
- After verifying you are on the right bank account, you can add a new deposit.
- To add a deposit from the Deposit Register, click the Add button.
- The Deposit # and the Date will automatically be filled in; override if necessary.
- Use the Memo line to describe the deposit.
- Under the Account # select the first offsetting account. After the account is entered, fill in the amount. Add a line item description if desired.
- Fill in any remaining Accounts and their amounts. Deposits that contain more than 40 Accounts must be broken down into 2 or more Deposits that share the same Deposit #.
- Once you are finished, click OK to save the deposit.