From time to time, you receive payments from your customers and want to make those deposits into your bank accounts. Web Suite enables you to do that in a simple and easy way.
By default, Web Suite enters each payment you receive into an account named Undeposited Funds (Other Current Asset account). After you have recorded your payments, you are ready to make your deposit by moving the money from the Undeposited Funds account into a bank account (or asset account) using the Make Deposits screen. You need to select the payments to be deposited and specify the account for the deposit. After you are done with the deposit transaction, Web Suite will immediately make the related deposit slips available that can be printed or emailed. If you prefer to wait and then print a batch of deposit slips for the whole month, you can do that as well from the Previous Deposits tab.
You might want to segregate the deposits based on the Pay Method to match it to the way your bank records the deposits; otherwise, bank reconciliation becomes complicated. Your bank usually records credit card deposits separately from a cash/check deposit, even if the date of the deposit is same.
From the accounting view, making deposits credits and decreases your Undeposited Funds account/increases your income account; on the other hand, it debits and increases your bank account.
This feature
is available in the Web Suite Enterprise editions only.
The Make Deposits screen has information on two tabs. To make a new deposit, use the Make Deposit tab. You can view deposits made in the past on the Previous Deposits tab.
Make Deposits Button Panel
Help:
Opens the Web Suite Help in the Make Deposits screen.
Options:
Send to Excel:
Allows you to export the records to an Excel spreadsheet and save the file to the desired folder. You can also export the grid data to Microsoft Excel using the shortcut menu.
New:
Allows you to add new funds to be deposited. Clicking on the +Add option in the grid also does the same.
Save:
Saves the changes made to any record.
Refresh:
Click the Refresh button to refresh the information on the screen.