{"id":10821,"date":"2023-03-15T12:26:47","date_gmt":"2023-03-15T12:26:47","guid":{"rendered":"https:\/\/testv32.demowebsitelinks.com\/parallel\/?p=10821"},"modified":"2023-04-10T20:26:40","modified_gmt":"2023-04-10T20:26:40","slug":"how-to-easily-reconcile-bank-deposits-in-acumatica-part-1","status":"publish","type":"post","link":"https:\/\/testv32.demowebsitelinks.com\/parallel\/2023\/03\/15\/how-to-easily-reconcile-bank-deposits-in-acumatica-part-1\/","title":{"rendered":"How to Easily Reconcile Bank Deposits in Acumatica (Part 1)"},"content":{"rendered":"
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Our customers often wonder about the best way to record bank deposits that include multiple checks.\u00a0When it comes time for reconciliation of cash accounts with bank statements, it can be difficult to match up the individual payments going into a cash account with the summary amounts of the deposits on a bank statement.<\/p>\n

In\u00a0Acumatica ERP, the use of a clearing account solves this issue.\u00a0Customer payments are temporarily recorded to a clearing account.\u00a0Before you make a physical deposit to the bank, you create a bank deposit in Acumatica and list within it all the payments and cash that make up the physical deposit. \u00a0When the bank deposit is released in Acumatica, the system generates a batch of transactions to move the payment amounts from clearing accounts to the bank account and to record the charges incurred as expenses.
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\n<\/strong>Configuring a clearing account
\nThe clearing account is created on the Cash Accounts screen and linked to a GL Account of type Asset.\u00a0This cash account can be configured for use with one more payment methods.\u00a0Entry Types are used to specify the GL accounts for bank fees or other charges.<\/p>\n<\/div>\n

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<\/div>\n<\/div>\n<\/div>\n
Entering customer payments
\n\u200b<\/strong>
\nWhen a customer payment is received, you enter it into Acumatica on the Payments and Applications form and specify the payment method.\u00a0Because the payment method is associated with a clearing account, you can select the clearing account in the Cash Account box.\u00a0When the clearing cash account is selected, the system displays the\u00a0Deposit After<\/strong>\u00a0box on the form.\u00a0This lets you specify the starting date when the payment can be added to a deposit and is useful should you receive a post-dated check.<\/div>\n
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<\/div>\n<\/div>\n<\/div>\n
Preparing a Bank Deposit
\n\u200b<\/strong>
\nYou prepare a bank deposit by using the\u00a0Bank Deposits<\/strong>\u00a0form.\u00a0\u00a0You add payments and cash transactions to the deposit from the clearing account associated with the bank account.<\/div>\n
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\"Picture\" <\/a><\/p>\n

<\/div>\n<\/div>\n<\/div>\n
Releasing the deposit
\n\u200b<\/strong>
\nIf needed you can print the\u00a0Deposit Slip<\/strong>\u00a0report, which lists the payments and the total amount of cash to be deposited.<\/div>\n
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\"Picture\" <\/a><\/p>\n

<\/div>\n<\/div>\n<\/div>\n
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Once the deposit is released, the system generates a batch of deposit-related transactions to transfer the payment amounts from clearing accounts to the bank account and to post the bank charges incurred for the deposit as expenses.<\/p>\n

Handling Mistakes<\/strong><\/p>\n

The system does not allow you to void a payment on an unrelease deposit.\u00a0If you need to void such a payment you can either:
\n\u200b<\/p>\n

    \n
  1. \u00a0Delete the payment from the deposit and then void the payment \u00a0OR<\/li>\n
  2. \u00a0Release the deposit and then void the payment<\/li>\n<\/ol>\n

    \u200bIf unrelated payments have been recorded to the clearing account by mistake, remove the payments from the clearing account by voiding them and creating new ones with the proper cash accounts specified.\u00a0To make it easier to create deposits, you should only assign the clearing account to those payment methods whose payments should be deposited to the respective bank account.<\/p>\n

    Bank Reconciliation<\/strong><\/p>\n

    With these procedures in place, bank reconciliation will be a breeze!<\/p>\n

    In part two, I will discuss more tips for an easier bank reconciliation:<\/p>\n

      \n
    • How to import bank transactions electronically<\/li>\n
    • How to auto-match transactions<\/li>\n
    • Use of rules to automate the creation of transactions such as bank fees.<\/li>\n<\/ul>\n

      Find more Acumatica tips and tricks at\u00a0https:\/\/www.parallelsolutions4u.com\/tips–tricks.
      \n<\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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