Deposits

Overview

Making deposits is essentially the second stage in a payment workflow and a daily task in small businesses. Some businesses make bank deposits two or three times a week and some do it on a weekly basis. In general, you receive a payment from your client and record it in the Payments screen. This payment is held in the Undeposited Funds account (Other Current Asset). You can deposit that payment into your bank account by transferring those funds into it (funds transfer).

The Deposits screen in Core automatically presents you with all the payment transactions awaiting deposit; however, it is also possible to fill out a deposit line manually. Manually filled out deposit lines transfer funds from a source account into the destination bank account. You can also use this screen to enter direct deposits into a bank or current assets account. With the availability of check scanners and mobile phone deposits, you might make deposits several times a day even. In such cases, you need to mark multiple payments for deposits and instead of creating a single deposit transaction in the bank ledger, Core creates a separate entry for each payment deposited. Click to watch this video on making deposits in Core.

You might want to segregate the deposits based on the payment method to match it to the way your bank records deposits; otherwise, bank reconciliation becomes complicated. Your bank usually records credit card deposits separately from a cash or check deposit, even if the date of the deposit is same.

From the accounting view, making deposits credits (decreases) your Undeposited Funds account and increases your income account; on the other hand, it debits (increases) your bank account.

Field Descriptions

Basic Tasks

Make Deposits

Edit Deposits

View Reports

Advanced Tasks

Add Custom Fields

Add Documents

View Journal

Show/Hide Columns in Grid

Export Deposits

Apply Filters

Mark Screen as Favorite

Field Descriptions

Field Name Field Description
Deposits > Add Deposit >
Bank Account Account in which you are depositing the funds. You can view the current balance of that account. In case no default account has been set in Global Settings > Accounting for deposits, Core pre-fills it with the account selected in the list view.
Reference No. Reference number associated with the payment or deposit, like check number, routing number or deposit slip number.
New Funds: From Account Account from which the payment is to be deposited. By default, all payments are saved to the Undeposited Funds account. The drop-down list does not include non-posting accounts (transactions such as purchase orders, sales orders, or pending invoices).
Class It allows you to classify or group transactions, including new fund deposits. Deposits created from client payments do not need a class because those entries are already classified at the invoice level.

 

Make Deposits

To add or make a deposit, watch this video or follow these steps:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.

    1. Click Create New on the top-right.

    2. On the Add Deposit screen, enter the required information:

      • Bank Account: Account in which you are depositing the funds. You can view the current balance of that account. In case no default account has been set in Global Settings > Accounting for deposits, Core pre-fills it with the account selected in the list view.

      • Deposit Date

    1. Click the Existing Client Payments sub-tab to select the existing payments from the grid.

    2. Else, click the New Funds sub-tab to enter new funds in the top row of the grid:

      • Received From

      • Payment Method

      • Amount

      • From Account: Account from which the payment is to be deposited. By default, all payments are saved to the Undeposited Funds account. The drop-down list does not include non-posting accounts (transactions such as purchase orders, sales orders, or pending invoices).

      • Class: It allows you to classify or group transactions, including new fund deposits. Deposits created from client payments do not need a class because those entries are already classified at the invoice level.

    1. Click Done and then Save & Done or Save & Add Another.

 

Edit Deposits

You can view and edit deposits in the detail view. Core also allows you to un-deposit any client payment that was already deposited.

To edit a deposit:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.

    1. In the list view, select a deposit on the grid and click  to select Delete. To edit a deposit, select View Details instead.

    2. On the Edit Deposit > General screen, enter more details or make your changes.


    3. On the Existing Client Payments tab, you can deselect a row on the left to un-deposit a payment, if needed.

    4. Click Save & Done.

 

View Reports

To view a report:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.

    1. In the list view, select a deposit on the grid and click  on that row to select View Report.

    2. Select a report from the Report List dialog. It opens in the viewer.

    3. Preview the report and then choose to export or print it.

 

Add Custom Fields

Using custom fields, you can track extra characteristics and attributes of your fund transfers. You can enter any information (up to 50 characters) about the transfers. You can even customize these fields in the Custom Labels screen.

To add a custom field:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.

    1. In the list view, click  on the deposit row and select View Details.

    2. On the Edit Deposit screen, go to the Custom Fields tab.


    3. Click Add Custom Field and select the type of field you want depending on the purpose, say Text Box.

    4. On the Add Text Box dialog, enter the required information:

      • Name

      • Type

      • # of Characters

    5. Check Show in List View if you want this field to appear under the Show/Hide Columns list and show up on the grid. Click Save.

Note: You can display a maximum of three custom fields on the list view per screen.

 

Add Documents

To add a document to a deposit record:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.


    2. In the list view, click  on the deposit row and select View Details.

    3. On the Edit Deposit screen, go to the Documents tab and click Add.

    1. On the Add Documents dialog, select the relevant tab, depending on the type of attachment.

      • Computer: To attach files stored on your computer, enter its Description and drag your file or click to browse to that location.

      • Hyperlink: To attach an external link, enter its Description and then insert the hyperlink.

      • Dropbox: To link files stored in your Dropbox account, enter its Description and then browse for it.

      • Google Drive: To link files stored in your Google Drive account, enter its Description and then browse for it.

      • OneDrive: To link files stored in your Microsoft OneDrive account, enter its Description and then browse for it.

      • Box: To link files stored in your Box account, enter its Description and then browse for it.

      • Resource Library: To link company resources, select the resource from the library. This is available in Core CRM only.

    1. Click Add.

  1. Core pre-fills some of the information about the attached documents in the grid. You can send the documents to your clients, employees or other contacts for getting their digital or electronic signatures (eSignature via DocuSign) using the eSign option from the  row-action menu. Core automatically adds the signed documents to the Documents folder of the entity (record) as separate attachments. It displays the status of the document, whether it has been delivered via DocuSign, viewed by the recipients, declined or completed by the recipients, etc. This column does not show up if you are not connected via the DocuSign integration.

View Journal

You can understand the accounting behind a transaction by looking at its journal entries. In Core, you can open the Journal report to view the transaction details, including the accounts being credited or debited.

To view the journal of a deposit, watch this video or follow these steps:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.

    1. Select a deposit record on the grid and click  to select View Journal. The journal opens in the viewer.

    2. Preview the journal and then choose to export or print it.

Show/Hide Columns in Grid

You can configure the fields or columns that appear on the grid in the list view. You can hide or show columns, and sort the order of columns according to your requirements.

To do so, watch this video or follow these steps:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.

    1. In the list view, click More > Show/Hide Columns on the action bar.
    2. Select or un-select the column names in the drop-down list, say Ref.
    3. Next, click the column you want to sort the data by, say Amount.
    4. Click once for ascending order (A-Z) and twice for descending order (Z-A).

Note: You can resize the column widths on the grid and then reset them, if needed (More > Reset Column Widths).

 

Export Deposits

In Core, you can export deposits to the Comma Separated Values file format. Core exports data from all available columns and not just the columns visible in the grid.

To export the deposits to a .CSV file, watch this video or follow these steps:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.

    1. In the list view, click More > Export as CSV.

    2. A .csv export file is created and saved on your system at the default download location, say your desktop. Click to open the spreadsheet.

Apply Filters

To view selective data on the grid, watch this video or follow these steps:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.

    1. In the list view, click  on the right.

    2. On the Filters panel, select a filter from the drop-down and specify individual records or range.

    3. Click Add Filters to specify more filters.

    4. When you have finished, click Apply Filter. You can see selective data now.

    5. In the list view, you can remove the individual filters by clicking  on each. To disable applied filters temporarily or remove all filters, click next to the Filters icon and select Disable Filters or Clear All, respectively.

Mark Screen as Favorite

You can mark or flag the most-often used and important screens in Core as your favorites up to a maximum of ten. These favorite screens then display separately on the side menu under the Favorites list. You can manage all your favorite screens in Core from User Preferences.

To mark this screen as your favorite, watch this video or follow these steps:

    1. Open the Deposits screen from the side menu > Accounting > Deposits.

    1. In the list view, click  on the top-right.

    2. You can access this screen from the side menu under Favorites.

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