The Deposit function helps users record incoming deposits, such as direct payments and advance funds, ensuring clear records of all funds received for better cash flow management.
To begin, follow these steps:
Step 1: Go to Accounting, then select the Deposits section to start recording incoming funds.
Step 2: Click + New Transaction to create a new entry.
Step 3: Choose Deposit Type, and select either Direct Deposit or Advance Payment.
Step 4: Input Deposit Details (Direct Deposit or Advance Payment)
- Deposit To: Choose the account linked to the deposit. The drop-down selection will contain frequently used options.
- The descriptions/steps below are unique when BANK is selected from the prior step.
- Payment Method: The payment method is the way a transaction is paid.
- Reference Number: This is a custom-description of your financial need/report.
- Reference Date: This section will indicate the date of the transaction or your own preferred reference date.
- Fee Account: Though optional, you may indicate the source of the fee.
- Fee Amount: Indicate the amount up to its decimal value without the currency.
- Payment Date: This will indicate the date of the payment. You may set it on your own terms.
- Currency: This is defaulted upon profile registration and can be changed by clicking on the drop-down menu.
- (Non-Bank) Deposit To: Choose the account linked to the deposit. The drop-down selection will contain frequently used options.
- Payment Date: Enter the date the deposit was made.
- Currency: This is defaulted upon profile registration and can be changed by clicking on the drop-down menu
Step 5: Enter Account Details:
- Category (Account): Choose the relevant account category. It can be Cash, Income, Current Assets, Bank. The selection varies depending on your preferred business reporting.
- Deposit Title: Add context for the deposit source or reason.
- Amount: Enter the amount without the tax.
- Tax: This area will give you an amount used prior to the recording entry, or you may create a new one as shown below. =
To create a tax, click here to access the tax setup page.
- Attachment: If necessary, you may attach a file that will stand as a reference for your transaction. Kindly note the indicated parameters of the file. This is a drag-and-drop area.
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Memo (Optional): If necessary, you may attach a note in reference to your upload or transaction.
Step 6: Click Save to complete the deposit entry.
🔶 NOTE: Per line entry has an edit, print, and delete function. These features are placed in the right section of the table.