Bank Deposits in MoneyWorks

MoneyWorks by default provides an Unbanked bank account in it’s Chart of Accounts templates. The unbanked account is a Deposit Holding Account that businesses use to record receipts (cash, credit card or check/cheques) received from customers.

If you receive checks/cheques everyday, but you only want to physically deposit them into your bank once of week, you should record the receipt on the date it is received into MW against the Deposit/unbanked account. Outstanding customer invoices will then show the correct payment date and your AR person will not request payment from a customer whom has already paid etc.

In order to use the Deposit/Unbanked account, it is chosen [Blue Arrow] as the Bank account when you create the receipt.

Deposit Account Receipt

At the end of the week or when you decide to go to your Bank, select the Banking Command [Command menu at the top of your computer screen > Banking] or [Apple Command key + B, if on a Mac or Control Key + B, if on a PC] and the Banking window [Red Arrow] will open. All un-deposited/unbanked receipts will appear [Green Rectangle].

Note: all receipts will be highlighted, however you can choose which receipts you want deposited to your chosen Bank (possibly holding back a deposit or depositing to a different Bank later)

If you entered the Payment type in the receipt when entered, Cash receipts will be identified e.g. $100.00 in cash [Orange Arrow], so that you could if desired keep the cash in your office, recording in this case $100.00 to the Petty Cash office account [Green Square] that is used to buy donuts, coffee and pay couriers.

The Balance 8,305.00 [Purple Arrow] in this example will be deposited to my chosen Bank account [Green Arrow]

Banking Command

 

At this time you can print the Deposit report for your reference by clicking the Print button [Black Arrow]. The resulting report usually ends up looking like this.

Deposit report

With very little detail listed [Green rectangle]. The reason for this is that the fields/columns referenced in this quick report come from the customer’s name record and have not or are usually not filled in. For example you can fill in the your customer’s payment details in their Names record (Show menu > Names > double-click a customer name) and the Names Record [Red arrow] will open, Click the Bank tab [Pink arrow], choose how they pay e.g. Check ]Purple Arrow], Enter their Bank name, the Branch name or number and the account name (name on check/cheque. [Green Rectangle]

Customer payment details

and if that information is added in the customer names records the report would look like so…

Deposit Report with detail

After you ave printed (pdf etc.) your report if you decide to, Click Continue button [Red Arrow] in the report screen and the Banking window [Purple Arrow] will move it the front, Click Deposit [Green Arrow]…

Finalizing the Bank Deposit

 

and the Banking Journal [Purple Arrow] will appear showing the details. Enter the Deposit Date, the date [Red Arrow] that you went to the bank, just in case you are creating the Deposit on a different date, Optionally add a Description [Green Rectangle] that will appear in the resulting BNK Journal or enter an Analysis value [Pink Arrow] e.g. initial of person that did the deposit or some other reference that is important to you. Click OK [Green Arrow]…

Finalizing BNK Journal

 

and MW creates a Bank Journal [Red Arrow] in the Journal transaction list [Purple Arrow] which if opened shows the transfer of funds from the Unbanked account [Credit] to the chosen bank [Debit]

Finds receipts in Bank Journal

If you wanted to verify or review a bank deposit or print deposit details after the deposit has been completed you can do this two ways.

1. From the Bank Journal List [Purple Arrow] > Highlight the desired Bank Journal [Red Arrow] > Click the Related icon {orange Arrow] > The Find Related window [Green Arrow] will open > select Banked Receipts [Pink Arrow] > Select where you want the related Receipts shown e.g Receipts view [Blue Arrow] > Choose Found set [Black Arrow] > Click OK….

Reviewing Bank Deposits

 

And the Receipts related to the Bank Journal/Deposit [Green Rectangle] will appear in the Receipt List View [Purple Arrow}. Optionally if you wanted to print the Receipts as more detailed Bank Deposit report…

Finding Receipts

 

Highlight the Receipts and click the List icon [Orange Arrow] and the Print Transactions window will open [Red Arrow] > Click Preview (print, email etc.) and you will get a report like so…

Altenative Deposit report

Note: I added the BankJNSeq field/column to the Receipts List view and hence the report, each Receipt is assigned the sequence number of the transaction/Bank journal  that modified/deposited it.

So the second option is to review your receipts list and find the Bank Journal…

Go to Receipts list view > Highlight the Receipt that you wanted to verify [Red Arrow] > Click the Related icon [Orange Arrow] > The Find Related window [Green Arrow] opens > Select Banking Journals [Blue Arrow] > Show in the Journals list [Purple Arrow] > Choose Highlight [Orange Arrow] > Click OK

Finding Bank Journal from Receipt

 

and the Transaction List will switch the Journal list view [Purple Arrow] and the related Bank Journal will be highlighted and could then be opened, reviewed and reprinted….

Finding related Bank Journal

 

With the Journal Highlighted go to the Reports Menu > Cash Folder > Banking Folder > Reprint Deposit Slip and The Settings window [Green Arrow] will open > Click Preview (Print, Email, Word PDF etc.)  and…

Reprinting Deposit Slip

 

The Deposit Slip will print like so…

Reprinting Deposit Slip

Bottom line MW provides many options to review deposited funds and produce deposit slips/reports.

 

 

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