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.

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