How do I make a bank deposit?

When incoming money is recorded in aACE, an entry is made in the Receipts module. Receipts are classified as one of three types:

  1. Client Payment - a payment toward an invoice, or
  2. Refund - such as a vendor refund, or
  3. Other - such as a tax refund or owner investment of capital.

The system will accumulate posted receipts in a specified General Ledger account until a bank deposit is recorded for the group of receipts. These General Ledger accounts are typically called "Undeposited Cash/Checks" and "Undeposited Credit Cards".

To record a deposit to your bank account, navigate to the Receipts module. From the main menu: Accts Receivable > Receipts, then from the screen menu click Actions > Record Deposit. A Deposit screen appears.

Deposit_Screen.png

 

  1. Use the Quick Search bar at the top of the screen to filter the list you wish to work with, if necessary.
  2. Under the From Account section, select the Account you wish to work with (typically you will select from Undeposited Funds, Undeposited Cash or Undeposited Credit Card Receipts).
  3. Once you have the account selected, the Select From Receipts list populates with all undeposited funds of that type. Click on the receipts you wish to include in the bank deposit. Doing so will move each record to the Selected Receipts list in the lower section of the screen.  Hint: To move all entries, click the Add All button (located just under the list on the right of the side of the screen).To move a receipt back to the top list simply click the record.
  4. Once you have all the receipts selected for the deposit, select the Bank Account under the To Account section and enter the Date for the actual deposit. Hint: This date can be different than today's date.
  5.  When ready, click the Deposit button. A dialog box appears to allow you to print the Deposit. Click Yes to print or Not Yet to continue without printing.

 

More Info:

Once the bank deposit is recorded, the system automatically makes a General Journal entry which credits the From Account (Undeposited Funds) and debits the To Account (Cash Operating Bank Account).  The receipt records automatically update to show a deposit status of Deposited and they are marked with a reference to the General Journal ID number in the Batch field.

 

Special Note about X-Charge
If you are utilizing aACE's credit card integration with X-Charge it is important to know that X-Charge automatically settles batches at 2am EST every day. As such, all credit card receipts posted between 2am one day and 2am the next should be considered a single deposit.
 
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