Bank Deposits

A bank deposit is the process by which the income of a business, whether in cash or in the form of checks, is physically transferred to the business' bank account. In this article, we will show you how to record this process in Cashflow.

1. Record a Deposit

To record a bank deposit, follow these steps:

1. Navigate to the main menu, select Bank, and then click on Bank Deposits.
2. In the list of Bank Deposits, click the (+) button to create a new deposit.
3. Select the bank account, currency, and date for the deposit.
4. In the Deposit section, you'll find three tabs: Checks, Cards and Cash. In each tab, you can choose the checks and funds to deposit into the account.
5. In the Checks and Cards tabs, you can select the documents or transactions you want to deposit.
6. In the Cash tab, mark the cash fund and then specify the amount of cash you're depositing in the Amount to Deposit field.
7. You can add additional notes in the Concept field.
8. If you want to attach a physical deposit receipt to this record, click on the Documents tab, then click the Upload File button, choose the file from your computer, and click Upload.
9. Finally, click Save to save the document.

It's important to note that recording a deposit in Cashflow is simply the electronic version of the physical deposit receipt you receive when depositing money in the bank. Therefore, you should first make the bank deposit physically and then record that deposit in the system.

2. Void a Deposit

To cancel a deposit, follow these steps:

1. Navigate to the main menu, select Bank, and then click on Bank Deposits.
2. In the list of Deposits, locate the deposit you want to void.
3. Click on the action menu (three horizontal dots) and select Void.
4. You will be prompted to confirm the action.

3. List of Deposits and Options

The deposit module provides a list of all registered deposits and a set of options in the action menu (three horizontal dots) for each transaction. These options allow you to manage and track each transaction easily. The options in this menu include:

• Preview
  This option allows you to preview the document as it would appear when printed.
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• Upload File
  You can add files related to the deposit, such as the physical deposit slip.
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• Audit
  The audit function shows the changes made to the document, providing a detailed history of modifications.
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• Cancel Document
  If you need to cancel a deposit, you can use this option. A canceled document cannot be deleted and remains in the system for record-keeping and auditing purposes.

Tips & Best Practices

When using Cashflow to record bank deposits, there are several tips and best practices that will help improve your experience and ensure accurate records:

1. Deposit First, Then Record
   To avoid confusion or erroneous records, always make the bank deposit first and then enter it into Cashflow. This way, the record will be an accurate representation of the physical deposit slip.
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2. Void Deposits
   If you make a mistake in a recorded deposit, you will need to void it; you cannot delete it. Voiding a deposit reverses the transaction and keeps a historical record for audit purposes. Remember that deposits cannot be deleted as they generate transactions that affect accounting.
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3. Deposits in Other Currencies (Multi-Currency)
   The currency you choose when making a deposit will determine the checks, cards, and cash funds you can view and add to a deposit. Ensure you select the correct currency to view the correct documents and funds.
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4. Supporting Documents
   Take advantage of the option to upload files to attach physical deposit receipts. This can help maintain a clear and accessible record of all your deposits.
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5. Regularly Review the Deposit List
   Cashflow provides a detailed list of all deposits made. Regularly review this list to track your deposits and ensure all records are correct.
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6. Use the Audit Option
   If you have any doubts about changes made to a document, you can use the Audit option to view a detailed history of modifications. This tool is useful for maintaining accuracy and transparency in your records.

Following these practices can help you maximize the utility of Cashflow and ensure your bank deposits are recorded accurately and efficiently.

Common Issues

Despite efforts to keep transactions as simple and clear as possible, some common issues may arise when recording bank deposits in Cashflow. Here are some of the most common problems and how you can resolve them:

1. Incorrect Deposit Entry
   It's possible to mistakenly enter a deposit with incorrect information. In such cases, you should void it. Voiding a deposit reverses the transaction and maintains a historical record for audit purposes.
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2. Inability to View Checks, or Cash Funds in the Deposit
   If you select a currency in the deposit and cannot view some checks, cards, or cash funds, they may not be in the selected currency. Ensure you select the correct currency to view all documents and funds.
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3. No Option to Delete a Deposit
   Remember that deposits cannot be deleted. This is because deposits generate transactions that affect accounting. Instead, you should void the deposit to reverse the transaction and maintain a historical record in accounting.
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4. Recording a Deposit Before Making It
   Recording a deposit in Cashflow should be an exact representation of the physical deposit receipt. Ensure you make the bank deposit first and then record it in the system to avoid confusion.
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5. Difficulty Attaching the Physical Deposit Receipt
   If you have trouble uploading the physical deposit receipt file, check that the file format is compatible and that the file size does not exceed the system's allowed limit.

Knowing these common problems and how to resolve them will help you avoid setbacks and ensure that your deposit records in Cashflow are accurate and up-to-date.