Deposits

Purpose

There are several ways to record deposits to GL accounts but the most efficient way in FA is through the GL payment system. Deposits from customers, miscellaneous sales, etc. can be entered here. The Quick Entries method is the fastest way to enter simple, reoccurring deposits.

• CASH Accounts should not be negative.

Procedure

From the main menu:

1. Click on the GL-FMS tab.
2. Click the Deposits option.
3. Under From, select the payer from the drop-down list from whom the payment is being made.
4. If the Miscellaneous payer was selected, enter the payer's Name.
5. Select the type of Payment in Into drop-down list
6. Under the Account Description drop-down list, select the Bank Account to which the deposit is being made. Or you can either enter the Bank Account by using the Account Code
7. Select the Dimension of the item for which the Deposit is made. It defines whether the item is Raw Material, Semi-Finished, Rejected etc
8. Select lot of the item from Dimension 2 drop-down list, whether it is from Summer Collection Women, Winter collection women, Summer Collection Men or Winter Collection Men.
9. Enter the Amount of the Deposit
10. Enter any notes in the Memo field.
11. Click Add Item to confirm Deposit Entry
12. Click Process Deposit to register the deposit entry

Tips and Tricks

• Always view your GL posting to make sure that your entry was posted to the right account(s).
• The amount is posted as a debit to the account that is set in Bank Accounts for the bank selected in the document.
• Use Customer Payment Entry if you want to reconcile the deposit with customer invoices.