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Evo-ERP and DBA Classic >> Accounting >> bank deposits
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Message started by Lenette on 07/11/05 at 08:53:44

Title: bank deposits
Post by Lenette on 07/11/05 at 08:53:44

Our business manager is still using Quickbooks to prepare daily bank deposits. I have not found any similar printout (.rtm) available to DBA/EVO. I'd like to know how other companies prepare their daily bank deposits. Any and all feedback is welcome.

Lenette

Title: Re: bank deposits
Post by lmk223a on 07/11/05 at 09:27:19

We still manually write up bank deposit slips and then enter the payments to EVO-ERP in AR-C.

Since we are a small size company, this seems to work.

If you use DBA/Evo's check register GL-I, you can printout daily, monthly, or whatever time-frame deposits. This information is based on the payments applied in AR-C.

Monthly, I print out the bank deposits from EVO to compare them to the deposits on the bank statement, then reconcile using GL-J.

Title: Re: bank deposits
Post by Lenette on 07/11/05 at 09:54:42

lmk223a,
thanks for your info. when i processed the bank deposit last week i did use the GL-I report to get a deposit total. however, that report does not work for a deposit recap if you have eletronic transaction (such as visa payments, etc.) already posted for said date.

Previously, I posted under the Crystal Reports section "Topic: Deposit Info Report" but have not received any posts. It would be nice to be able to run something in GL-C that allowed up to pick which columns appeared.
Lenette

Title: to Re: bank deposits
Post by lmk223a on 07/11/05 at 11:19:48

You can also print out a CASH RECEIPTS JOURNAL (GL-D) to verify and obtain a list of your customer's payments.

Do you have your VISA payments posted to the same GL cash account as your customers' check payments?

Title: Re: bank deposits
Post by Lenette on 07/11/05 at 11:29:40

Yes, we only have one (1) checking account. VISA payments are rare, but do occur a couple times a month.

Title: Re: bank deposits
Post by lmk223a on 07/11/05 at 11:57:45

We only have one bank account, too, and an occassional incoming wire transfer occurs. I use a unique batch number in AR-C to help identify the bank wires from the normal check deposits because the dates can be identical.

Title: Re: bank deposits
Post by David Waldmann on 07/12/05 at 05:54:02

We use GL-E. This works because the way we do credit card payments is to post them as a Cash type payment to separate GL & Bank account, and then do a manual transfer. The date of the posting and the date of the transfer are always at least two days apart. Actual cash (green stuff) receipts, where are few and far between, are posted manually through AR-C as well.

Then we use a posting date of the date the checks are entered as received in AR-C, and a date entered as the date the deposit is being made. This works great. The only thing we had to do is change the GL Account Description to include the bank account number, as our bank wants that on the list.

BTW, we usually only do deposits two days a week. That may play into how you set things up.

Curiosity/slightly related note - we get practically no checks in the mail on Tuesdays....

Title: Re: bank deposits
Post by Cyndee Pappas on 07/12/05 at 10:43:25

David Waldmann wrote:

Curiosity/slightly related note - we get practically no checks in the mail on Tuesdays....

I've noticed this too. My theory is that I get most mail in 2 days and not that many office folks work on Saturday. (Checks received yesterday are still in the envelopes on my desk. All are postmarked or metered Friday Jul 8. No mail yet today.) :)

Title: Re: bank deposits
Post by lmk223a on 07/15/05 at 04:27:05

Bit of humor - you should receive checks in the mail on Tuesdays following a Monday holiday. Did any of you folks receive checks in the mail on Tuesday, July 5th?

Title: Re: bank deposits
Post by David Waldmann on 07/19/05 at 07:51:45

lmk223a wrote:

Bit of humor - you should receive checks in the mail on Tuesdays following a Monday holiday. Did any of you folks receive checks in the mail on Tuesday, July 5th?

OK, let me re-phrase that:

We get practically no checks in the mail on the second business day of the week....
;D

Title: Re: bank deposits
Post by Lenette on 11/04/05 at 08:57:59

I'd like to re-open this topic in another direction. I'm thinking about consolidating bank deposit to once or twice a week. Is there anyone out that that does weekly deposit, could you tell me what date you enter in the "payment date" field? Do you enter the schedule deposit date or the date the check is received. I know that the "deposit no." field can group them for account reconciliation so that's a no brainer, but I'm wonder how it will affect other reports if i enter payment date as Monday and not deposit until Friday.

Title: Re: bank deposits
Post by JNAPIER on 11/04/05 at 10:03:58

The only thing I could see would be the average day's paid could be upto 5 days off.

John

Title: Re: bank deposits
Post by Karen Mason on 11/04/05 at 12:59:38

I enter the date paid in A/R. We push all a/r receipts into a bank account called "Undeposited Funds". We then use GL-K for the actual date of deposit to transfer from Undeposited Funds to the bank account. This permits better balancing of the bank account when several invoices are paid in a given day and keeps the a/r dates correct.

Title: Re: bank deposits
Post by David Waldmann on 11/08/05 at 04:25:33

We enter Payment Date as the date the check is received, regardless of when it's deposited. However, we do that when the deposit is ready to be made, not throughout the week. As you indicated, we use the date in the Deposit Number to ease reconciliation.

I kind of like Karen's idea from the standpoint of keeping DBA up to date. You could run aging any day and not wonder "did we get that check so-and-so promised?". One thing I don't like about GL-K transfers is that they have automatically assigned numbers. If you could enter one like you do the Deposit Number I'd be much more inclined to do it. It's bad enough trying to keep the credit card deposits straight - having both CC and Regular deposits in the same number range would most likely drive me completely over the edge.

OK, I think I'll go balance my checking account now.