Synchronize receipts in Inform with their bank deposit dates

When you take in accounts receivable, Inform posts them to the General Ledger on the day they were received. However, this date may not always align with the date on which the deposit was made, if for example

• You don't always go to the bank to deposit funds the same day they are received;
• You have credit card receipts that take a few days to post to the bank after they have processed.

When this happens, your Inform General Ledger is out of sync with your actual bank ledger.

To make sure that these ledgers reconcile properly, you can post receipts to a temporary holding account in Inform. Then when the deposit physically hits your bank, you can transfer those deposits from the temporary holding account to your bank account.

Using this Deposit Transfer process, you can ensure that deposits logged in Inform match the deposit day on your bank statement.

To use this process, first you must configure Inform for the Deposit Transfer workflow. Then you can transfer the deposits as needed.

Set up Inform for the Deposit Transfer workflow

Note that this set up needs to be performed only once. If Inform is already configured for deposit transfers, then skip to the next procedure, Make a deposit transfer.

1. Create a new GL Account as the temporary holding account. In this example, it is called "Undeposited Funds.

   1. Go to Accounting > G/L Account.
   2. Click New.
   3. In the G/L Account box, assign an 8 digit number, and then press the Tab key.
   4. In the Description box, type Undeposited Funds (or any name you choose), and then press the Tab key.
   5. Under General Ledger Groups, choose the group to which your bank belongs. This group is likely called Bank or Cash & Receivables,
   6. Click Save.

       

2. Create the GL Account as a Bank.

   1. Go to File > Company > Bank.
   2. In the Bank box, click and then choose the G/L Account you just created.

      

   3. On the No Bank Found prompt, click OK to create the new bank.

      

   4. Complete any required fields, and then click Save.
3. Configure the Branch to deposit to the Undeposited Funds account by default.

   1. Go to File > Company > Branch.
   2. In the Branch box, choose your branch, and then click Edit.
   3. Click the General Ledger tab.

      

   4. Configure the following General Ledgers to post to the Undeposited funds account.
      • A/R Bank G/L
      • POS Cash G/L
      • POS Check G/L
      • POS Visa/MC G/L
      • POS Amex G/L
      • POS Discover G/L
   5. Click Save.
4. Update the General Ledger Control Table.

   1. Go to Accounting > General Ledger > G/L Control Table.
   2. Click Edit.
   3. On A/R Cash Account , click the X button at the end of the row to clear the current account assignment.
   4. O the A/R Cash Account Row, under G/L Account, click and choose the Undeposited Funds account.

      

   5. Click Save.

Make a deposit transfer

1. Go to Accounting > Bank Reconciliation > Deposit Transfer.
2. In the Bank box, choose the Undeposited Funds bank.
3. In the Starting Date box, choose the date on which the deposits were made to the bank, and then click Search.

   

4. All POS Check and Cash transactions are listed together. Credit Cards are listed separately

   

   Note: If you are configured for instant post, then cash and checks are not not grouped together.

5. Select the check box beside those transactions that have been posted to your bank, so need to be transferred from your temporary Undeposited Funds account to your permanent Bank G/L account.
6. Click Save.
7. On the Deposit Transfer pop-up, in the Bank G/L box, choose the physical Bank to which the deposit has been made.

   

8. In the Transfer Date box, choose the date on which the bank itself is noting the deposit (not the day you received it into Inform).
9. Click Save.

   Inform will create a journal entry for G/L posting, and will move the transactions from one bank to another.

   When reviewing the Bank Ledger for the transactions, the date of the transactions will be as of the date of your deposit, in the detail of the transactions, it will show the original date and account it came from.

   The deposits will show on the Deposit Transfer tab until the bank reconciliation is permanently saved.

See also

• General ledger control table
• Maintain your general ledger accounts
• Assign branch level general ledger accounts
• Create a new bank account