The bank receipt process can be used for money you receive in that does not relate to a sale or customer account. This type of receipt will only record the necessary accounting entries, it won't generate any physical documents, so if a receipt is required you will need to enter the payment against a customer.
Some examples for when to use a bank receipt are:
- Investment income
- Bank deposits
- Vending machine income
- Miscellaneous income
- VAT refunds from HMRC
Money received relating to sales should have a sales order/invoice for a customer. These receipts should be processed through the customer financials or orders module and not as a bank receipt.
How to enter a bank receipt (bank deposit)
- Go to Accounting > Enter receipts.
- Select the bank account you want to receipt the money in to. The transaction will be recorded in the currency of the bank account.
- Select the account code relevant for income you are receiving.
- Enter the date the money was received.
- (With MC on) The system exchange rate for the transaction date is displayed. Amend the exchange rate as required.
- Enter some details about the receipt. This is for your own record, so that you know what the money was for should you need to investigate it later.
- Select the tax code and check the box to calculate tax automatically. To enter your own net and tax values, uncheck the box.
- Enter the amount received.
- (Optional) Use the Channel, Project and Lead Source fields for reporting purposes (these will only be assigned to profit & loss account types).
- Click the Enter bank receipt button.
An accounting journal is created and the journal ID is displayed.