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 to the income you are receiving
- Enter the date the money was received
- (If a foreign currency bank account) 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 records, 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, deselect 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 and loss account types
- Click the Enter receipt button