Bank receipts / deposits

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:

  • Interest
  • Investment income
  • Bank deposits
  • Vending machine income
  • Miscellaneous income
  • VAT refunds from HMRC
  • Donations

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)

  1. Go to Accounting > Enter receipts.
  2. Select the bank account you want to receipt the money in to. The transaction will be recorded in the currency of the bank account.
  3. Select the account code relevant for income you are receiving.
  4. Enter the date the money was received.
  5. (With MC on) The system exchange rate for the transaction date is displayed. Amend the exchange rate as required.
  6. 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.
  7. Select the tax code and check the box to calculate tax automatically. To enter your own net and tax values, uncheck the box.
  8. Enter the amount received.
  9. (Optional) Use the Channel, Project and Lead Source fields for reporting purposes (these will only be assigned to profit & loss account types).
  10. Click the Enter bank receipt button.

An accounting journal is created and the journal ID is displayed.

 

 

 

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