|NESFA® Treasury Procedures – Table of Contents||Last updated 24-Jul-2012|
NESFA always makes copies of the fronts of all checks received, and attaches them to a copy of the deposit slip. This packet is the basic paperwork for a deposit.
To record the deposit, take the packet of copied checks and, using the Tasks > Enter Receipts... dialog, create a new deposit. The deposit Ticket ID must be unique to this deposit: Use the procedure described in Choosing a deposit number and use the letter suffix B. So a check deposit on Independence Day 2013 would be given the ID D130704B. If a second deposit were to be done on the same day, either date it for the next day, or use some other suffix letter. (Having a unique ticket ID and using it for all checks on a single deposit makes reconciliation substantially easier.)
Then enter all of the
cash purchases (non-Accounts Receivable) checks on that
page. Mark them off on the copies of the checks as they're entered into the
books. (The checks are not real cash, but they are deposited to a bank account
that is considered to be cash. See below for real cash.)
For each check paying invoices billed as accounts receivable, a separate deposit dialog is needed. For each check, select Tasks > Enter Receipts... dialog, and create a new deposit. The date and deposit ticket ID will stay filled-in (it's very important that all checks in a given deposit have the same deposit ticket ID in Peachtree), but you'll have to fill in the reference number anew.
One or more invoice numbers (usually ARnnnnn) will normally be listed on the check. There may also be one or more credit memo numbers (usually CRnnnnn). So first enter the name of the customer in the Customer ID field. This will bring up a list of open receivables for that customer. Check off the receivables paid by that check. If all's well, the total for this item will match the total on the check. If so, you're done. If not, you've got some research to do.
If the total doesn't match, there are typically two reasons:
Actual cash can be included in a check deposit. Use payment method Cash. If the payors are identifiable, create a receipt for each as though it were a check. For payors which are not identified customers, such as for dues payments, used book sales, etc., use Customer ID Cash Sales and list them in the same way as done for checks.
Once the entire deposit is entered, run the report Reports > Account Reconciliation > Bank Deposit Report and confirm that the total for the deposit entered into Peachtree matches the total on the paper deposit slip. Doing this now rather than when the account is reconciled saves a lot of time. The deposits are batched together based on the deposit ticket ID, so an error in entering the same deposit ticket ID on all parts of a deposit will cause this report to be off.
See also: Entering charge deposits