Deposit Entries

Overview

Deposit Entries is the Lightning version of the Cash Receipts function in Classic. The Deposit Entries function:

• Allows the entry of bank deposits and the application of cash to open AR Invoices and Debit Memos.

• Permits the entry of unbilled cash receipts and Unapplied Cash Receipt Transactions (cash that will eventually be applied to open AR Invoices and Debit Memos but which can’t be applied at the time of receipt).

• Allows open Credit Memos and previously entered Unapplied Cash Receipt Transactions to be applied to open AR Invoices and Debit Memos.

• Allows you to record miscellaneous cash receipts and expenses (credit card charges, etc.)

• Permits individual open AR items to be written up or down (subject to limits set on the AR Control record).

Navigation

App Launcher > Accounts Receivables app > Deposit Entries tab.

Processing

From the List View:

• To add a new Deposit Entry, select the New button in the list view.

• From the action dropdown, select:

  • Edit:  To edit an existing Deposit record.

  • Delete: Delete the Deposit record.

  • Change Owner: Change the owner of the record to a different Manufacturing User.

Deposit Entries Fields

Deposit:  This is a system-assigned unique number for this Deposit Entry.

Bank Account:  This field identifies the Bank Account for this Cash Deposit and is a required field even for a non-cash receipt transaction. It Defaults from the Account Receivable Control parameter Default Bank Account.

Deposit Amount:  This is the anticipated total amount of this deposit in bank currency. When specified, it must match the actual transaction total for the deposit to be processed.

Recorded Receipts & Cash:  This field carries a system-accumulated total of the Customer Receipts and/or Cash to GL transaction amounts recorded.

Unrecorded Receipts & Cash:  This is the amount of Customer Receipts and/or Cash to GL transactions yet to be recorded.

Applied Amount:  This field carries a system accumulated total of the Customer Receipts applied and/or Cash to GL transactions applications in bank currency.

Unapplied Amount:  This field carries a system accumulated total of the Customer Receipts yet to be applied and/or Cash to GL transactions not yet applied in bank currency.

Status:  This field indicates the status of the Deposit Entry. Values are Open, Pending, Posted, Cancelled, Posting in Process, Posting Error and Posted with Reversals.

  NOTE  The Status of the Deposit Entry will be automatically set to 'Pending' when the Deposit Amount and the Applied Amount are the same.

  
Deposit Section

  IMPORTANT  When processing a Deposit Entry, the system checks this Deposit Date. If the date falls within a period marked as 'Closed to AR Postings', the system then checks the 'Suppress Posting in Next Open Period' flag on the Financial Company master record:

• If this flag is unchecked, the system will post the deposit with Accounting Date set to first day of the next open period.
• If this flag is checked, the system will prevent the user from creating or posting the deposit entry.

Bank Account:  This is the Bank Account to be used for this Cash Deposit.

GL Account:  This field displays the GL Account associated with the selected Bank Account.

Deposit Amount (Bank):  This is the anticipated total amount of this deposit in bank currency. When specified, it must match the actual transaction total for the deposit to be processed.

Currency (Bank):  This field displays the Currency associated with the Bank in which this Deposit is made.

Deposit Amount (Home):  This field displays the Deposit Amount in Home Currency.

Currency (Home):  This field displays the Home Currency associated with the Company in which this Deposit is made.

Discount Grace Period (Days):  This field holds the number of days grace allowed for taking discounts doing Cash Receipts. The discount date is extended by this number of days before comparing it to the Cash Receipt date to determine eligibility. This Default is set under the Account Receivable Control parameter - Default Discount Grace Period (Days).

Exchange Rate Type:  This is the Rate Type that will convert the Bank Deposit Amount to the Home Currency Deposit Amount. Defaults to the Current Spot Rate, and the users can override this if the company parameter allows overriding the exchange rate and if the user has permission to override it. The user can select the Override Rate or Locked-in Committed Rate.

Exchange Rate (Bank to Home):  This will default based on the Rate Type picked under Bank to Home Exchange Rate Type. The user will be able to override the type of Rate, namely, Override Rate or Locked-in Rate. The user can change the default rate that is shown here, provided the user has permission to override the rate, else the user can pick a different schedule in the subsequent field if there is one defined or contact the financial administrator to have one defined that they want to use here.

Exchange Rate Schedule:  This will default based on the abovementioned Rate Type. The user will have the ability to pick a schedule from what is available via the lookup if the Rate Type is Override Rate or Lock-in Committed Rate.

  NOTE  These fields 'Exchange Rate Type', 'Exchange Rate (Bank to Home)', and 'Exchange Rate Schedule' will be displayed only when the Bank and Home Currency are different.

Reference:  This is the user-defined reference for this Deposit Entry.

After entering the values to the above fields, click on the Save button to record the Bank Deposit and its related information in the Rootstock system or click Cancel to cancel it. After the record is saved the below sections will be displayed.

Actions

Deposit Detail Report:  Click this button to view details of the Deposit Entry in a Report.

Edit:  Click this button to edit the Deposit Entry.

  NOTE  Once the Deposit Entry is posted, it cannot be edited or deleted on this screen. Cash Receipts can only be reversed one at a time.

Delete:  Click this button to delete the Deposit Entry.

Post:  This button is displayed only when the Deposit Entry 'Status' is in 'Pending', click this button to post the Deposit Entry. The Deposit Entry will be posted in the background, and the user will get an email notification when the posting is done.

Reset Status to Pending:  This button is displayed only when the Deposit Entry 'Status' is in 'Posting Error'. Click this button to set it back to 'Pending' status to re-post it after error corrections have been made.

Receipts Section > Customer Receipts tab:

Receipts

Total Receipts:  This field carries the amount of cash received for this transaction. It is entered in the Customer’s transactional currency.

Amount Applied:  This stores the net sum of all receipts applied for a cash receipt transaction.

Amount Remaining:  This stores the difference between the actual cash receipt amount and all receipts applied against a cash receipt transaction 

Customer Receipts Grid:

Capturing a Customer Receipt is the second step in the Deposit Entry. In this step, a user can record multiple Customer Receipts associated with the bank deposit made. For example, three customer checks were entered on a single deposit slip and banked. In this case, the user would enter three Customer Receipts on the one Deposit Entry record. Click the Add + button in the grid to record the Customer Receipts.

Status: This displays the status of the cash receipt transaction. Open means nothing has been applied; Complete means all applications have been made based on the receipt amount recorded. Posted means that the cash receipt transaction is Posted. Reversed means that all the applications made have been reversed, and the documents applied are again available to cash application for application against another deposit.

Customer:  This field identifies the Customer associated with the transaction (not applicable on Cash to GL transactions).

Pay Type:  This field carries the type of payment that was used for this deposit transaction.

Check / Reference:  This field carries a user-defined payment reference for this transaction.

Transaction Description:  This field allows the user to specify a description for this transaction carried to the Cash Receipt Detail.

Amount Received:  This field carries the cash received for this transaction. For Customer related transactions, it is entered in the Customer’s transactional currency. For Cash to GL transactions it is entered in the Bank currency.

Currency (Receipt):  This displays the receipt currency in which the customer has made the payment. This Defaults from Maintenance (AR) Currency from the Customer Companies set up for this customer.

Exchange Rate Type:  This is the Pay to Bank exchange rate type used. This defaults to the Current Spot Rate, and the users can override this if the company parameter allows overriding the exchange rate and if the user has permission to override it. The user can select the Override Rate or Locked-in Committed Rate.

Exchange Rate:  This will default based on the Rate Type picked under Pay to Bank Exchange Rate Type. The user will be able to override the type of Rate, namely, Override Rate or Locked-in Rate. The user can change the default rate that is shown here, provided the user has permission to override the rate, else the user can pick a different schedule in the subsequent field if there is one defined or contact the financial administrator to have one defined that they want to use here.

Exchange Rate Schedule:  This will default based on the Rate Type picked above. The user will have the ability to pick a schedule from what is available via the lookup if the Rate Type is Override Rate or Lock-in Committed Rate.

Amount Applied:  This stores the net sum of all receipts applied for a cash receipt transaction.

Amount Remaining:  This stores the difference between the Amount Received and the Amount Applied. 

Remainder to Unapplied Cash:  This flag must be checked for any remaining unapplied cash for which an unapplied cash transaction is created in AR.

Unapplied Cash Comments:  When a remaining amount is used to create an Unapplied Cash transaction, this field provides a way for user-defined comments to be carried to the Unapplied Cash Transaction.

Discount Grace Period (Days):  This field holds the number of grace days allowed for taking discounts while applying cash receipts. It defaults on the value entered from the Deposit Entry Screen. This can be overwritten for each Customer Receipt line entered. The discount date is extended by this number of days before comparing it to the cash receipt date to determine discount eligibility.

Amount Received (Bank):  This stores the product of the Deposit amount in bank currency and the pay-to-bank exchange rate for a cash receipt transaction.

Currency (Bank):  This is the Bank Currency used to record the Deposit and defaults from the Deposit Header.

Amount Applied (Bank):  This stores the product of the Deposit amount applied in bank currency and the pay-to-bank exchange rate for a cash receipt transaction.

Reverse Posting Date:  This is the date that was assigned to reverse a cash receipt transaction on a Deposit.

Click the Save button on the grid to save the record.

Grid Buttons:

Reverse Posted Cash Receipts:  This button is displayed only when the Deposit Entry is posted and Cash Receipt is created. The reversal of the posted Deposit Entry will happen in the background, so the user will receive an email notification once the process is complete.

Receipt Applications

In this step, a user allocates each Customer Payment captured to the associated customer transactions. Please select the created Customer Payment record(s) to view the related customer transactions.

Currency:  This displays the receipt currency the customer has made the payment. This Defaults from Maintenance (AR) Currency from the Customer Companies set up for this customer.

Receipt Amount:  This stores the net sum of all receipts applied for a cash receipt transaction.

Debits:  This stores the sum of all the debit applications for all the cash receipts transactions.

Credits:  This stores the sum of all the Credit applications for all the cash receipts transactions.

Amount Applied:  This stores the net sum of all receipts applied for a cash receipt transaction.

Amount Remaining:  This stores the difference between the actual cash receipt amount and all receipts applied against a cash receipt transaction.

Unapplied Documents tab

Search By:

1. Document / Date Ranges: 

From Document:  Here you can specify the beginning range for the document numbers you want to search for. The search criteria accept exact matches and the first few characters of the document entered.

To Document:  Here you can specify the ending range for the document number. The search criteria accept up to the exact match value. E.g.: if you search from 'u' to 'v', then all docs beginning with 'u' will be selected along with exact match document 'v'. If you had v1 as a document, it won't select that unless you have entered v1 here. Leave it blank to search all values starting with 'u' and beyond. Note: Search criteria are numeric values to alpha values E.g., 1 to ZZZZZZZZ will fetch all documents.

From Date:  Here you can further restrict your search criteria by putting a specific beginning date. The search will bring back documents that have a date equal to or greater than this date.

To Date:  Here you can specify an ending date to restrict your search to include only those documents where the transaction date is equal to or less than this date.

Include Credits:  This is enabled by default so that all the documents, including any credits or unallocated receipts are also shown before you begin the receipt application. In the case of Auto-Select, the credit balances will be selected first, and then the debit balances, based on the age of the document, will be selected. Uncheck this box, and hit search if you want to exclude credits in your auto-selection.
 

2. Document Number:

Document Numbers:  Here the user can enter the specific document number(s) 'Exact Match Only', which may not be in a sequence. The user can cut and paste multiple rows from Excel from the document column or type them manually. The search will accept values separated by Carriage Return, Space/Tab Delimited, Comma, or semi-colon. Note: Documents with space will not be selected use the Range Tab for them.

Include Credits:  This is enabled by default so that all the documents, including any credits or unallocated receipts, are also shown before you begin the receipt application. In the case of Auto-Select, the credit balances will be selected first, and then the debit balances, based on the age of the document, will be selected. Uncheck this box, and hit search if you want to exclude credits in your auto-selection.
 

Buttons:

Search:  Click this button to search the unapplied documents based on the above-entered search criteria.

Reset:  Click this button to reset the entered search criteria.

Unapplied/Applied Documents Grids:

Receivable Transaction:  Name of the Receivable Transaction.

Transaction Type:  This is the transaction type of the AR document that is open and available in the cash application process.

Net Due Date:  The due date for the "net" (non-discounted) amount, used when any Discount Terms are not taken.

Open Amount:  This is the document’s open amount of the AR document that is open and available in the cash application process.

Discount Percentage Allowed:  This is the document discount percent available for the AR document that is open and available in the cash application process.

Discount Available:  This is the document discount available for the AR document that is open and available in the cash application process.

Discount Taken:  This field carries the amount of the Discount taken on a Customer Payment or Credit Memo application transaction.

Amount Applied:  This is the amount applied from the customer payment for this transaction detail.

Amount Over/Short:  This is the Over/Short amount of this transaction detail.

  NOTE  Overpayments against a document should be entered as a negative amount.

Write-Off/Up Override Account:  This field can be used to override the default Write-off account on the AR Control. It is always optional (blank OK). When specified it must be a designated AR Write-Off Account.

Transaction Date:  This is the document date of the AR document that is open and available in the cash application process.

Discount Due Date:  This is the document discount date for eligibility of any Discount Available. To this, add the Discount Grace Period set against the Customer Receipts, based on which the discount will be available to be taken. Please refer to help under the Account Receivable Control for Discount Parameters, if discounts are to be taken when not available.

Document Number:  This is the document number up to 30 characters in length, used to identify the AR document.

Payment Terms:  This is the document terms code of the AR document that is open and available in the cash application process.

Transaction Currency:  The currency that this transaction is in, based on the Customer's Currency or Home Currency, depending on whether the Customer's Currency is to be used as set in the Customer Master

Buttons:

Auto Select:  Click this button to automatically apply the customer payment to unapplied documents.

  NOTE  This button Auto Select is available only when the field 'Suppress Auto-Select in Deposit Entry' is set as false in the AR Control.

Apply:  After selecting the unapplied documents, adjust the Amount Applied and click on this button to complete the customer payment application process.

Unapply:  After selecting the payment-applied documents Tab, one can still unselect any documents before they are posted, select the document(s), and click on this button to unapply. This will revert the selected documents under the Applied Document Tab and move them back under the Unapplied Document tab.

Receipts Section > Cash to GL tab:

This Cash to GL option is used when the user deposits a non-customer receipt or expenses and wishes to record it directly to a GL Account. 

  NOTE  When you are recording an expense, the amount should be recorded as a negative amount. Also, the net Deposit amount cannot be less than 0 on the Deposit Screen.

Cash:

Total Cash Received:  This field carries the net sum of the amount of the non-customer cash to GL entered in the Bank currency.

Cash to GL grid:

Click the Add + button in the grid to record new non-customer cash to GL in bank currency.

Status:  This is the status of the non-customer receipt. Values are: Open, Complete, Posted, and Reversed.

  NOTE  The 'Status' of Cash to GL will be automatically set to 'Complete' when the Cash Received and Cash Applied Amounts are the same.

Pay Type:  This field carries the type of payment that was used for this deposit. Options are EFT, Check, Cash, Credit Card, Wire.

Check / Reference:  This field carries a user-defined payment reference for this transaction.

Transaction Description:  This field allows the user to specify a description for this transaction carried to the Cash Receipt Detail.

Amount Received:  This field carries the cash received for this transaction. For Cash to GL transactions, it is entered in the Bank currency. For recording an expense, enter the amount with a negative value.

Cash to GL detail Total:  This is the Net Amount that is the difference between the Credit Amount Total and Debit Amount Totals for the Cash to GL entries.

Click the Save button on the grid to save the record.

GL Details:

Please select the created Cash to GL record(s) to create/view the related GL Details transactions.

Total Cash Applied:  This field carries the net sum of the amount of the non-customer receipt entered in the Bank currency.
 
Debits:  This stores the net sum of the debit amount of the transaction details. This stores the sum of all the debit applications for all the cash receipts transactions.

Credits:  This stores the net sum of the credit amount of the transaction details.

Amount Remaining:  This stores the difference between the actual Cash-to-GL amount and all the GL Details applied to the Cash-to-GL transaction. The value should be 0 before one can post these transactions. One can split the amount recorded against different GL Accounts/Division/Projects/Dimensions.
 

GL Details grid:

By default when clicking the Add + button, the system will create an GL Details entry for the received amount. The user can still manually adjust the amount and can add multiple entries to record the received amount to multiple GL Accounts.

Cash to GL Account:  This field carries the GL Account to be used on a Cash to GL transaction. if the Cash to GL Amount - Amount Received is positive, the account will default per setting in AR Control parameters based on the parameters for the financial company ‘Cash Receipts Cash to GL Policy’ and ‘Cash Receipts Cash to Account Default,’ and if the amount is negative, the account will default to ‘Cash Receipt Write-Off / Up Account’ which can be overridden and split into multiple lines per users need.

Check / Reference:  This field carries a user-defined payment reference for this transaction.

Transaction Description:  This field allows the user to specify a description for this transaction carried to the Cash Receipt Detail.

Conditional Columns

Credit Amount:  This is the credit amount of this transaction detail in the Bank currency. This column is displayed for Income or revenue-type records where the Amount Received was recorded as a positive amount under the Cash grid.

Debit Amount:  This is the Debit amount of this transaction detail in the Bank currency. This column is displayed for Expense or credit card charges type records where the Amount Received was recorded as a negative amount under the Cash grid.

Division:  The Accounting Division referenced here (applicable only on Cash to GL transactions) will be passed to the associated GL Transactions, where it can be used for reporting & grouping purposes.

Project:  The Accounting Project referenced here (applicable only on Cash to GL transactions) will be passed to the associated GL Transactions, where it can be used for reporting & grouping purposes.

Dim1 to 8:  Dimension Value 1 to 8 of possible 8 (from those established on Company Master associated with the Financial Company defined for this transaction).  Dimensions are only applicable on Cash to GL transactions.

  NOTE  When the user selects 'Division' and/or 'Project' having an Accounting Dimension Value, that value will be defaulted on the corresponding Dim field (with the source as Division/Project).

Conditional Columns

  NOTE  This 'VAT Class' field will be disabled if the 'VAT Account' field on the selected 'Cash to GL Account' is set as blank or marked as Not a VAT Account.

SEE ALSO
 

Cash Receipts Overview 
Receivable Transaction