Recording Bank Deposits

Recording Bank Deposits

Bank deposits are an essential part of tracking your business finances in EquiBillBook. This guide will walk you through the process of recording bank deposits, including customer payments, cash deposits, cheque deposits, and other deposit transactions.

Understanding Bank Deposits

Bank deposits in EquiBillBook are used to record money received and deposited into your bank accounts. Common types of deposits include:

• Customer payment receipts deposited into bank
• Cash deposits made at the bank
• Cheque deposits (including clearing and collection)
• Online transfers received into bank accounts
• Interest received and credited to accounts
• Other income deposits

Prerequisites for Recording Bank Deposits

Before recording a bank deposit, ensure you have:

• A bank account set up in EquiBillBook
• Access to the Banking module with appropriate permissions
• Deposit details including amount, date, and reference information
• Source account information if transferring from another account

Accessing the Bank Deposit Module

To record a bank deposit:

1. Navigate to the Banking module from the main menu
2. Click on Deposit or Bank Deposits
3. Click the "Add New" or "Record Deposit" button

Recording a Bank Deposit

Fill in the essential deposit details:

• Bank Account: Select the bank account where the deposit is made
• Date: Enter the date of the deposit (defaults to today's date)
• Amount: Enter the deposit amount
• Payment Method: Select the payment method (Cash, Cheque, Online Transfer, etc.)
• Reference Number: Enter cheque number, transaction ID, or other reference
• Description/Narration: Add a description explaining the deposit
• Branch: Select the branch/location (if using multi-branch setup)

Linking Deposits to Customer Payments

If the deposit is a customer payment:

1. Select "Customer Payment" as the deposit type
2. Choose the Customer from the dropdown
3. Select the Invoice(s) or payment entries to link
4. The system will automatically match the deposit with payment records

Recording Cash Deposits

For cash deposits:

• Select "Cash Deposit" as the payment method
• Enter the cash amount being deposited
• Add any relevant reference or receipt number
• Link to the source cash account if applicable

Recording Cheque Deposits

For cheque deposits:

• Select "Cheque" as the payment method
• Enter the Cheque Number
• Enter the Cheque Date
• Enter the Bank Name (drawer's bank)
• Note the clearing date if different from deposit date

Deposit Entry Details

Additional information you can include:

• Source Account: If transferring from another account
• Income Account: Select the appropriate income or revenue account
• Notes: Add any additional notes or remarks
• Attachments: Upload deposit slips or supporting documents

Recording Multiple Deposits

For batch deposits:

• Use the "Bulk Deposit" option if available
• Record individual deposits separately for proper tracking
• Ensure each deposit has a unique reference number
• Group related deposits by date or transaction type

Verifying Deposit Entry

Before saving, verify:

• Bank account selected is correct
• Amount matches the deposit slip or transaction record
• Date is accurate
• Reference numbers are correct
• Account balances will update correctly

Editing Bank Deposits

To edit a recorded deposit:

1. Navigate to the deposit list or transaction history
2. Click on the deposit entry you want to edit
3. Click "Edit" or "Modify"
4. Make the necessary changes
5. Save the updated deposit

Viewing Deposit History

To view deposit history:

• Go to Banking → Deposit History or Transaction History
• Filter by date range, bank account, or payment method
• View details of each deposit transaction
• Export deposits for accounting or reconciliation purposes

Best Practices

• Record deposits on the same day they occur for accurate cash flow tracking
• Always include reference numbers (cheque numbers, transaction IDs) for audit trails
• Link deposits to customer payments whenever possible for better reconciliation
• Review deposit entries regularly to ensure accuracy
• Keep deposit slips and supporting documents for verification
• Reconcile bank deposits with bank statements monthly

Troubleshooting

Deposit not appearing in bank balance:

• Check if the deposit is saved and posted
• Verify the correct bank account was selected
• Ensure the transaction date is within the reporting period

Unable to link deposit to customer payment:

• Verify the customer payment exists in the system
• Check if the payment amount matches the deposit amount
• Ensure the payment date is before or on the deposit date

Duplicate deposit entry:

• Check the deposit history for existing entries
• Verify reference numbers to identify duplicates
• Delete or void duplicate entries if found