Recording Bank Withdrawals

Recording Bank Withdrawals

Bank withdrawals are crucial for tracking money going out of your bank accounts in EquiBillBook. This guide will help you record bank withdrawals, including cash withdrawals, cheque payments, supplier payments, and expense payments.

Understanding Bank Withdrawals

Bank withdrawals in EquiBillBook record money paid out from your bank accounts. Common types of withdrawals include:

• Cash withdrawals from bank accounts
• Cheque payments to suppliers or vendors
• Online transfers and electronic payments
• Supplier payment remittances
• Expense payments from bank
• Bank charges and fees
• Loan repayments and EMI payments

Prerequisites for Recording Bank Withdrawals

Before recording a bank withdrawal, ensure you have:

• A bank account set up in EquiBillBook with sufficient balance
• Access to the Banking module with appropriate permissions
• Withdrawal details including amount, date, and payment information
• Payee information and reference numbers

Accessing the Bank Withdrawal Module

To record a bank withdrawal:

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

Recording a Bank Withdrawal

Fill in the essential withdrawal details:

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

Linking Withdrawals to Supplier Payments

If the withdrawal is a supplier payment:

1. Select "Supplier Payment" as the withdrawal type
2. Choose the Supplier from the dropdown
3. Select the Purchase Bill(s) or payment entries to link
4. The system will automatically match the withdrawal with payment records
5. Verify the payment allocation is correct

Recording Cash Withdrawals

For cash withdrawals:

• Select "Cash Withdrawal" as the payment method
• Enter the cash amount being withdrawn
• Add the purpose of withdrawal (e.g., "Petty Cash", "Office Expenses")
• Link to the destination cash account if applicable
• Note any withdrawal charges if applicable

Recording Cheque Payments

For cheque payments:

• Select "Cheque" as the payment method
• Enter the Cheque Number
• Enter the Cheque Date
• Enter the Payee Name
• Note the clearing date when the cheque is presented
• Mark cheque status (Issued, Cleared, Bounced) if tracking is enabled

Recording Online Transfers

For online transfers (NEFT, RTGS, IMPS, UPI):

• Select the appropriate Payment Method (NEFT, RTGS, IMPS, UPI, etc.)
• Enter the Transaction ID or UTR Number
• Enter the Beneficiary Account Details if required
• Note any transaction charges separately if applicable

Withdrawal Entry Details

Additional information you can include:

• Destination Account: If transferring to another account
• Expense Account: Select the appropriate expense or cost account
• Tax Information: Add TDS or tax deduction details if applicable
• Notes: Add any additional notes or remarks
• Attachments: Upload payment vouchers, receipts, or supporting documents

Recording Expense Payments

For expense payments from bank:

• Select the appropriate Expense Account
• Enter the expense description
• Add any tax or GST details if applicable
• Attach expense receipts or invoices
• Link to expense categories for better reporting

Verifying Withdrawal Entry

Before saving, verify:

• Bank account selected is correct and has sufficient balance
• Amount matches the payment voucher or transaction record
• Date is accurate
• Payee information is correct
• Reference numbers are accurate
• Account balances will update correctly

Editing Bank Withdrawals

To edit a recorded withdrawal:

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

Viewing Withdrawal History

To view withdrawal history:

• Go to Banking → Withdrawal History or Transaction History
• Filter by date range, bank account, payment method, or payee
• View details of each withdrawal transaction
• Export withdrawals for accounting or reconciliation purposes

Best Practices

• Record withdrawals on the same day they occur for accurate cash flow tracking
• Always include reference numbers (cheque numbers, transaction IDs, UTR) for audit trails
• Link withdrawals to supplier payments or expenses whenever possible
• Review withdrawal entries regularly to ensure accuracy
• Keep payment vouchers and supporting documents for verification
• Reconcile bank withdrawals with bank statements monthly
• Track outstanding cheques until they are cleared

Troubleshooting

Withdrawal not appearing in bank balance:

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

Unable to link withdrawal to supplier payment:

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

Insufficient balance warning:

• Check the current bank account balance
• Verify if there are pending deposits not yet recorded
• Consider using overdraft facility if available and configured