Incoming money is recorded in aACE with entries in the Receipts module. These can be client payments toward invoices, refunds from vendors, or other kinds of incoming funds (e.g. tax refunds, owner investment of capital, etc). aACE accumulates the posted receipts in General Ledger accounts specified for this purpose, typically called "Undeposited Cash/Checks" and "Undeposited Credit Cards". When you are ready to transfer a group of receipts to the bank account, you record a bank deposit.
These deposits are collections of checks and/or cash, as well as pending credit card charges, which ultimately appear in the bank account as one lump-sum credit (or addition) to the account.
Record a Deposit
- Navigate from Menu > Accts Receivable > Receipts.
- From the list view, click Actions > Record Deposit.
- Use the Quick Search bar to locate the desired receipt(s).
- Click the Account field and select the appropriate account (typically Undeposited Funds, Undeposited Cash, or Undeposited Credit Card Receipts).
Note: Changing this field will alter the list of receipts below. You can also click the Switch Office Bank Accounts link to display another office's receipts and accounts.
- Click the receipts to include in the bank deposit, moving them down to the Selected Receipts list.
Note: You can remove a receipt from the selected list by clicking it again.
- If needed, update the date of the deposit and the Bank Account.
- Click Deposit.
Previewing the Deposit
From the Record Deposit screen, you can click the Preview button to display the details as a deposit slip. To close this preview, click Script is Paused: Continue in the upper-right corner of the preview window.
Updates After the Deposit
When you record the bank deposit, aACE automatically makes a General Journal entry which credits the From Account (e.g. Undeposited Funds) and debits the To Account (e.g. Cash Operating Bank Account). The receipt records that you included in the deposit are updated to Deposited status. They are also marked with a reference to the General Journal ID number in the Batch field.
"WIRE" Type Payments
Payments using the "WIRE" Type bypass the deposit process; these funds are deposited directly into the bank account.
If WIRE payments are accidentally marked as other Types, aACE will expect them to be deposited manually and will keep the receipts in Pending status. To correct this, locate the receipt(s), then click Admin Actions () > Mark Receipt as Deposited (or Mark Receipts in List as Deposited).