Objective
This article will provide a brief overview of Deposit Batches within AccountsPrep, their core elements, and best practices when used in the software.
Applies To
AccountsPrep integrated companies.
Procedure
Deposit batches in AccountsPrep are essentially the same as Cheque batches, but they relate to the receipt side of the bank.
Firstly, let us be clear regarding Deposit batches...
For most clients they will not be necessary to use unless:
there are are outstanding deposits/lodgements at year end that you want recorded in the general ledger account for that bank, or...
the client makes deposits (of cash/cheques received) using a deposit/lodgement book that they keep chronological records for (similar to a cheque book but for receipts lodged physically in the bank).
For some clients (or regions) deposit/lodgement books may be entirely unfamiliar, but we provide this full functionality just so it is available for those it applies to.
As we say, Deposit batches work the same as Cheque batches...
If you post a deposit batch, it will sit as an outstanding deposit on the bank reconciliation report until such a time as it is matched with the relevant receipt in the bank statement batch to reconcile it.
How to work with Deposit batches
The best reference material for Deposit batches is to check the various instructions on cheques, but think of it from the receipt side. Take a look at our guide for cheques here but just consider everything from the receipt side!