How To Complete a Deposit
What you need to know:
A deposit entry is used when money is received from a customer or someone who is paying you, and the deposit needs to be recorded in Accounting. A deposit may be a cheque, electronic payment, or other amount received. Recording the deposit helps keep customer balances, income reports, and bank records accurate. It also provides a clear record of why the money was received, especially when a reference or description is added to the transaction.
What you need to do:
Have your invoice or receipt on hand
Identify important sections such as the customer, invoice number, date, payment amount, and tax breakdown
How to (Step by Step):
There are two ways to start a deposit transaction:
Click the orange plus sign (+) and select Deposit
OR
Click Sales from the left menu options, select Transactions, and use the New Transaction drop-down to select Deposit
Once the transaction entry window is open:
1) Use the drop-down menu to choose a Customer. If your desired customer does not already exist in your books, click Add new customer and fill out the details in the slide-out, and click Save.
Note: Only First name and Last Name OR Company name is required to be entered, but it is recommended to also check the box so that the contact is both a Supplier and a Customer.
2) Enter the Date of your transaction by using the calendar or manually entering the day, month, and year.
Note: Available credit will indicate if you have a credit balance with a supplier
3) Select the appropriate Bank account. If the wrong payment source appears, click ‘x’ and Choose the correct bank account or credit card.
4) Enter a Deposit total for the transaction, if applicable.
Note: If you do, each time you add a new row below, the system will try to balance the transaction by entering the amount. If you don’t enter an amount, the system will automatically credit or debit your bank account to balance the transaction when you save it.
5) Add a Reference (optional) – This could be a cheque number, invoice number, or any other way you want to help identify the transaction. This field is searchable from the Transactions page
6) If you wish to add Attachments to the transaction, click Add and browse your computer to select a file, then click Open.
7) Select IN to choose the income type using the drop-down.
Note: Typically, a deposit would be income although you may have some situations where you might use A- (Asset sale) or C- (Capital asset sale) because you are selling an asset.
8) Select an Account using the drop-down menu.
Add a Description (optional) – Descriptions can be important in reports; without a good description, some reports won't make a lot of sense.
Enter the Amount. You also have the option to enter the Quantity and Unit price, and the system will then calculate the Amount for you.
9) Select the Tax option(s) applicable using the drop-down menu (see appendices for descriptions to help you select the best option).
10)Verify the subtotal, taxes, and total are correct for the deposit.
11) Click Review to expand and review the balanced debit and credit entries.
12) Before saving the transaction, you can click Save transaction template to add the transaction to your templates.
Tip: Saving a template can speed up future transactions by having the framework of frequent, similar transactions. Once you have the template, you just use the drop-down menu at the top of a new transaction to bring up the template, then adjust the dates and amounts.
13) When the transaction shows as Balanced, you can:
Click Save and close to record the transaction and take you back to the last screen you were viewing, or:
Click Save and new to record the transaction and open a new Deposit screen.
Appendices
Use the following list of tax drop-down options to choose the best option:
N – No tax in amount – The system will calculate the appropriate taxes and add them to the transaction as if the tax were not included in the Amount
G – GST in amount (PST exempt) - The system will calculate the GST as if it was already included in the Amount and not include any PST
G – GST in amount (QST exempt) - The system will calculate the GST as if it was already included in the Amount and not include any QST
G – HST in amount - The system will calculate the GST as if it was already included in the Amount
B – Both taxes in amount – The system will calculate both taxes as if they were already included in the Amount
T – GST in amount (Add PST) - The system will calculate GST as if it was included in the Amount and add PST calculated as if it was not included in the Amount
T – GST in amount (Add QST) - The system will calculate GST as if it was included in the Amount and add QST calculated as if it was not included in the Amount
P - PST in amount (Add GST) - The system will calculate PST as if it was included in the Amount and add GST calculated as if it was not included in the Amount
P - QST in amount (Add GST) - The system will calculate QST as if it was included in the Amount and add GST calculated as if it was not included in the Amount
A – Add GST (PST exempt) - The system will calculate and add GST to the transaction line as if the tax were not included in the Amount
A – Add GST (QST exempt) - The system will calculate and add GST to the transaction line as if the tax were not included in the Amount
U – User entered – no tax in amount – You can manually enter the tax in the appropriate tax box, and it will be added to the total in Amount
U – User entered – tax in amount – You can manually enter the tax in the appropriate tax box, and it will not increase the amount of the transaction
References and Additional Resources
Still have questions? Contact support
Contact us at 1-888-667-7893 or email support@fccagexpert.ca if you require additional support. You can find other help options under the Question Mark Icon in the top right of AgExpert Accounting at any time.