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K
Kitkat2
January 29, 2019
Solved

Bank Deposit vs Customer Payment

  • January 29, 2019
  • 1 reply
  • 0 views

Previous Bookkeeper was entering checks into Bank Deposit with code Undeposited Funds.  Then would enter a cost under Customer Payments.  Why would one use both?  Only Bank Deposit goes to the bank account but cost category stays as undeposited funds.  I've only used Customer Payment and the amount would go to the bank account but somehow the way they have their books set-up it doesn't.  Only when entering via Bank Deposit.  Should I continue this way and for what reason?  Do I only enter using Customer Payment and if so, how does the amount get shown as deposited into the bank account?  I'm using Premier Contractor 2019.

Best answer by Joyce_P

Yes, you can directly deposit your customer's payment to your bank account, Kitkat2.

 

Customer payments are recorded to the Undeposited Funds account by default. We can change the setup so you can directly deposit the payments to your bank account.

 

Here are the steps:

  1. Go to the Edit tab.
  2. Click Preferences.
  3. Click Payments.
  4. Select the Company Preferences tab.
  5. Uncheck the Use Undeposited Funds as a default deposit to account.
  6. Click OK.

 

Once done, you'll have an option where to deposit when receiving a customer's payment.

 

Please see the screenshots below: 

 

 

 

 

 

 

 

I'll be right here if you need further help.

 

1 reply

john-pero
john-pero
January 29, 2019

What you describe them doing is backwards. Here is the workflow, once you turn on "Use Undeposited Funds as a default deposit account" in Preferences>Payments. 

 

Create Sales Receipt> inherent payment posts to Undeposited Funds

Create Invoice, receive payment; posts to Undeposited Funds.

Create Deposit>select payments from the popup (all that are in Undeposited Funds)

K
Kitkat2Author
January 29, 2019

Is there a way I could just use Customer Payment and have it deposit to the bank account?  Is there really a reason or need to do all these steps?

J
Joyce_PAnswer
January 29, 2019

Yes, you can directly deposit your customer's payment to your bank account, Kitkat2.

 

Customer payments are recorded to the Undeposited Funds account by default. We can change the setup so you can directly deposit the payments to your bank account.

 

Here are the steps:

  1. Go to the Edit tab.
  2. Click Preferences.
  3. Click Payments.
  4. Select the Company Preferences tab.
  5. Uncheck the Use Undeposited Funds as a default deposit to account.
  6. Click OK.

 

Once done, you'll have an option where to deposit when receiving a customer's payment.

 

Please see the screenshots below: 

 

 

 

 

 

 

 

I'll be right here if you need further help.

 

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