How to Record a Bank Deposit from Undeposited Funds

    • 0 step |
    • 3 minutes
      Navigate to Brokerage Engine.

      Close the Transaction

      Click "Pending" under the "Transactions" tab.
      Click the Action button to open the desired transaction from the list.
      Click "Commission Detail"
      Click "COMPLETE"
      Click "OK"

      Upload Transaction to Accounting

      Click "Upload to Accounting"
      If you select "Yes" from the dropdown menu under the statement "Post the Deposit", then the deposit will be posted directly into the account, in this case it would be the 1000 Commissions Account Checking.
      Click "No" if you want to send the deposit to the "Undeposited Funds" account.
      Click "OK"
      Click "OK"

      Navigate to Undeposited Funds

      Click "Accounting" to navigate to the Brokerage Engine Accounting module to post the deposit from Undeposited Funds.
      Click "Banking"
      Click "Deposits"
      Click "New Deposit"
      Select the account you would like to deposit to. Depending on the account you choose the "Balance" field will show you its current balance.
      Click "1005 - Operating Account"
      Click this date field to set the date of the deposit.
      Select the payment method from the dropdown menu.
      Click "Check"
      You have the option to search for pre-existing deposit entries that can be included in the Bank Deposit. You can search for the entry based on the type of payment and or the reference number.
      Click the checkbox to select each deposit entry. If multiple deposit entries are selected, then the system will bulk deposit them together.
      Verify that the right account was chosen, the date and payment method are correct, and that the individual or multiple deposits are selected.
      Click "Add Line" if any funds need to be added to the deposit. Adding a line is useful to allocate bank service charges, if need be.
      The detailed information of the payment can be added to the Memo field. The text on the field can be later searched on the Bank Register.
      Once the deposit has been reviewed, you can select "Save & New" from the dropdown menu or simply click on the "Save" button.
      Click "Save"
      Click "OK"

      Verify Bank Register

      If you'd like to verify that the deposit posted correctly in the Bank Register, go to the "Banking" tab.
      Click "Bank Register"
      Click "1005 - Operating Account" to select the account.
      Click this date field if a date parameter needs to be set.
      Click "Search"
      We can then see both deposits.
      We can also modify each deposit by clicking the Action button, which will take you to the Deposit Detail Page.
      Click "Journal Entries" to view the Journal Entry corresponding to the deposit.
      Click "Close"
      This Scribe is in tip-top shape!Leave feedback if there are any issues with this Scribe