Adding a Deposit

Whether you’re adding a **Trust deposit** or receiving **commission funds** on a deal, you’ll use the **Add a Deposit** module to record the transaction. This guide provides step-by-step instructions for adding a deposit, including selecting the appropriate bank account, entering payer information, and posting the transaction to your accounting software.

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To get started, open the **Add a Deposit** menu under the **Deal** menu.

Select the **Bank Account** where the cheque will be deposited.

Click **Received From** field - > Select where the cheque was issued from.

If you've added your Deposit Payer into the people's page, you can start typing their contact name to populate the payer

Select the **payer** from your contacts. If the payer hasn’t been added yet, simply type their full name to add the contact on the fly.\ Click the **grey dropdown** to add the payer.

Next, enter any relevant information in the **Reference** field, such as: - Cheque number - EFT file number - Deal address - Audit reference or notes Adding a reference helps create a clear **audit trail** for the transaction. For example, you could enter: **“Agent paid $350 for overpayment of commission.”** This makes it easier to track the ins and outs of a deal and understand **why the transaction was recorded**.

Select the **Deposit Date**. If the deposit was made in the past, update the date accordingly. Otherwise, leave the default date set to **today’s date**.

If you select **Request via Invoice**, you can choose how the deposit will be posted to your accounting software using the **Create As** field. Choose whether you want it to be created as a **Payment Receipt** or an **Invoice**.

Save all your inputted changes!\ How this looks in Xero, Choose Payment receipt and the deposit posts directly to your bank account GL in your chart of accounts

Choose **Request via Invoice**, the deposit will create an invoice in Xero under Business> Invoice under either the All or Awaiting Payment tabs.

If you added the **deal’s address** in the **Reference** field when adding the deposit in Loft47, the address will automatically appear in the **Description** of the invoice in Xero. No need to worry about coding the invoice—**Loft47 will post it to the correct G/L accounts automatically**, so there’s no extra work required on your end!

Adding a Deposit

Grace Truong
11 steps
0 seconds