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Deposits

Distributor steps for creating and balancing bank deposits from the Accounts Receivable dashboard in Encompass, selecting load sheets and invoices until the difference is $0. Requires v23.01+.

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Written by Bailey Naas-Thornton

Minimum Version Required: 23.01

Steps

How to View and Manage Deposits
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  1. Using Universal Search, navigate to the Accounts Receivable dashboard
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  2. Click the Deposits tab
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  3. Select the View Unverified Deposits tile
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  4. Click the Add Deposits button
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  5. Enter values to all required and applicable optional fields displayed in the New Deposits form and click the Add Record button when complete
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  6. In the Deposits Edit view, check the box of the Load Sheet or Invoice to include it in the Deposit
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  7. When all Load Sheets and Invoices are selected to be included in the deposit, click the Balance and Complete button
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    ​NOTE: In order to Balance and Complete the deposit, the Difference must be $0.00, otherwise an error will appear
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  8. If additional Load Sheets or Invoices need to be added later, click the Save Changes and Exit button to come back to the deposit later
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Fields And Definitions

  • Bank Account - The account where the amount is deposited
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  • Undeposited Account - Undeposited Account used for the company
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  • Bank Jet - The Journal Entry Transaction for this deposit
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  • Cleared - The Amount cleared in the deposit
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  • Company - The General Ledger's company
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  • Date - The date the deposit hits the bank account
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  • Deposit - The amount deposited into the bank account
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  • Deposit Error - Any difference between deposit and cleared, this amount will hit your chosen deposit error account
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  • Deposit Error Account - The account where any error is allocated
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  • Deposit Error Jet ID - The Journal entry Transaction for the error
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  • Deposit ID - The unique id for each deposit
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  • Journal Entry ID - The Journal Entry of this deposit
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  • Status - The status of the Deposit
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  • Deposit Group - Deposit Group used

Best Practices

Tip: When troubleshooting why a Deposit hit a certain Deposit Account, check to see if the Payment Type was updated on the Invoice after it was Balanced.

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