Financials: Create Deposit

Financials: Create Deposit

1. This tutorial will cover how to use the Deposit function in the financials module in CRM.
2. The Deposit function allows you to record which financial transactions were deposited (in your bank account) together by grouping transactions together in batches/”deposits.”
3. Start by clicking on the Main Menu and then selecting Financials on the Financials sub-menu.

   

4. This will take you to the Financials index screen. This is a list of all of your transactions that have been entered into CRM. They are displayed on two tabs (Paid Transactions and All Transactions) and you can use the filters at the top of the screen to search for transactions (see our tutorial on using the Financials screen for more information).

   

   

   

   

5. You can toggle to the Deposited Transactions tab to see a list of deposits/batches that were previously created. You can view the details of the previously created batches by clicking the drop down to the right of any batch and selecting Details to view the batch details on the screen or Print to view them as a PDF document (that can be printed).

   

   DETAILS (VIEW ON SCREEN)

   

   

   PRINT (PDF)

   

6. If your organization has ever turned on the QuickBooks Sync, you will see a QuickBooks Sync Status Legend and a sync status icon next to any deposits that synced. If your QuickBooks Sync is no longer active, then this data is historical/for historical purposes only.

   

7. Creating a deposit can only be done from the Paid Transactions tab in Financials (non-paid transactions cannot be deposited).
8. To create a deposit, click the white check box to the left of the transaction(s) that you can to batch together/you want to indicate have been deposited into your bank account together or you can check the box next to Contact Name at the top to select all transactions (that have not been previously deposited).
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10. You can use the filters at the top of the screen to narrow down the list to make it easier to find transactions, including looking for transactions that have not already been deposited.

    

11. After the desired transactions have been selected, click Create Deposit in the bottom right corner.

    

12. This will take you to Create Deposit screen.

    

13. Start by filling out the fields at the top of the deposit batch with the Date of Deposit (required), the deposit Title (required), and a Memo (optional).
14. If you have the QuickBooks Sync turned on and set to "Sync Deposits" then drop down fields for you to select the Chart of Accounts/Bank Account for the Deposit and for any Cashbacks will be present. These will auto fill with the default accounts you set when you set up the QB Sync but if you want the deposit and/or cashbacks to go to an account different from the defaults you can set that per deposit by changing the account(s) you select here.

    

15. Verify the transactions that are to be in the deposit in the lower half of the screen.

    

16. You can view the transactions grouped by default mode, chart of account, or account class by toggling the settings in the upper left.

    

17. If you want to remove an item from the batch, click the trash can to the right of the item. This does not delete the transaction from your system; it just removes it from this batch.

    

18. If you are using the QuickBooks sync: All transactions in the batch MUST have a chart of accounts assigned to it for it to sync. Any transactions that do not have a chart of accounts assigned to them will simply not sync, while the rest of the deposit will sync and your deposit totals will be different in QB than in CRM.

    

19. If there were any adjustments to the deposit total to be made (some portion of the deposit transactions will not deposited, for instance if some of that money is being kept back as petty cash or some portion of the cash kept has been spent or some portion of the credit card transactions has been diverted to processing fees before reaching your bank account), scroll down to Apply Adjustments at the bottom of the screen. Adjustments can be expenditures on Expense Items (configured in Main Menu: Financials: Expense Items) or manual/misc ("on the fly") adjustments.

    

20. To enter an Expense Item adjustment, click the Expense Item button to add the expense item fields. Please Note: Expense Items must be configured ahead of time. They cannot be added "on the fly" from here. See this tutorial on configuring Expense Items. Fill out the Name field by starting to type the name of an Expense Item and then select the correct item from the list of matching items that appears  Add the amount in the Amount field. If you wish to add additional expense items, click the Expense Item button and fill out the Name and Amount fields. Repeat as necessary to add all of the expense items.

    

    

    

21. You will see the total amount of the expense item(s) appear in the Total Adjustments line (and the total will be subtracted from the total deposit amount).

    

22. To add a manual adjustment, click the Adjustment Button and type in the Name of the adjustment and the Amount. These adjustments are generally used to record petty cash expenditures and are not tied to any configurations with your system (that is, the name is an open text field in which you can type anything, unlike Expense Items). As with Expense Items, you can add more than one adjustment item. As with Expense Items, the total amount of the adjustment(s) will appear on the Total Adjustments line and be subtracted from the deposit total.

    

23. When you are finished verifying your transactions and entering any adjustments, click the Confirm Deposit button in the lower right to save the deposit.
    

    

24. A message will appear on the bottom right corner of the financials module to confirm that your deposit has been saved successfully. You will then be able to find your deposit on the Deposited Transactions tab.
    

    

25. If you have the QB Sync turned on and are syncing deposits, the deposit will then sync to QB (it generally will take between five to thirty minutes for you to see the deposit show up in QB). The deposits will show up in the register of the account that you designated either in your default sync settings or in the deposit itself. The deposit details will show summary date/total amount per Chart of Account per Payment Method.  For example, in our second screen shot below, you can see an entry for CoA "Relay for Life" for $100 for payments made via Credit Card/Stripe and an entry for CoA "Relay for Life" for $83.33 for payments made via check.

    

    

    • PLEASE NOTE: If any of the items in the deposit you create in CRM do NOT have a Chart of Accounts assigned, the rest of the deposit will still sync but those items will be excluded from the deposit total/the deposit total in QuickBooks will not be the same/will not equal the deposit total inside Fundyly CRM. In the first three screen shots below, you can see the details of a deposit we created in CRM for $360. In the third screen shot, you can see that one $10 transaction does not have a Chart of Accounts assigned. In the fourth screen shot, we can see the deposit has synced to QuickBooks but is only for $350, because the $10 transaction without a Chart of Accounts was not included when the deposit synced to QuickBooks.

      

      

      

      

26. Please Note: you cannot undo or delete any Deposits that you create in CRM. Deposits are a static record of a "moment in time" (the moment you deposited the funds into your bank account).