Forum Discussion

Contributing User

4 years ago

clearing bank deposits

I accidently entered a payroll to cash clearing - (as i changed the setting for all chqs to go to cash clearing and relised pays cards were set to chq.) Because ive sent to tax department i had to do reversal. These transactions - a processed pay period and reversal show in cash clearing , under bank deposits. I tried to do a bank deposit - ticking them all off - which would balance out to a zero entry. It made the entry but doesnt take from bank deposit list?????

Tracey_H
4 years ago
Hi sb1

You need to make sure the only transactions in the Prepare Bank Deposit window are those pays and reversals, so clear out all other transactions. Then change the linked account permanently. When you open the Prepare Bank Deposit window it shows the transactions allocated to the linked account, by changing the linked account it just means that you won't see those transactions in that window. Those problem pays and reversal transactions will still be posted to the cash clearing account.

Please let me know if you need further help.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

Tracey_H
Former Staff
4 years ago
HI sb1

Thanks for your post. So that I can help can you tell me what window you mean by 'bank deposit list'? Can you send me a screenshot of that window? If you mean the Prepare Bank Deposit window, pays are payments so shouldn't be in a bank deposit. If they are it would mean that you've also got the Linked bank account for Undeposited funds set as the cash clearing account instead of the Undeposited funds account.

If you can send me that screenshot I'll be happy to work with you to resolve this.

If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
- sb1
  Contributing User
  4 years ago
  myobprob.docx154 KB
  - Tracey_H
    Former Staff
    4 years ago
    Hi sb1
    
    Thanks for that screenshot. That is the Prepare Bank Deposit window which is for funds paid TO your business, deposited into your bank account. Payroll transactions are payments you are making, not receiving, so can't be processed out of this window.
    
    To remove those transactions from that window you will need to link a new account to the Bank Account for Undeposited Funds. Typically the Undeposited Funds account is already created in your software and you link this account in Setup>>Linked Accounts>>Accounts & Banking Accounts:
    
    Before changing the Undeposited Funds linked account make sure the only transactions in the Prepare Bank Deposit window are those pay transactions and that they clear other out to zero.
    
    Payroll transactions should be linked to a Payroll Clearing account, the bank account or the Electronic Clearing account if you are using Prepare Electronic Payments to make bulk payments. The Bank account for Electronic payments needs to be the Electronic Clearing account but the Cash and Cheque payments can be either the Payroll Clearing or bank acount:
    
    Please let me know how you go with this.
    
    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.