Modules»Accounts Receivable»Deposits in Separate Bank Acco…
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Last modified on 12/30/2015 12:41 PM by User.

Deposits in Separate Bank Account for One Division

When cash, checks or credit cards are posted into Profits Plus and the amounts go into the General Ledger account setup in the Automatic Interface in the G/L Module

 

  • General Ledger (Module 4)
    • System Management Functions (Task 32)
      • Setup Automatic Interface (Subtask 5)
        • Change Interface Parameters (Subtask 2).
          • Which systems do you with to interface to G/L?
            • Y: Accounts receivable
            • Y: Accounts payable
            • ?: Payroll
          • ANY CHANGE ? N, press enter key

 

At this point the automatic G/L accounts will appear on the screen.  The accounts to be concerned with are:

#1 A/R cash (in):          103-97  (the accounts used here are just examples)

#2 Credit Cards (in):     103-97

#4 A/R open:                115-97

 

Using these G/L accounts, the cash, checks or credit cards posted in the A/R Module will go into the G/L account #103-97-xx as a debit and a credit to 115-97-xx. 

  • The last two digits of the G/L account # are determined by an A/R Parameter, where all the cash and A/R from all divisions can go into one division’s GL account number for the Financial Statements.  For this example, let’s assume it is division 01  

Continuing, let’s say the G/L account #103-97-01 (AR/ Cash-In) represents a Wells Fargo bank account.  This works fine for all of the divisions, however one division (i.e. division 11) doesn’t have a Wells Fargo bank near them to make daily deposits, so their deposits are made at a Bank of America.  And continuing still, lets’ assume the G/L account for Bank of America is: # 103-11-01 (instead of the other divisions 103-97-01).

The checks, cash & credit cards from that one division (#11) are deposited into Bank of America, just like normal and they are entered into Profits Plus as usual.  However, when all of the cash/checks/credit cards transactions are still in Cash/Receipts Entry & Editing (Task 2 in A/R), and before they are posted, another transaction needs to be entered.  For the example, division #11 has deposited a total of $1,500.00 cash & checks dated 03/19/20xx.  This is the additional transaction they will make to make:

  • Accounts Receivable (Module 2)
    • Cash Receipts Entry & Editing (Task 2)
      • Enter (ADD) new cash (Sub-task #1)
        • 01 TRX number: press enter
        • 02 Trx type: 7 or 8
        • 03 Customer #: 99999 (The cursor will go to the bottom of the screen, enter a brief notation i.e. “Bank of America Deposit”.)
        • 04 Recv date: 03/19/xx Use the same date the rest of the cash, checks & credit cards for this deposit have been entered into Profits Plus.
        • 05 Division #: 01
        • press Enter key until at Field #14
        • 14 G/L act #: 103-11-01 (the G/L account for Bank of America)
        • 15 G/L act $: -1,500.00 This amount will be a negative of the entire amount deposited.
        • 16 & 17  press Enter key

Your cursor won’t go to the second screen.

This transaction will be a $1,500.00 credit to your automatic G/L account #103-97-xx and a debit to the account # in #14, 103-11-01.  It will be on the A/R to G/L Interface.  When the A/R to G/L Interface is obtained & posted into the General Ledger, the deposited amounts will be posted to the correct G/L accounts.

It is important to print (at least to screen) an edit list.  The edit list and posting for the one division should have “Total Amount Received: 0” and “Total change to A/R: $1,500.00”.  If this is correct you may post.  Save the posting. 

The $1,500.00 positive from the “Total change to A/R” on the posting should go onto you’re A/R Daily balancing spreadsheet.