Entering a Deposit or Withdrawal

Background

You can record a deposit or withdrawal to/from a bank account to keep your balances up-to-date with the activity that happens outside of the accounting software.  An example would be entering a bank fee as a withdrawal from your checking account. Keep in mind, recording this does not affect money in your actual bank account. It is solely for the purpose of keeping your accounting bank account balances updated.  Activities within the accounting software such as payments from customers and payments to vendors will automatically be recorded in your bank account, so there is no need to enter a transaction for these.

To enter a Deposit or Withdrawal

Accounting > Financial Tasks > Deposit/Withdrawal

1. Choose either Deposit (money coming into your bank account) or Withdrawal (money going out of your bank account).
2. Enter the Post Date.
3. Select the Bank Account for this transaction.
4. If you have set up departments, select an optional Department.  For more details, see Managing Accounting Departments.
5. Enter the Description (example: November Bank Fee).
6. Select the Account that this deposit is coming from (or withdrawal is going to).
7. Enter the dollar amount.
8. To add another account, click “Add Row” and repeat the above two steps.
9. As you add accounts and amounts, the Total Deposit/Withdrawal amount will automatically update.
10. If you have Accounting Premium, you can attach electronic files and receipts to this entry by clicking “Attach Files.”  See Managing Your Receipts and Documents for details.
11. Click Save when you are finished. This transaction is now recorded and will appear on your General Ledger report.  From here, you can edit, void, or delete this deposit/withdrawal.