Cashbook Bank Deposit Slip

This Cashbook Solution is designed facilitate automated Bank Reconciliation for customers who receive large volumes of cheque payments which are subsequently lodged in batch and shown on the customers bank statement as one amount. Bank Reconciliation proves more difficult with batched lodgements as there is a many to one relationship between GL (Many) and the Bank Statement (One). Cashbook’s Bank Deposit Slip overcomes this problem.

Cheques are received from customers and using the Bank Deposit Slip functionality, all cheque details i.e. Customer No., Cheque No., Customer Name and Amount are input into Cashbook. This slip can then be printed and used as the physical bank deposit slip accompanying the cheque lodgement (optional). Within Cashbook the deposits are then automatically applied to open AR invoices using standard Cashbook AR functionality. Once the allocation of the Deposit slip is completed a Cashbook Journal is created with one transaction line for the total amount of the deposit, which is subsequently posted.

Within the Bank Reconciliation Module, this one lodgement is shown as one journal on the GL side of the Bank Reconciliation within Cashbook enabling ease of reconciliation with the Bank Statement. Should amendments be required to the deposits slip or the AR allocation, this can be done via Cashbook to ensure ease of reconciliation of manual lodgements.

Features

Cashbook Bank Deposit Slip used as the accompanying document for the physical lodgement.
Cheques can be applied across Company and across Customers.
Automatic Bank Reconciliation of all lodgements as bank reference number is used when posting Cashbook journal.
Reverse functionality available to cater for bounced cheques.
One to One relationship exists between Bank Statement and GL posting enabling automation of Bank Reconciliation process.
Centralized Bank Reconciliation for retail outlet is enabled via the capturing of retail store information.
All Standard AR Cash Application functionality is available within the Bank Deposit Slip i.e Bank charges, w/o, discount handing and unallocated cash.
Effective Cash Forecasting as all cash including cheques received are included.

Benefits

Duplicate recording of cheques, once on your banks lodgement slip and once in the ERP is eliminated. One entry in Cashbook is used for both processes.
Standardise process for recording and allocating all Bank deposits.
Cashbook Bank Deposit Slip used to accompany the physical lodgement. No need to manually rewrite.
All cheques are logged, details recorded and allocations processed prior to releasing cheques to bank.
Prompt allocation of cash against open AR.
Cash application queries are resolved prior to cheque lodgement.
Payment is logged and allocations made in Cashbook prior to lodgement in bank, ensuring full audit trail of all cheque received to lodgement in bank. The Cashbook journal together with the AR allocations does not have to be posted until cheques are cleared in bank
Massive time and monetary savings in Bank Reconciliation Process.