View Full Version : reconcile bank deposits

08-09-2001, 10:10 PM
We make a bank deposits of several checks that were applied to several accounts each day. The bank statement shows 1 big deposit amount and Peachtree shows the individual payments received- is there an easy to way match these together ???

08-10-2001, 08:50 AM
The "DEPOSIT TICKET ID" in receipts is the key to lumping individual deposits together into one total for account reconciliation. Dates are not that important.

By default, Peachtree uses the current system date for a deposit ticket ID. This is fine, if you only make one deposit per day.

If you make more than one deposit per day, or to multiple accounts, you should label each physical deposit slip for the bank with a unique number and use that unique number as your "DEPOSIT TICKET ID". Example: start with 1 and increment from there - 2,3, 4, etc. If you have more than one bank use 1-1,m 1-2, 1-3, etc. and 2-1, 2-2, 2-3, etc. where the first digit represents the bank account and the second digit gets incremented with each ticket.

There is also a report in reports>account reconciliation>bank deposit report. This will list all of the detail for each tranaction (deposit ticket ID) along with the total. This should match the physical deposit ticket taken to the bank.

Jim Ronson

08-11-2001, 11:37 PM
Another way is to record your receipts to a Cash On Hand Clearing account. Then when a deposit is made to the bank, you can pass a journal debiting the relevant bank account and crediting the Cash On Hand clearing account.

This way the bank accounts in peachtree will only have debits that accurately reflect the actual deposit made od not the cheques that made up the deposit.

This would simply involve splitting the receipting function into two tasks.

1) In Receipts module, receipt all funds to clearing account

2) In G Journal record the actual deposit to the bank accounts

Hope this helps


08-12-2001, 05:26 AM
sorry roger,

but i would not recommend your approach. it is technically correct - but not the best solution.

based on my experience - the best solutions are:
- simple gl chart of accounts
- good ID coding for customer / vendor / items
- the default peachtree procedure for entering transactions - best practice.

any shortcuts - especially through the general journal is bound to give headaches later.

sorry to rebut your comment. but i had several horrible experience with clients using too many gl control accounts (using peachtree and other software) which creates big headaches later on - and shortening my life span !

a/r account field which is located at the bottom of the invoice entry window (and usually out of sight !) is a constant trouble-maker for clients with multiple a/r gl accounts.


08-21-2001, 01:30 PM

I agree with you. Peachtree does not provide any deposits via credit cards and their related %'s to take off.

In my past, I used G Journal to record all net deposits (credit card gross $ to accounts receivable, took off the various and numerous rates for each card company) and only posted net to the cash account from a cash clearing account. This also provided me with the information I needed to reconcile monthly to the credit card statements which shows sales volume trends for future negotiations.

I would love to work only with the system and am a believer in keeping the integrity of the system, but it does not allow me that. Maybe there is an enhancement that I have not seen. Let me know.

You have my vote.


08-21-2001, 08:58 PM
For Denise, Roger, and others dealing with credit card fees:

I understand the problem you have with the various credit card processing problems in reconciling. I have had all of my clients successfully request that the full amount of the sale on credit cards be deposited to the bank. The processing fees are then taken in one lump sum automatically from the bank account on a monthly basis. (Perhaps 3 transactions for the various card types -MC/VISA, Discover, AMEX). This has simplified life for my clients. Then, they only need to make one journal entry per month to record the bank card fees. Reconciling is a snap!

Most if not all processing companies will honor such a request. I haven't run across any that couldn't or wouldn't.

The same thing applies for business bank accounts where banks cut off statements in the middle of the month or some other odd date. Request a month end cut off. It doesn't hurt to ask.

Jim Ronson