It is recommended to map Cash and Credit Card transactions to Undeposited Funds. To ensure that these funds are properly matched to the necessary bank account, follow the process listed below.
Step 1: Map to Undeposited Funds from the DSS
Premapped Payment Types should be already matched on the Daily Sales Summary. Review the 'Journal Entry' tab to ensure that all necessary transactions are mapped to Undeposited Funds. Once completed, 'Approve and Close' the DSS.
If the amount on the DSS is an exact match and the Undeposited Funds account on the DSS predates the bank statement transaction date (Daily Sales Summary is 5/1 and the bank statement deposit is 5/3), then the Bank Activity will automatch without having to use the Bank Deposit window (Step 2).
Step 2: Review and Save the Bank Deposit
Navigate to the Bank Deposit form and enter the necessary header information for a selected bank account. In the 'Undeposited Payments' tab, select all of the transactions that are connected to the deposit you are recording. The combination of transactions you select should match your total deposit on the bank statement. Click here to learn more about the Bank Deposit form.
If the Deposit Total is not an exact match to the Undeposited Payments Total, use the 'Adjustments' tab on the Bank Deposit to record any variances between the expected deposit amount and the actual deposit on the bank statement.
Upon Saving or Approving, the 'Distribution' tab will appear where the Deposit distribution can be seen, including any adjustments entered. These accounts can now be matched in Bank Activity.
Step 3: Match Undeposited Funds in Bank Activity
When opening the Bank Activity window, select the desired bank account to retrieve all bank activity. This window will match transactions recorded in the system that are:
- An exact match to what was recorded on the Daily Sales Summary
- An exact match to the group of transactions that were recorded as a Bank Deposit
Note: No bank rule should be made to Undeposited Funds.