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TrulySmall Accounting: Handling Batch Deposits
TrulySmall Accounting: Handling Batch Deposits

Learn how to reconcile batch deposits by using an Undeposited Funds account.

Kashoo avatar
Written by Kashoo
Updated over a week ago

Combining payments from multiple customers in a single batch and then depositing that is called a Batch Deposit. For example you submit checks and cash payments from different customers into a single deposit, or have multiple credit or debit card payments from a merchant account transferred as a single deposit, into your bank account.

Every time you receive a payment that you will deposit into your bank along with other payments, record the payment to your Undeposited Funds account. Using an Undeposited Funds account ensures that the deposit amounts in your Smart Inbox reconcile with those shown on your bank statement.

Use Undeposited Funds as the Payment Account

Under Invoices, locate the invoice you want to edit and click on its Status to update it. You can also check the checkbox to the left of the invoice and then click the edit icon above the list. From the Edit Invoice window, click on the Payments tab, then click on the Add Payment button. To reflect a payment on your customer's invoice, enter it like any other payment, but use the Undeposited Funds account for the Category.  

Repeat this for each of the payments that will be included in your batch deposit that you will take to the bank.

Make a Transfer from Undeposited Funds to the Bank Account

Let's say that you went to the bank and deposited three checks into your bank account totalling $1250.00:

  • Check #234 - $150.00

  • Check #8837 - $500.00

  • Check #165 - $600.00

To record this batch deposit in TrulySmall Accounting, go to your Smart Inbox and locate the bank deposit. Then click on the amount to edit the transaction. Click on the Transfer tab and then select Undeposited Funds from the "Withdraw From" account list and click on the Post button.

Now your $1250.00 deposit will be posted to Transactions, and your TrulySmall Accounting invoice payments will match the amount deposited into the bank account. 

Pro tip: Add "Transaction Details" referencing the checks deposited to make it easier to track payments and deposits.


Start Up Guide      Smart Inbox       Importing Data        Accounts        Dashboard Transactions        Contacts        Invoices     Bills to Pay Reports       Settings      Taxes 

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