Receive Money Overview
The Receive Money transactions you enter in the Checkbook Command Center can serve many cash-receipts purposes. They may reflect actual deposits to a bank that will increase your checking account balance, or they may reflect a deposit to replenish your petty cash on hand amount.
You can choose to record your cash receipts in a undeposited funds account so that you can group the cash receipts in a single bank deposit transaction.
You have the choice of recording Receive Money transactions directly into an account or of grouping Receive Money transactions into the undeposited funds account.
When you record Receive Money transactions directly into an account, an individual cash-receipts transaction is recorded in the account for each transaction. The list in the Receive Money window displays all the checking accounts you’ve set up. Remember that checking accounts can be used for any method of receiving money. Credit cards, petty cash, money market accounts and other methods for receiving money may be displayed in this list. Only accounts you’ve specifically designated as Detail Checking accounts or Detail Credit Card accounts appear in the list. If you want a particular account to appear in this list, you’ll need to create the account first. See Creating accounts to learn how to create checking accounts.
When you record Receive Money transactions into the undeposited funds account, individual cash-receipts transactions are recorded in the undeposited funds account -- not directly to your checking or credit card accounts. After you’ve grouped all of the Receive Money transactions you wish, you can then make a bank deposit which will include the group of Receive Money transactions you select. Using this method, a single bank deposit transaction will appear on your bank or credit card statement in place of many Receive Money transactions. The linked account must be a Detail Checking account. To learn how to choose a linked account see To choose a linked account for undeposited funds transactions.
You can enter information in the Receive Money window that will help you to identify the Receive Money transaction in the future. The Payor field is optional, but you may choose to select a card from the Card File list so the transaction will be appear in the list of all transactions that are linked to the card or you can choose not to use a card.
If you’ve entered a card in the Payor field and if you’ve entered payment information for the card in the Card Information window, the payment method will appear automatically. Otherwise, select a payment method if you wish. Use the Details button to access the Applied Payment Details window if you wish to enter the check number, for instance, if the Receive Money transaction was made by check, or the credit card number and other information if the Receive Money transaction was made using a credit card. If you choose to group your Receive Money transactions in the undeposited funds account, when you’re ready to prepare a bank deposit, you can choose to sort the Receive Money transactions by the payment method. For more information about bank deposits, see Preparing a bank deposit of undeposited funds transactions.
The scrolling list in the middle of the Receive Money window is the main area where Receive Money transactions are created. When information is entered in a row in the scrolling list, the row is called a line item on the transaction. You can enter as many line items on a Receive Money transaction as you want. You’ll enter the individual amounts that are included in the Receive Money transaction, along with the account or accounts they affect. Typically these are income accounts.
The amount you entered in the Amount Received field in the top half of the window is considered a debit amount, and the amounts you enter in this column are considered credit amounts.
Keep in mind that the amount(s) you apply in the Amount column will accumulate in the Total Allocated field and the Total Allocated amount must equal the amount that appears in the Amount Received field in the top half of the window before you can record the transaction. The Out of Balance amount must be zero before you record.
Choose Recap Transaction from the Edit menu to view the accounting entries that will be made to your financial records when you record the Receive Money transaction.
Click below for the step-by-step procedure:
Step 1: Select the account where the money from the Receive Money transaction will go
Step 2: Enter details about the Receive Money transaction
Step 3: Indicate which accounts will be affected by the transaction
Step 4: Choose what you want to do with the transaction
To choose a linked account for undeposited funds transactions
If you plan to record the same Receive Money transaction on a regular basis, you may want to consider creating a recurring Receive Money template. When you create a recurring Receive Money template, the transaction information is saved in a separate “holding area” where you can retrieve the template as many times as you want in the future. See To store the transaction as a recurring Receive Money template for information about creating recurring templates. Until you record them, recurring Receive Money templates have no effect on your financial records.
Click below for the step-by-step procedure:
To record a recurring Receive Money template
To find a recurring Receive Money template
To change a recurring Receive Money template’s name or frequency
To change a recurring Receive Money template’s line items and other information
Keyword: memorized, repeating
After you record a Receive Money transaction, you’ll probably want to view the transaction again in the future. You may also want to find a recurring Receive Money template.
You can change and delete Receive Money transactions if your transactions are changeable. You can reverse transactions if your transactions are unchangeable. To learn if your transactions are changeable or unchangeable, see What are changeable and unchangeable transactions? for more information.
When you delete a transaction, the transaction is removed from your records. When you reverse a transaction an opposite transaction is created which removes the effects of the incorrect transaction from your records. Then, if you want, you can enter a new, correct transaction to replace the transaction you removed or reversed.
Click below for the step-by-step procedure:
To find a Receive Money transaction
To find a recurring Receive Money template
To display a list of recurring Receive Money templates
To change a Receive Money transaction
To change a recurring Receive Money template’s name or frequency
To change a recurring Receive Money template’s line items and other information
To remove a Receive Money transaction
To remove a recurring Receive Money template
To reverse a Receive Money transaction
If you use the undeposited funds account to group funds you receive, you can use the Prepare Bank Deposit window to create a batch bank deposit that will transfer funds from the undeposited funds account to the account of your choice as a single transaction. Undeposited funds dated up to and including the date you enter in the Prepare Bank Deposit window will be displayed.
Use the Deposit to Account field to enter the account where the funds selected in the Prepare Bank Deposit window will be deposited.
You may want to view and deposit only those transactions that were created using one method of payment. Choose the method from the Select Receipts by list.
Before you record the bank deposit, you can choose to remove or reverse a transaction in the Prepare Bank Statement window by clicking the zoom arrow next to the transaction to display the transaction and then choosing Delete Deposit Transaction or Reverse Deposit Transaction from the Edit menu. (Whether a receipt can be reversed or removed before the bank deposit is recorded depends upon whether your data file is changeable or unchangeable. For more information, see What are changeable and unchangeable transactions?) Before you record the bank deposit, you can also edit transactions that were recorded using the Receive Money window if you have a changeable data file.
Click below for the step-by-step procedure:
To record a bank deposit for undeposited funds transactions
To change a Receive Money transaction
To reverse a Receive Money transaction
To remove a Receive Money transaction
After recording a bank deposit of undeposited funds transactions, you may want to review the receipts that you included on the bank deposit. Recorded bank deposits can be found using the Transaction Journal and the Inquiry Registers. You can choose to display the transaction in the Prepare Bank Deposit window by clicking the arrow next to the transaction. While you can remove or reverse the bank deposit, the bank deposit can’t be changed. When a bank deposit is removed or reversed, all of the receipts included in the bank deposit are returned to the Prepare Bank Deposit window. (Whether a bank deposit can be reversed or removed depends upon whether your data file is changeable or unchangeable. For more information, see What are changeable and unchangeable transactions?)
Click below for the step-by-step procedure:
To remove a bank deposit for undeposited funds transactions
To reverse a bank deposit for undeposited funds transactions
Receive Money Overview