bank deposit in reckon one

07/12/2016

Hi Bruce,

Here is an overview that might answer your question.


RECEIPTS

Reckon One receipts are for money in transactions (income).

The contact field in the receipt form is a required field. So a contact (customer) is required for each receipt transaction entered into Reckon One when using the receipt form.

The receipt form has an 'Allocate' tab available. Use this tab to record a money in transaction (income) that is associated to an existing invoice in your book.

The receipt form has a 'New' tab available. Use this tab to record a money in transaction (income) that is not associated to an invoice. This is where you allocate the receipt amount to income accounts &/or sales items.


PAYMENTS

Reckon One payments are for money out transactions (expenses).

The contact field in the payment form is a required field. So a contact (supplier) is required for each payment transaction entered into Reckon One when using the payment form.

The payment form has an 'Allocate' tab available. Use this tab to record a money out transaction (expense) that is associated to an existing bill in your book.
 
The payment form has a 'New' tab available. Use this tab to record a money out transaction (expense) that is not associated to a bill. This is where you allocate the payment amount to expense accounts &/or purchase items.

The reason why a contact is required when using the receipt or payment forms is for accurate record keeping & reporting purposes. For example you might want to report how much money you have paid a certain supplier or how much money a certain customer has paid you.


In the scenario(s) where you deal with generic contacts (where you don’t necessarily need to know their specific contact information) you can still use the receipt/payment forms, just create generic contacts.

- ‘Miscellaneous customer’ or ‘Cash customer’ & use this customer for receipts (income)
- ‘Miscellaneous supplier’ or ‘Cash supplier’ & use this supplier for payments (expenses)


JOURNALS

In the scenario where you want to record either money in or money out where you do not need or want to record a contact, then you can use a journal transaction to record your money out or money in as contacts are optional for journal transactions.

If you want to move funds between multiple bank accounts (i.e. 3 or more in one transaction) then journals are the best option.


TRANSFERS

If you want to move funds between two bank accounts then the transfer money form is the best option.


Note: Receipts & payments, journals & transfers are available as part of the 'Core' module. Invoices & bills are available as part of the 'Invoicing' module.