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Deposit Types Explained

By |2021-07-30T14:34:43-05:00March 26th, 2018|Comments Off on Deposit Types Explained
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Introduction

This topic explains the differences between the two deposit options Group With Undeposited Funds and Deposit To.

Usage

These options are used in various forms throughout Total Office Manager including Receive Payments, Sales, etc.

Group With Other Undeposited Funds

If you choose this option, Total Office Manager will hold all of the payments you have received from customers in a special account (created automatically by Total Office Manager) called Undeposited Funds. To move these payments from this special account to your bank account, you must use the Make Deposits feature. This method is recommended if you typically hold the money that you have collected from customers and deposit them as a group or deposit two or more payments in one lump sum (together).

Deposit To

This method will cause Total Office Manager to deposit all payments into your bank account as they are recorded. In other words, the money is immediately moved to your bank account. The payment does not go into the Undeposited Funds account and you do NOT use the Make Deposits feature in Total Office Manager. This method is recommended if you make your deposits one at a time. In other words, you either deposit your checks one at a time or you use a separate deposit slip for each check. We also recommend this method for credit card payments because they are generally shown one at a time.

Which Method Should I Use?

Get a bank statement and look at it. Do your deposits show up as one lump sum? If yes, you should probably use the Group With Undeposited Funds and Deposit To option. This will cause the amounts of your deposits in Total Office Manager to match the deposit amounts shown on your bank statement. If your deposits are listed one at a time, use the Deposit To option.

Tips

If you don’t know what to do and have received no other advice on this subject, here is our general advice. Use a separate deposit slip for every check you deposit. This will cause your bank statement to show every check you deposited. Use the Deposit To feature in Total Office Manager. Your bank statement will be a lot easier to read and reconcile.

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