How to prepare a General Deposit Slip

For more instructions on how to prepare a New Receipt, click here.

To skip to How to prepare a Bank Deposit in QuickBooks Online, click here.
To skip to How to Deposit funds in Xero, click here

When your firm receipts funds in Cash or Cheque form, you will need to prepare a General Deposit Slip to deposit the funds into your bank account.

For any receipts that you will need to Deposit, please choose the Account 'Undeposited Funds' when creating the receipt. 

This allows the receipt to populate into the Deposit Slip.

Once you have created and confirmed your general Receipt, Click on the Reports page button from the top navigation bar. 

On the Reports page, choose the Finance tab and then under the Billing menu, select the report 'General Receipt List (for Deposit)'

Set your parameters for the receipts to print.

Your account needs to be Undeposited Funds as per the first step in entering the General receipt.

This will prepare the report to be taken to the bank with the cheques / cash etc to allow you to deposit the funds received.

Ensure you sign the bottom of the report once printed.

Preparing a Bank Deposit in QuickBooks Online

Anytime that you enter a General Receipt into the Undeposited Funds account, you will need to run a Bank Deposit within QuickBooks Online.

This will group the receipts that you are depositing together into one amount in your bank account. This makes reconciling the bank account far easier as you are able to tick one amount off instead of many.

It is recommended that for any Trust to General transfers, you do this in QuickBooks Online in line with what was processed in the Transfer so as to match the amount paid to the General bank account exactly.

1. From within your QuickBooks Online file, click on the + New button on the top left of your navigation bar
2. Choose 'Bank Deposit' from under the Other heading
   
   
   
   
3. Set your bank account that the receipts were deposited to and set the date deposited
   
   
   
   
4. This will bring up a list of all available funds to deposit up to the date entered in Step 3. 
5. Tick the receipts that make up your deposit on that day. This will update the total deposit on the top right hand side of the screen
   
   
   
   
6. Once you have selected all receipts to be deposited, Click on the green Save and Close on the bottom right of the deposit.
   
   
   
   
7. When the deposit is saved, this will creat a deposit transaction in the bank account that you have set the deposit to go to.
   On reconciliation of that account, you can then tick off the one transaction instead of several.

Depositing Funds in Xero

Anytime that you enter a General Receipt into the Undeposited Funds account, you will need to Transfer the funds to the Deposit to account in Xero.

This will create one transaction in the bank account you are depositing into and will ensure that you have not missed any transactions 
 This makes reconciling the bank account far easier as you are able to tick one amount off instead of many.

It is recommended that for any Trust to General transfers, you do this in Xero in line with what was processed in the Transfer so as to match the amount paid to the General bank account exactly.

1. From within your Xero file, navigate to the Banking screen (Accounting > Bank Accounts)
2. On this screen, you will see your Undeposited funds Account. Click on these account
   
   
3. Click on the Account Transactions tab. On this page, you will see any General Receipts that have been entered to Wise Owl using the Undeposited Funds Account as the Receipt Account.
   
   
   
   
   This page will show the balance after each receipt in this account. 

   
   

4. Click on the Plus button on the top right of the screen and select Transfer Money from the bottom of the list
   
   
5. This will open up a Transfer Money Screen. Enter in Undeposited Funds as the 'From' Account and the Account that you are depositing the funds into as the 'To' account.
   
   
   
   
6. Set the date as per the date the deposit was done.
   1. Take the total amount of the deposit and enter it at 'Amount AUD'
   2. Set the Reference as something meaningful for your firm e.g. Deposit of Trust Transfer on 11 May 2022
   3. Finalise the Transfer
      
      
      
      This will move the funds from the Undeposited Funds account to the chosen Deposit account.
      
      
7. Within the Undeposited Funds Account transactions screen, you can mark each of the transactions as reconciled and they will Net out to $0.00.
   
   After each deposit is done, you should check the Undeposited Funds account to ensure the Statement Balances back to $0.00.
   
   
   
   
   To mark the transactions as reconciled, click on the transaction and then choose ' Mark as Reconciled' from the Options dropdown.