Entering an Express Deposit - 20b

Purpose: To enter an express deposit using ctcLink.

Audience:  Accounts Receivable staff.

You update your receivables system with deposit information after you have deposited the received payments into your bank. If you know the item IDs for which the payments are received, you can make express deposit entries.

Express deposit entries allow you to enter deposits and apply payments to items at the same time.

Navigation:  Accounts Receivable > Payments > Online Payments > Express Deposit

You are now on the Express Deposit search page.  

  1. Select the Add a New Value tab.
  2. Use the desired Deposit Unit to create this express deposit.  
  3. Select the Add button.
Express Deposit Search

Use the Totals page to enter information and control totals for a new deposit.

Use the Accounting Date field to enter the accounting date for each payment and for all pending items created from the payment.  You can override the date on the Regular Deposit - Payments page. The system validates the accounting date to make sure it falls within the open period for the business unit and transaction type as defined on the Open Period page for the business unit. 

  1. Select the Bank field and enter the desired information into the Bank field.  
  2. Select the Account field and enter the desired information into the Account field.

Use the Deposit Type field to specify the code for the payments for which the deposit is made. In this example, the deposit is made for customer receipts.

  1. Select the Deposit Type field and enter the desired information into the Deposit Type field.
  2. Select the Control Currency field and enter the desired information into the Control Currency field. 

Specifying a control currency at the deposit level is optional. If you enter currency at this level, all payments in the deposit must have this same currency.

To take advantage of multi-currency processing, leave control currency blank and specify the currency at the payment level. The next page in this component, the Payments page, enables you to enter a different currency for each payment in the deposit.

Use the Control and Count fields to enter the control totals for the amount and count of the payments in this deposit. You can have a zero-total deposit if the payment amounts offset each other.

  1. Select the Control field and enter the desired information into the Control field. Use the Received field to enter the date when either the bank or your company received the payment. Because of normal processing delays, the Received date may be different from the Entered date.  
  1. Select the Payments tab.

Use the Payments page to enter and apply payments with item IDs in a deposit after you enter the deposit control totals.

The Deposit Balanced field displays the deposit status. When the amount total and number of entered payments equals the control amount and count from the Totals page, the status changes from No to Yes.

You can update payment information only for deposits that have been reconciled with a bank statement.

Use the Payment ID field to identify a payment. You can enter the check number or any other identifying number.

  1. Enter the desired information into the Payment ID field.

The Accounting Date field displays the payment date using the accounting date on the Totals page as the default. The system validates the payment date to make sure it falls within the open period for the business unit and transaction type as defined on the Open Periods page for the business unit. The payment date may be different from the deposit date if you use the postmark date from checks. The payment date affects earned discounts, so it must be accurate.

  1. Select the Amount field and enter the desired information into the Amount field. 
  2. Select the Item ID field and enter the desired information into the Item ID field.   
  3. Select the Save button.

You have entered an express deposit for two payments.

If the value of the Deposit Balanced field is Yes, this indicates that the totals entered on the Totals page match the total amount for the two payments entered on the Payments page.  

  1. Select the Action tab.

Use the Action page to post a deposit (provided that you entered and saved payments on the Payments page), review accounting entries, create worksheets for incompletely applied payments, clear worksheets, or permanently delete the entire deposit so you can start over. 

The Deposit Balance field displays the status for the deposit. It must be Balanced before you can set the deposit to post.

You can perform a worksheet action, such as:

  • Build:  select to create one worksheet for every payment in the deposit. The system indicates the number of worksheets created.
  • Delete:  select to delete the payment group that was created without deleting the entire deposit. If you accidentally select the wrong action, select Delete Worksheet on the Worksheet Action page to delete the worksheets, but retain the express deposit information that you entered.

You can select a posting action for the payments, such as:

  • Do Not Post:  select to save the changes to the payments. Use this option to change the posting option for payments set to Standard if the payments have not been processed yet.
  • Batch Standard:  select to run the Receivables Update process the next time that a standard scheduled batch jobs runs. This might occur once a day depending on how often the organization schedules standard jobs.

When you post express deposits, you post individual payments, not a group of all payments in the deposit. A payment group is always one payment when cash application is done in express deposit.

The Create Entries button creates accounting entries online for all applied payments in the deposit, as long as the deposit is in balance. The system accesses the Accounting Entries page where you can review and modify accounting entries. The payment status is set to Worksheet. You must return to the Action page to set the group to post. Normally you let the Receivables Update process create accounting entries. You only need to create accounting entries online when you must review them right away. 

Use the Delete Express Deposit button to delete the entire deposit. If you entered and saved payments on the Payments page, use this option only if you want to permanently delete the entire deposit.

  1. Select the Save button.

In summary, express deposit entries enable you to enter deposits and apply payments to items at the same time.

Action Tab

You have successfully entered an express deposit in ctcLink Receivables.

End of Procedure.

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