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What is the process for resolving the undeposited funds account?

  • 30 March 2022
  • 6 replies
  • 522 views

Hello,

I am in the process of setting up several new companies for demos. We would like to set up an undeposited clearing account for AR payments. I am not clear on how this works in Acumatica. I found documentation on how to set up the accounts, but what is the actual processing to resolve the undeposited funds account?

1.How are the funds moved out of the undeposited funds and where to? 2. Is it before or after the bank reconciliation? 3. How are check batches deposited? 4. Which account is actually reconciled with the bank reconciliation?  

Please help me get a clear picture of this process.

 

Thank you,

Barbie Jeter

6 replies

V
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Userlevel 7
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Hi @bjeter94 

Refer to the following documentation which primarily explains the process of creating Bank deposits. This explains how the undeposited payment account or a clearing account is being used. 

https://help-2022r1.acumatica.com/(W(6))/Help?ScreenId=ShowWiki&pageid=323644f1-ea34-4377-92bc-c1fcb4a86d05

Hope this helps.

Regards,

 

VijayKumarU
Laura02
Rank
Badge +18

Hello,

1.How are the funds moved out of the undeposited funds and where to? Use Deposits screen in Banking module

2. Is it before or after the bank reconciliation? Before

3. How are check batches deposited? Use Deposits screen in Banking module to list the payments that were initially recorded to “Undeposited Funds” account, and move them as a group to the Main Checking account. Your Bank Deposit will appear one lump sum on main checking account in Reconciliation Statement screen in Banking. 

4. Which account is actually reconciled with the bank reconciliation?  The Main Bank account.

You did not ask, but make sure Undeposited Funds account is marked ON, for Clearing account in Banking → Cash Accounts screen.

Make sure Undeposited Funds is connected to Main bank account on the Clearing Accounts tab of Banking → Cash Accounts screen.

Laura ~ Klear Systems, Inc. Irvine, CA. ~
bjeter78
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Thank you both. You both gave me great information. I think I figured all of it out except the Process Bank Transactions will not let me reconcile to move onto the bank reconciliation. When I click one Match to Multiple payments on the right, the left side will only let me choose 1 box. Am I missing a step or setting?

 

 

Barbie Jeter
bjeter78
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The Reconciliation Statements let me process and reconcile the batch deposit, but now the transactions still say unprocessed in the “Process Bank Transactions.” Is there anything else I need to do to clean the accounting up?

 

Thank you,

Barbie

Barbie Jeter
Laura02
Rank
Badge +18

Hi Barbie,

Process Bank Transactions is optional and it actually seems to me from your description, like you’ve finished the Reconciliation Statement (difference is $0, you’ve released?).

I think of the cleared Bank Transaction Import process as optional, “the icing on the cake.” Whether or not import works or transactions match themselves when importing from the bank, we can still move forward to manually complete the rest of the bank statement. 

I don’t know whether you need to clean up other things in the accounting from this post alone…. your bank rec seems completed though!

Laura ~ Klear Systems, Inc. Irvine, CA. ~
J
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Can We Make Payments to Vendors from Deposit Clearing Account ?

 

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