Posting a Deposit – RFMS Core

Accounting>File>Banking>Add/Edit Checks>Post A Deposit button

Use Post A Deposit to record money deposited into a bank account. For sales deposits, RFMS also connects the deposit to the receipts included in it.

Before posting a sales deposit, use the Receipt Recap Report to verify the receipts and amount being deposited.

Note: If a deposit contains both sales income and income from another source, post them as two separate deposits.

Post a Sales Deposit

Open the bank account where you want to record the deposit, then select Post A Deposit.
Enter the Deposit Date.
Enter the Deposit Amount.
For a sales deposit, enter the full amount of the receipts included in the deposit. Use the Receipt Recap Report and your validated deposit slip or payment settlement to confirm the amount.
Enter a Deposit Number. You can also press F8 to generate a deposit number.
Leave Deposit For Sales Income selected.
Select OK.
Select the Receipt File that contains the receipts for the deposit.
Review the Beginning Receipt and Ending Receipt numbers. Edit either number as needed so the range includes the receipts being deposited.

Include all receipt numbers within the range, including receipts for zero-dollar transactions such as discounts.
Complete the deposit.

RFMS checks the selected receipt range against the deposit. When the receipts and deposit reconcile, RFMS updates the related files. If they do not reconcile, review the Receipt File, receipt range, and deposit information before continuing.

Payments Flex Credit Card Deposits

For a Payments Flex deposit, use the Total Receipts amount from the Receipt Recap Report as the Deposit Amount.

RFMS automatically accounts for applicable credit card processing fees when the deposit is posted. The completed deposit shows the amount added to the bank account after the credit card fee adjustment.

If your business uses Cyncly Payments surcharge, Total Receipts includes the surcharge collected with eligible payments. You do not subtract the surcharge or credit card fee before entering the deposit.

For example, the Receipt Recap may show:

Total Credit Card: $500.00
Surcharge Amount: $15.00
Total Receipts: $515.00
Credit Card Fees: $15.05
Net Deposit: $499.95

Enter $515.00 as the Deposit Amount. RFMS adjusts the deposit by the $15.05 credit card fee, resulting in $499.95 posted to the bank account.

The process is the same for Payments Flex deposits without surcharge. Enter Total Receipts, and RFMS accounts for applicable credit card fees.

Credit Card Deposits Not Automatically Adjusted by RFMS

Some credit card processors may deposit the payment amount after deducting their processing fee without providing the fee information to RFMS.

When RFMS does not automatically adjust the deposit for the credit card fee:

Post the full amount of the receipts to the checking account so the receipts and deposit balance.
Post a negative deposit for the amount of the credit card processing fee.

This records the difference between the receipts posted in RFMS and the net amount deposited by the processor.

Post Income Other Than Sales

If General Ledger is installed and the deposit is for income other than sales:

Enter the Deposit Date, Deposit Amount, and Deposit Number.
Uncheck Deposit For Sales Income.
Select OK.
In the Add Detail dialog, enter the amount to post to an applicable General Ledger account.
Select OK to add the entry to the Journal.
Select Insert to add entries for amounts to post to other applicable GL accounts
Review or update the Journal Distribution, then select OK.

Deposit Info

Field	Explanation
Deposit Date	Enter the date the deposit will be taken to the bank. This date is used to post to the G/L. This can be a future date.
Deposit Amount	Enter the total amount of this deposit.
Deposit Number	Enter a number that is meaningful to you or press the F8 button for a system-generated number. The deposit number will display in the Journal for auditing purposes.
Deposit For Sales Income	Indicates that the deposit contains customer sales receipts. Clear this option when posting income from another source.

Tip: If posting a deposit for Income Other Than Sales, use the F8 feature to prevent duplicate deposit numbers. If a duplicate deposit number is used for this type of deposit, when viewing the G/L distribution later on, the detail for both will show.