How to Enter Receipt of Interest & Miscellaneous Income (Cash Book Entry)
Introduction
The function for cash book/GL deposits entry (used to record payment received from a party other than Accounts Receivable/Customer payment) is at Banking & General Ledger > Transactions > Deposits. Admin can directly issue a receipt (Bank Deposit transaction type) for miscellaneous collections if a sales invoice is not required, e.g. bank interest/ insurance claim/ miscellaneous income and etc.
On the Deposits page, Admin can select between receive from “Miscellaneous” or from “Customer”.
- Receive from “Miscellaneous” - At the Deposit Items section, select the relevant GL Account for the deposit.
- Receive from “Customer” - Select the relevant Refundable Deposit GL Account for the deposit.
Refer to this link for guide on Refundable Deposit payments:
Refer to below for guide on entering cash book receipt entry for miscellaneous income.
Enter Receipt of Miscellaneous Income - Bank Deposit
1. To enter a deposit received from a party other than a customer (i.e. Accounts Receivable), go to Banking & General Ledger > Transactions > Deposits.
2. At the From dropdown list, select the “Miscellaneous” option, then input the payer’s name at Name.
3. Select the Into bank account and Deposit Mode.
4. At the Deposit Items, select the relevant GL Account for the payment received.
5. Enter the Amount. You can also enter a Memo for your reference and click the (+) icon to add the line to the receipt. Repeat this step to add as many GL deposit lines as necessary.
6. If you need to edit the GL deposit line that you have already added, click on Edit (pencil) icon to edit the values. After the amendment, click on the tick icon to save the changes.
7. There is an option to enter any Memo related to the payment and you can also upload an Attachment. Finally, click on the “Process Deposit” button to enter the payment received.
8. Once it is entered into the system, a success message is displayed. You can print the receipt by clicking on the relevant link as shown below.
Note: If some of the screenshots or steps viewed here are different from the ones in the current system, this is due to our continuous effort to improve our system from time to time. Please notify us at info@timeteccloud.com, we will update it as soon as possible.
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