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Creating a new bank deposit

Helpful Hint!

If you are completing the Sage 50 Practice Set, you are asked to combine multiple receipts and include them in the bank deposits for the beginning of the month, the middle of the month and the end of the month.

For all cash receipts entered into Sage 50, you must also record that the receipt has been deposited in the bank. Often this is not done straight away. Instead, the cash receipts over a given period, such as a day or a week, are collected together and deposited at the bank in one batch. Note that creating a new bank deposit does not update general ledger accounts because the general ledger accounts were updated when the receipt of cash was initially recorded. However, this step is necessary in order to prepare the next bank reconciliation.

To record a bank deposit in Sage 50, if you are in the Banking Navigation Center, click the Bank Deposits icon and select New Bank Deposit from the drop down list provided. Alternatively, through the Customers & Sales Navigation Center you can also access the same Bank Deposits icon and select New Bank Deposit from the drop down list provided.

This opens the Select for Deposit window where you can enter the details of the bank deposit into Sage 50. The following screenshot and reference table show step-by-step instructions on how to enter the bank deposit into the Select for Deposit window in Sage 50. Note that each step is assigned a reference number to help you identify the appropriate field or icon in the screenshot of the Select for Deposit window.

The Select for Deposit window with reference numbers

Step	Sage 50 field or icon	Action
	Account ID	If the business has more than one type of cash account, select the cash account into which cash is deposited.
	Available cash receipts	The Select for Deposit window will then automatically display the receipts that have been received and recorded in the chosen cash account but have not been recorded as deposited at the bank.
	Deposit Ticket Date	Click the calendar icon to select the date for the bank deposit that you are creating.
	Deposit Ticket ID	Record the reference number for the deposit into this field. When you open the Select for Deposit window for the first time, Sage 50 may suggest an ID for the deposit ticket. Note that this code is also used when completing the bank statement reconciliation. Accept the default value or change the deposit ticket ID number if required. If you are completing the Sage 50 Practice Set, you may be advised of the deposit ticket ID number to use and you should enter that number into the Deposit Ticket ID field. However, if you are not given the specific deposit ticket ID number to use, just accept the default deposit ticket ID.
	Deposit column	Click the box in the Deposit column to add a check mark to each receipt that is to be deposited at the bank for the current deposit ticket you are creating.
	Totals	Sage 50 automatically calculates the total amount of each type of cash receipt deposited at the bank and the total value of the deposit.
	Once you have reviewed the information in the Select for Deposit window, remember to click the Save icon to record the bank deposit entry in Sage 50.