How to Enter Client Funds Transactions into Sage Timeslips
You use one of four funds transactions to record activity in a funds account in Sage Timeslips. Two of those transactions, the ones with the word Payment in their title, record the exchange of money between you and your client. The other two transactions record the exchange of money between you and a third party on behalf of your client.
|Payment from account||Pay yourself for services rendered.||Reduces both the funds account balance and the accounts receivable account balance|
|Payment to account||Record money you receive from your client before you render services.||Increases the funds account balance|
|Deposit||Record the receipt of money on behalf of your client from a third party, such as an insurance company.||Increases the funds account balance|
|Withdrawal||Record payment from the funds account to a third party such as a process server on behalf of your client.||Decreases the funds account balance|
When you enter a payment from account transaction to pay yourself for services rendered, Timeslips automatically creates an accounts receivable Payment transaction for you to reduce both the client funds balance and the accounts receivable balance.
To enter a funds account transaction, follow these steps:
Choose Transactions→Client Funds to display the Client Funds List window.
You can use this window to search for specific funds transactions.
Click the New (plus sign) button on the vertical toolbar on the right to display the Client Funds Transaction Entry window.
In the Type drop-down list, select the transaction type.
(Optional) Select the Deposit Slip check box to create a list of deposits.
Using a deposit slip helps you create a report that groups multiple payments together to make calculating a total bank deposit easier.
Select the client for whom you are recording the transaction.
You can click the Find Client by Invoice (magnifying glass) button beside the client’s second nickname to supply an invoice number; Timeslips then finds the client based on the invoice number.
If you use multiple bank accounts, select the bank account against which you want to record the transaction.
If you use multiple funds accounts for various clients, you can also set up bank accounts to organize and group funds accounts.
Enter the date of the transaction.
You can type T and Timeslips enters today’s date.
If the client paid by check, enter the client’s check number.
Provide an amount for the transaction.
(Optional) Edit the default transaction description.
The text in the Description box appears on the client’s next bill; in this example, the default description was edited.
Click the Save (disc) button on the window’s toolbar to save the transaction.