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How to Use Bank Deposit Slips in Sage Timeslips

Suppose that you enter several payments you receive by check from clients into Sage Timeslips. You can use the Bank Deposit Slip feature in Timeslips to group the payments so that you can match the total deposit you make at your bank to the total of the batch of checks you record in Timeslips.

Although you can print the Timeslips bank deposit slip, it doesn’t substitute for the deposit ticket you fill out for your bank. The Timeslips bank deposit slip doesn’t include any bank account or routing number information.

Bank deposit slips are available to all clients but specific to an individual bank account. On any bank deposit slip, you can include any of the three transactions you use in Timeslips to record receiving money: the payment to account funds transaction, the deposit funds transaction, and the payment accounts receivable transaction.

When you assign a bank account to a bank deposit slip, that bank deposit slip follows the rules of that bank account and you can enter only the types of transactions that the bank account allows.

You can create a bank deposit slip before you start entering transactions or as you enter the first transaction.

To start a new bank deposit slip before you start entering transactions, choose Transactions→Bank Deposit Slip. If no bank deposit slips exist for today, Timeslips prompts you to create one; click Yes, and Timeslips displays the Bank Deposit Slips window in the background and the Bank Deposit Slip Entry window.

If you start a new payment, payment to account, or deposit transaction and select the Deposit check box, the same thing happens.

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Select the bank account you intend to use as you enter transactions and set the date for the bank deposit slip. In the Total Planned box, you can type the total amount of all the transactions you intend to include on the bank deposit slip; when you finish entering transactions, Timeslips notifies you if the total you enter in this window doesn’t match the total of the transactions you enter.

You can leave the Total Planned amount at 0 and simply let Timeslips total the transactions you enter. If you don’t enter an amount, when you finish entering transactions, you will see a warning that the totals don’t match.

Click OK, and Timeslips closes the Bank Deposit Slip Entry window.

If a bank deposit slip already exists for today, Timeslips doesn’t display the Bank Deposit Slip Entry window; instead, the Bank Deposit Slips window appears. To view and add to an existing bank deposit slip, open the Deposit Number list in the upper-right corner and select the slip.

To add a transaction to Timeslips and to the bank deposit slip, click the New button, at the bottom of the window, and then click the choice that corresponds to the type of transaction you want to enter: New Payment, New Payment to Account, or New Deposit to Account.

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When you finish entering the transaction, click the Save and Return (disc with an arrow) button. (Note that Timeslips replaces the Save button on the window’s toolbar with the Save and Return button.) Timeslips redisplays the Bank Deposit Slips window, where you can repeat the process of entering new transactions.

Each transaction you enter appears in the Bank Deposit Slips window on either the Accounts Receivable tab or the Funds tab. To edit any transaction, click it on the appropriate tab and then click the Open button, at the bottom of the Bank Deposit Slips window. You can delete a transaction both from Timeslips and from the Bank Deposit Slips window by clicking it and then clicking the Delete button.

At any time, you can stop entering transactions and do other work. To enter more transactions on a particular bank deposit slip, reopen the Bank Deposit Slips window and use the Deposit Number list to display the bank deposit slip. Then simply add new transactions to it.

When you finish entering transactions for a particular day’s bank deposit, you can print the bank deposit slip to match it with the deposit you make at your bank. In the Bank Deposit Slips window, use the Deposit Number list to display the bank deposit slip that you want to print, and then click the Print (printer) button on the vertical toolbar on the right.

After the deposit slip finishes printing, Timeslips prompts you to mark the bank deposit slip as printed; click Yes.

If you choose to print the deposit slip, you won’t be able to print it a second time. Timeslips won’t print the slip again, even if you add transactions to it. So, don’t print the deposit slip until you’re sure you’ve finished entering transactions for it.

You also can print the Bank Deposit Slip Listing report, by choosing Reports→A/R Transactions and then double-click the report. By default, this report shows unprinted deposit slips for today.

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