I'm unsure about the breakdown of a bank deposit, what should I do?

From time to time, you may find that a deposit has been received into your account and you are not aware of its origin, purpose, or breakdown. It may be a direct deposit or it could be a cash or cheque deposit where the paying-in slip is missing and no 'Bank Deposit' entry has been completed in ExpensePlus. In these circumstances, the transaction will remain unmatched in your Bank Matching screen until you decide how to proceed.

This doesn't present a problem. However, any financial report that covers a date later than the date of this transaction will show the message below, stating that there are unreconciled transactions within or before the dates being viewed.

If you can't find out where the deposit came from we suggest the following to get the total figures for your financial reports correct.

  • Allocate the deposit as a 'Bank Deposit', then in the 'Other Income' section select an income category where the figure is unlikely to make a material difference to your reporting. Obviously, avoid restricted funds. Do not list the deposit as a named donation. 
  • Once the deposit is matched, all reports will calculate accurate totals without error.
  • In the future, if you retrospectively determine where the deposit should've been recorded, you can open up the transaction and re-allocate.

Some organisations operate a specific and separate income category for this purpose, as a holding mechanism for unknown transactions, prior to reallocation at year-end. 

To help you better understand the Bank Deposit module as a whole, please visit the module overview page here.

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