MAS 90 / 200 Accounts Recievable Tips

Bank Transfers

Performing a bank transfer is a two-step process and involves using a clearing account. In the first step, deposit the money into the receiving bank. In the second step, remove the amount from the sending bank.

First: Deposit the Money into the Receiving Bank

  1. Enter a deposit in Accounts Receivable, Cash Receipts Entry.
  2. In the Cash Receipts Deposit window, enter the Bank Code, Deposit Date, Deposit Number, and Deposit Amount fields.
  3. In the Cash Receipts Entry window, at the Customer No. field, enter a default "cash" customer in which to post the transfer.
  4. At the Check No field, enter a check number for the deposit transfer. (reference number)
  5. On the Header tab, at the Amount Received field, enter the amount of the deposit transfer.
  6. On the Lines tab, at the G/L Account field, enter the clearing account established in the general ledger. The amount posted defaults to the amount of the transfer. Accept the entry.
  7. Print and update the Cash Receipts Journal and Daily Transaction Register. The transfer will debit the bank account and credit the clearing account.

Second: Remove the Deposit from the Sending Bank 

  1. Enter a negative deposit in Accounts Receivable, Cash Receipts Entry.
  2. In the Cash Receipts Deposit window, enter the Bank Code, Deposit Date, and Deposit Number. At the Deposit Amount field, enter the amount as a negative number, then click OK.
  3. In the Cash Receipts Entry window, at the Customer No. field, enter a default “cash” customer in which to post the cash receipt.
  4. At the Check No field, enter a check number (reference number).
  5. On the Header tab, at the Amount Received field, enter the amount of the transfer as a negative value.
  6. On the Lines tab, at the G/L Account field, enter the clearing account established in the general ledger. The amount posted should default as the negative value.
  7. Print and update the Cash Receipts Journal and Daily Transaction Register. The transfer will debit the clearing account and credit the bank account.
DSD Business Systems