Peachtree / Sage 50: Bank Deposits

Peachtree / Sage 50 has a feature called Bank Deposit. You are not required to use this feature. It is based on the Deposit Ticket ID field of the receipt.

When you enter a new receipt, you may choose to leave the Deposit Ticket ID blank. If you leave this field blank when the receipt is entered, you can continue to leave this field blank indefinitely, or you can use Tasks/Select for Deposit to assign a value to this field - and thereby create your deposit.

If you choose to ignore Peachtree's bank deposit feature, and you leave the Deposit Ticket ID field blank for all receipts, you'll be fine until you attempt to use the feature: Tasks/Account Reconciliation. When you attempt to reconcile you'll be in for a lot of extra work since the deposit amounts on your bank statement will not match up with deposit amounts on your Account Reconciliaiton Screen. Your Account Reconciliation Screen will show a lump sum for all receipts while your bank statement will show the actual deposit amounts that were made during the month.

By the way, if you are using QuickBooks, you have the same basic bank deposit issue to deal with. Some people use QuickBooks, but they ignore the Bank Deposit feature. Just like with Peachtree, this makes reconciliation difficult since bank deposits are not properly listed. This makes matching your records up with the bank statement tedious.

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