Payments

Can I find a payment by check number?

Yes, if you recorded the check number in the Comment field on the Ledger Card. Use the Account Filter to include only accounts where the Other Filters, Ledger Comment contains the check number for which you are looking.

What are undeposited payments?

Undeposited Payments are considered an asset. They are payments you have collected, but not yet deposited in the bank. Typically, this is the total of cash and checks sitting in your cash drawer waiting to be deposited.

Undeposited Payments on Deposit Reports

Current payments, that have not yet been deposited, show up on your current Deposit Report. Go to Functions > Family Accounting > Deposit Reports . Under Current Deposit Report (lower left) choose View or Report.

Undeposited Payments on the Receivable Journal Summary

The “Receivable Journal Summary” report shows Undeposited Payments as the difference between payments received and deposits closed during the dates you select. Think of this as a snapshot in time. When the report shows Undeposited Payments for a past month, it’s okay. It is not related to current payments waiting to be deposited.

Example:
Week 1: You post $5,000 in new payments by check and cash, but only deposit $4,500. The rest of the money came in late Friday and has not yet been taken to the bank. The report would show $500 in undeposited payments in the Debit column. The asset increased since more money came in than was deposited.

Week 2: This week you post $4,000 in new payments by check and cash. You deposit $3,900 of it plus the $500 from last week for a total of $4,400. The report will show the difference between deposits closed ($4,400) and new money coming in ($4,000) for a change of $400 in the Credit column. The asset decreased since less money came in than was deposited.

How are undeposited payments determined? Can I cross check the amount?

The change in undeposited payments (whether they went up or down) is shown on the Receivable Journal Summary. The amount is the difference between what was received in payments (by check, cash, etc.) and what was taken to the bank (“closed” in Deposit Reports) during the selected dates. To cross check the amount subtract deposits made from payments received.

1. To get payments received, use one of the Charge/Credit Summary reports.
   a. If you have Agency Accounting go to Standard Reports > Agency Accounting > Charge/Credit Summary. Choose the “Specific Summary – Primary & Agency Accounts”.

   b. If you have Family Accounting without Agency Accounting go to Standard Reports > Family Accounting > Charge/Credit Summary. Choose the “Specific Summary – Primary Accounts Only”.

2. To get deposits made, go to Standard Reports > Family Accounting > Deposit Report. Choose either the “Deposit Report Summary” or the detail format.

3. Subtract the deposits (step 2) from the payments received (step 1).

Example: