Making Deposits

Make a deposit in NetSuite to record funds you deposit into your bank account. For a deposit, you can select payments received for existing transactions, add funds not related to transaction payments, and record any cash received back from the bank.

Note:

Many organizations post customer payments to the Undeposited Funds ledger account rather than to a specific bank account. This Undeposited Funds posting prevents a time lag between the amount shown on your books for a bank account and the bank balance. When you record a deposit, NetSuite moves funds out of the Undeposited Funds account to the ledger account for the bank account to accurately reflect bank account balances. If you record customer payments directly to a bank account rather than to Undeposited Funds, you are not required to create deposits for those amounts.

Warning:

During the creation of a deposit, if another user deletes any payment or cash sale that is currently marked for deposit, NetSuite displays a message indicating that the record has been changed. You cannot save the deposit because the expected data is no longer present.

When making a deposit, in addition to standard options for saving the deposit, you can perform the following from the header:

You can add items to a deposit with payment methods other than Check or Cash. For example, you can add a custom payment method or a credit card. If you want to print the deposit slip, NetSuite displays a message warning you that the deposit has items other than Check or Cash. You can continue with the deposit if this is correct, or make changes as needed.

The system does not track tax periods on deposits.

If you are using a custom role that does not have the permission to make deposits, add the Deposit permission for the role.

To add the Deposit permission:

If you want to record a customer deposit, follow the preceding steps but select the Customer Deposit permission. To record a customer deposit, see Recording a Customer Deposit.

  1. Log in as an administrator.

  2. Go to Setup > Users/Roles > Manage Roles.

  3. On the Manage Roles page, click Edit next to the custom role you want to modify.

  4. On the Permissions subtab of the Role page, look for the Transactions sublist.

  5. From the dropdown list in the Permission column, select Deposit.

  6. From the dropdown list in the Level column, select the level of access for the permission.

  7. Click OK.

  8. Click Save.

To make a deposit:

  1. Go to Transactions > Bank > Make Deposits.

  2. In the Primary Information section:

    1. Select the custom form for this deposit.

      The system generated deposit number appears.

    2. Select the bank account for the deposit.

      The currency and exchange rate display for the account. For information on exchange rates, see Currency Exchange Rates.

      If the bank account's currency is the same as the subsidiary's base currency, the exchange rate is a read-only field

      Note:

      If you use NetSuite OneWorld, the bank account determines the subsidiary and the selectable payments at the line level in step 4a. For other deposits, the bank account determines the subsidiary and the currency. If you change the bank account, the class, department, and location and all of the line items are cleared.

    3. The Amount field shows the total amount of payments, other deposits, and cash back selected or entered on the Deposits subtab.

    4. Accept today's date, or enter the date of the deposit.

    5. Select a posting period, if you use the Accounting Periods feature.

    6. Optionally, enter a memo.

    7. Check the To Be Printed box if you want to enter multiple deposits before printing the deposit slips for your records. See Printing Multiple Deposit Slips.

  3. In the Classification section, select a department, class, and location for this deposit, if needed.

    If you use NetSuite OneWorld, the subsidiary defaults to that associated with the selected bank account.

  4. On the Deposits subtab, enter the items for the deposit.

    1. The Payments subtab lists all payments posted to the Undeposited Funds account. Check the box next to each item to include in this deposit.

      You can filter the items by date, date range, or payment processing profile.

      The Amount column shows the payment amount in the currency of the bank account, which was entered when received for a cash sale, invoice, or other transaction. If you must change the amount, click the link in the Date column to go to the source transaction.

      If the field is empty, you must manually enter the amount. NetSuite does not populate the field if the payment currency is different from the bank account’s currency, and the bank and subsidiary currencies are also different.

      If the payment currency is different from the bank’s currency, and the bank and subsidiary currencies are the same, NetSuite uses the stored exchange rate to calculate the amount.

      Note:

      You cannot modify a zero payment amount.

      Warning:

      If you move a cleared cash sale transaction to Undeposited Funds, NetSuite returns the transaction to an uncleared status.

    2. On the Other Deposits subtab, enter items not received as payments recorded to the Undeposited Funds account.

      Enter the name, amount (positive number), account, payment method, and payment number for each item. Optionally enter a classification and memo. Click Add.

      Note:

      You can select an entity in the Name field. The available entities are filtered by the selected bank account.

      If you use NetSuite OneWorld and have shared vendor and customer records with multiple subsidiaries, all of the vendors and customers assigned to the subsidiary associated with the selected bank account appear in this field. For more information about shared records, see Assigning Subsidiaries to a Vendor and Assigning Subsidiaries to a Customer.

    3. On the Cash Back subtab, enter the amount of cash back you received from this deposit. Enter the amount of cash you received, account, classification, and memo. Click Add.

  5. On the Communication subtab, you can attach files and notes to this transaction.

    1. On the User Notes subtab, enter a title and note for any comments you want to add to this transaction. Click Add after each note

    2. On the Files subtab, select and attach files from the File Cabinet related to this transaction. To upload a new file to the File Cabinet, select New from the dropdown list in the Attach Files column.

    3. Use the Events, Tasks, and Phone Calls subtabs to add to attach activities, such as events, phone calls, and tasks to this transaction. For more information, see Attaching Events, Tasks, and Calls to Records and Transactions.

  6. If you use NetSuite OneWorld and the Multi-Book Accounting feature is provisioned in your account, the Accounting Books subtab appears. This subtab shows the secondary books associated with the selected deposit, if any, and their respective base currencies and exchange rates. For information about Multi-Book Accounting, see Using Multi-Book Accounting.

  7. After you enter all the items for the deposit, verify the deposit total amount is correct and click Save.

To edit a saved deposit in the Deposits list:

  1. Go to Transactions > Bank > Make Deposits > List.

  2. From the Deposits list, click Edit next to the deposit you want to modify.

  3. On the Deposit page, modify the saved deposit as required.

  4. Click Save.

    If you modified the deposit amount, a prompt to unreconcile the transaction appears. Click OK. Open the correct statement period for the transaction and reconcile the transaction again.

    Note:

    If you changed the account of the transaction, no prompt to unreconcile appears. The transaction remains reconciled.

To delete an existing deposit from the Deposits list:

  1. Go to Transactions > Bank > Make Deposits > List.

  2. From the Deposits list, click Edit next to the deposit you want to delete.

  3. On the Deposit page, under Actions, click Delete

  4. At the prompt to confirm the action, click OK.

Additional Information

Removing Undeposited Funds Lines from Deposits
Handling Returned/NSF Checks

Related Topics

Deposits
Viewing the Deposits List
Printing Deposit Slips
Recording Cash Back from a Deposit

General Notices