What is it?
The Make Deposit screen has been a critical part of Studio Designer since its inception. The Make Deposit Screen is used to show deposits going into your bank account. It also allows you to quickly and easily run reports showing the deposits that you've made.
Where is it?
You can find the Make Deposit screen by clicking Accounting and then clicking on the words "Make Deposit" as show in the image below:
When to use it
The Make Deposit screen is a really helpful tool for showing exactly when deposits were transferred into your account. This tool works with an account called "Undeposited Funds" (default on every Studio Designer Account) and shows when money has been transferred from "Undeposited Funds" to any Cash account.
When not to use it
The Make a Deposit feature is built to specifically work with the Undeposited funds account (see above). If you are receiving and/or applying funds in Money In directly to your bank account (cash account), you cannot and should not use the Make Deposit screen. This is because using the Make Deposit feature will deposit into your money into your bank account (Cash Account), just like the Money In screen did. The result of this will be a Deposit report that looks like you've made the deposit twice. That's why if you are using any Cash Account on the Money In screen, we do not recommend using the Make Deposit Feature.
How to Make Deposits
Undeposited funds should be moved to the cash account when a deposit is made to the bank.
- When you enter cash receipts the amounts received will be displayed on this page.
- Check the Deposit columns for receipts you want to deposit.
- Select the Deposit & Transfer button and the total selected will be moved to the Cash Account with the date selected in "Deposit Date".
TIP: Never put the same account as the "Account" and "Transfer To" options.
This will result in a double-deposit. Use the guide below to determine how to most
effectively use these fields:
Account: The account in which the money currently resides
Transfer To: The account in which you would like the money.
How to Print a Deposit Slip
- Check the Deposit columns for receipts you want to deposit
- Select the Print Deposit Slip button to print a deposit slip (optional).
I only want to Deposit Funds. What does Deposit and Transfer mean?
"Deposit and Transfer" is simply a more technical term for "Deposit". It is letting you know that not only are you making a deposit into your Cash account from Funds Available, but you are also performing a "transfer" action behind the scenes since money is moving from your Undeposited Funds account to your Cash Account. This then clarifies what this transaction will look like when finding it in your General Ledger.
What is the Undeposited Funds account? I didn't make that when I set up Studio Designer.
The Undeposited Funds account is not something that you have to explicitly make in Studio Designer. It comes standard with every new Studio Designer account. It is meant to be an "intermediary" account. A place where money is stored before it is deposited into your bank.
I made a deposit and it looks like Studio Designer is doubling my money. Why is this happening?
This is because of one of two possible reasons:
1. Your "Account" and "Transfer To" accounts are identical. If they are identical, then Studio Designer will try to transfer funds from one account, to the same account. This does not mean that Studio Designer literally doubled your money, it is just showing you the cumulative total of a single deposit entering the same account twice. To verify that this did not literally double your money, please see your Balance screen or General Ledger.
2. You've already received the Money into your Cash Account using the Money In screen. If this is the case, then you do not need to use the Make Deposit screen. Your money is already deposited into your account and there is no need to deposit it again. You can verify this in the Balance screen or the General Ledger.
How is this different than the Money In screen? How do I use the two together?
Money In offers a wide array of options for receiving and applying customer funds. It is the most flexible way to determine where customer funds are going in Studio Designer. The Make Deposit screen has exactly one function; to transfer funds from your Undeposited Funds account to your Cash Account. If you want to use both the Money In screen as well as the Make Deposit screen simultaneously, you will need to verify that every transaction that you make using the Money In screen goes to your Undeposited Funds account. Then use the Make Deposit screen to transfer the money in Undeposited Funds to your Cash Account.