Last updated 10 February 2023

Record money received (deposits)

Deposits are entries used to record money received. They are normally recorded against a client’s A/R record.

When entering deposits the following should be noted:

If you post a transaction with the August period open and its date is in July, then it’s an August transaction.
If you post a transaction with the August period open and its date is in August, then it’s an August transaction.
If you post a transaction with the August period open and its date is in September, then it’s a September transaction.
Deposits should not be made for closed periods, but deposits can be processed for future periods.

The Deposit page

The Deposits page is accessed from the action menu on the Bank Summary page or from the Deposits page of the Entry menu.

The main deposits page provides a summary view of the deposits posted into a particular bank in a period, although it is also possible to see all money received across all banks and periods.

Each line within the summary grid has an action menu with options to:

Edit - Available on Active Deposits. This action will open the deposit batch allowing the addition and/or editing of active entries within the batch.
View - This is only available on Complete Deposits. This will open the deposit batch where the batch can be reactivated if required.
Mark as Complete - Only available on Active Deposits. This will mark the deposit as Complete.
Print - Prints a summary report for the deposit.

Creating and Amending Deposits

From the Deposits page, select the relevant bank. By default, the open period will be shown, but a future period may be selected.

The ability to enter deposits into prior and future periods is dependent upon the banking settings that can be found in Banking Administration.

Any deposits that have already been created in the period are displayed. An Actions menu is available with options to Edit, Mark as Complete, Mark as Active, View or Print. The Edit and Mark as Complete actions are only available on Active deposits. The View and Mark as Active are only available on Complete deposits.
Click Add Deposit to create a new deposit and complete the form. A reference must be entered before the deposit can be saved The reference can be anything and is generally used to identify the items on the deposit. For example, the bank reference, the type of items on the deposit – cash, checks, etc., the initials of the person entering the data.

If the multi currency option check within IRIS Practice Engine is being used then there will also be a choice of the currency that this deposit will be using.
Once all of the details have been entered click Save to create the deposit header. The Deposit Details page will be displayed.
Click New to create a deposit entry. It is also possible to edit existing unposted entries by clicking the required entry.

Complete the details of the entry or amend the existing details as required.

The table below provides further information:

FIELD	DESCRIPTION
Item Date	This will default to the current date, or the period end date depending on settings.
Method	Select the method by which the deposit has been paid. The options that are available are: (these items can be changed within Categories under the category Deposit Method): check Cash Direct Debit Non Cash Standing Order Debit / Credit Card Transfer
Card	If Debit/Credit Card has been selected this option will become available. Select the type of card that was used to make the payment. The list of available cards is derived from the Card Type category in Categories.
check Ref No	If check has been selected as the payment method, enter the check number. Alternatively, it can be used to enter a reference number.
Deposit	Enter the amount of the deposit.
Account	This figure will be generated by the system based on the currency that the account is in.
Base	This figure will be generated by the system based on the currency that the account is in.
Client Receipt/ Sundry Cash/ Retainer	Gives the option to select whether the deposit is applied as a Client Receipt (default), Sundry Cash or as a Retainer.
Client	Enter the client the deposit is from or click onto Search to search for the client. This field is not available if Sundry Cash has been selected.
Payor:	For Client Receipts, this field will populate with the Client Name. For Sundry Cash entries this will allow a Payor to be entered.
Client Credit Notes:	Displays any credit notes that have been entered on the client’s A/R Collection Details.
Unpaid Bills	Displays the value of any unpaid bills.
Unallocated Cash	Displays the value of any unallocated cash.

Select a client to see a list of outstanding A/R transactions and credit notes. A Group Allocation checkbox is displayed, allowing all transactions within the client group to be displayed for allocation.
Expand each transaction in the grid to allow for detailed allocation. Click to set the allocated amount to be the full outstanding amount or any remaining deposit amount.
Apply an adjustment to a A/R transaction by expanding the transaction to display the detailed lines as well as an option to enter an adjustment. Select the adjustment type and enter the adjusted amount
Click Save to save this entry or New to create another entry. The deposit entry will be displayed as unposted.

The entries can either be posted individually or can be posted in bulk. The Post button will post all entries within the deposit that have not already been posted. The Actions menu provides actions against individual entries to:

ACTION	DESCRIPTION
Edit	Allows the deposit item to be edited.
Delete	Deletes the deposit item.
Post	Posts the deposit item.
Post and Allocate	Only available on unallocated deposit items. Posts the items and opens the allocation screen.
Post and Create RFP Receipt	Posts the item and creates a RFP Receipt for the item.

Select Complete if all items in the deposit batch have been posted.
Select Activate on complete deposit batches to make further entries.
Select Print to open a report detailing all entries within the deposit.

Post and Create RFP Receipt

Use this option if RFP receipts are required. RFP receipts are automatically created when a receipt is allocated against an RFP. This option allows an RFP receipt to be created without allocating the receipt.

FIELD	DESCRIPTION
Name	The Clients name will be displayed here. Amend it as is necessary.
Date	The date that will be used on the RFP.
Address	The address is the current address as it appears in the Contact details for the Client. Use the […] icon to select a different connected address or amend as necessary.
Details	Enter any narrative that is to appear on the RFP receipt.
Summary	Provides a summary of the amounts on the RFP receipt.

Click Save to save any changes and return to the Deposit batch, Cancel to return to the previous screen without saving any changes made, or Delete to delete the RFP Receipt.