About other receipts

Other receipts are receipts that are not associated with a customer or AR sales invoice. Other receipts can include cash, a card charge, a cash transfer, or a cheque payment. For example, you receive a Cobra payment from an ex-employee, or a conference booth fee from a supplier who's planning to display at your conference. Or, the receipt can be as simple as a cash reimbursement from an employee who used the company account to FedEx a personal item.

When you record the receipt, do one of the following:

• Select the bank to deposit the payments.
• Define the payments as going to an undeposited funds account so you can deposit them later.

Receipts automatically post to the General Ledger and appropriate subledgers. After you deposit the receipt, the deposit is also automatically posted to the GL and the appropriate subledgers.

In companies with multiple base currencies, create other receipts at the entity level where transactions are recorded in the entity base currency.

Accounting example

GL Account	Debit	Credit
Deposit to bank account
Current	350.00
Benefits–health insurance		350.00
Deposit to undeposited funds
Undeposited funds	350.00
Benefits–health insurance		350.00

What happens after you record a payment receipt and the deposit

Sage Intacct does three things:

• Removes the payments that you selected from the list.

  You can't select them to include in other deposit slips. You can no longer void or reverse these payments.

• Posts the amount of the deposit to the General Ledger.

  The deposit appears on the Deposits list and the Bank register report.

• Debits the bank account and credits the undeposited funds account that previously held this transaction.

The following diagram illustrates the flow from receipt of payment through deposit to posting the GL and subledgers.

Deposits: AR sales invoices and other receipts