Cash Management overview

Manage your cash accounts, including current accounts, savings institutions, and credit cards all in one centralized location with the Cash Management application. The Cash Management application comes with several standard reports that you can run right away.

To get started, have your admin subscribe to and configure Cash Management. This involves:

• Selecting the features to appear in the Cash Management menus and pages.
• Assigning permissions to users who need access to those pages or actions.

With the Cash Management application, you can do the following:

• Make manual payments.

  Step outside the normal Accounts Payable workflow and make a one-off payment. This process records the payment and creates a corresponding AP purchase invoice all in one step. Supported payment methods include cheque, cash, credit card, and record transfer.

• Record funds transfers.

  Smoothly handle the transfer of funds from one cash account to another. Determine if you need to make a transfer, or if there are sufficient funds in an account, by running the Cash balances report.

  Funds transfers to or from credit card accounts are not supported.

• Receive payments.

  Receive payments that are not tracked to customer AR sales invoices, even if you are not subscribed to Accounts Receivable. You can also use this feature even if you do use the Accounts Receivable application and have customers. For example, for counter sales you do not want to track to AR customers, enter the source of the payment in Cash Management. You have the choice of depositing the receipts either directly into a bank, or into your undeposited funds account for later deposit.

• Make deposits.

  You can deposit payments that you receive in two ways:

  • If you already deposited the payment, create another receipt to record both the receipt of the payment and its deposit.
  • Receive payments and accumulate them in an undeposited funds account for later deposit. When you're ready, create a deposit slip to post the amounts of the deposits.

• Pay off credit card charges.

  Create a charge payoff of credit card charges. A charge payoff creates an AP purchase invoice which you can then pay (or mark as paid using the payment method Record transfer) to pay off the charges.

• Reconcile accounts.

  Reconcile bank accounts and credit card accounts. During your first reconciliation, enter initial open items, the statement ending balance, and bank charges, then select all the items that have cleared.

• Connect to a bank feed.

  Save time on reconciling, increase productivity, and simplify the close with bank feeds. You can connect current accounts, savings accounts, and credit card accounts to a bank feed.

• Run Cash Management reports.

  Reports include bank, cheque, deposits, and credit card registers, along with a cash balances report. The registers enable you to drill down to the details quickly and conveniently.