All the receipts (deposits, debit orders into your bank account, interest received, etc), which are deposited into a specific bank account are entered in the Receipts Journal for the bank account in which the money is deposited.

- The transactions entered into the Receipts Journal, will always increase the bank balance (if it is a positive bank balance).

- Should your bank balance be an overdraft, the transactions entered into the Receipts Journal, will decrease your negative bank balance.

- The source documents used to enter transactions in a receipt batch are receipts and deposit slips.

- You may create a receipt in the Create Receipts batch processing option for Receipts Journals. When using this option, you may print the receipt, and the transaction for the receipt will automatically be inserted in the Receipts Journal, in which case you do not have to write a hand-written receipt.

Important All receipts and moneys deposited will be displayed on the bank statement, and must be reconciled (usually on a monthly basis) with the Receipts Journal. You may find other transactions, such as monies deposited directly into your bank account, interest, etc. on your bank statement, which are usually dealt with when the bank reconciliation are done.

A copy of a receipt issued to a customer, debtor or other party from whom the money is received, is retained for record purposes, and should be included with the deposit slip. The original receipt is handed to the party from whom the money is received.

All the moneys received are deposited in the bank account. A receipt should always be issued when cash is received. In some cases, cheques may be received instead. In these cases, receipts are not always issued, as cheques are listed on the deposit slip when the money is deposited into the bank account.

To Enter Receipt Transactions:

1. Click on the Batch Entry icon, or click on the Input→Batch Entry menu option.
   - Keyboard Access: Press the F2 key on your keyboard. Alternatively, press the Alt+I+B keys on your keyboard.
   The Batch Type Selection screen will be displayed.
2. Select the Receipts Journal.
   - If you have more than one bank account, select the correct Receipts Journal for the bank account into which the moneys is deposited.
   
   
3. Click on the Open button. The Batch Entry Transaction screen for the Receipts Journal is displayed:
   
   - If you have not yet set the Receipts Journal up, or if your requirements should change, click on the F10: Setup icon, or press the F10 key on your keyboard.
   
   - The contra account of the Bank Account to which the Receipts Journal is linked, will be displayed on the Batch Type Selection screen. You cannot change the contra account in the batch setup options for the Receipts Journal.
   
   - Note that for Receipts (Deposits), the Amount Entry field should be set to credit.
   
   
4. Capture the Deposit slips or Receipts. The following is an example of deposit slips obtained from a bank:
   
   
   - You may have pre-printed deposit slips, which may be pre-numbered and of a different appearance, but the information on the deposit slips is basically the same.
   
   
5. Enter and / or select the following:
   1. Reference number - Enter the deposit number.
      - All the receipts on the same deposit slip must have the same reference number. If this is not done, bank reconciliation will be difficult, if not impossible. On the 16th of March, we have two receipts deposited on the last deposit slip. In this case, we use the same reference number (e.g. D5001) to enter both the deposit transactions on the same deposit slip.
      
   2. Date - Enter or select the date of the deposit.
   3. Description - Enter a brief description for the transaction.
      - You need to enter a sensible description (e.g. “Payment Received - Thank you” in the description column, as this will appear on the debtor’s statement and it must be useful information for the debtor.
      
      - If you have many transactions with descriptions of a repetitive nature, you may assign a key on your keyboard as an abbreviation. For example, if you assign the R key on your keyboard for the description “Payment received - Thank you”, you only need to press the R key and press the Enter key in the description field. The full description (e.g. “Payment received - Thank you”) will be transferred to the description field.
   4. Account - Select the Debtor or other applicable account to which you need to allocate the receipt.
   5. Tax Account - Select the applicable Output Tax Account for the receipt, if applicable.
      - This is only applicable if Output VAT/GST/Sales Tax is allowed on a transaction, and if you are registered as a VAT/GST/Sales Tax Vendor. If no VAT/GST/Sales Tax is applicable to the transaction, select the No Tax code.
      
      - You may also select to hide the Tax column, and lookup facility in the Setup Options for the Receipts Journal, if no VAT/GST/Sales Tax is applicable to all transactions in this batch (e.g. only capturing Receipts from Debtors; or if you are not registered as a VAT/GST/Sales Tax Vendor.
      
      
   6. Amount - Enter the amount of the transaction (Inclusive or Exclusive of VAT/GST/Sales Tax, if applicable).
      - Should you have any Open Item Debtors, an Open Item Selection screen will appear, listing all debit transactions, as well as the outstanding balances of transactions for the debtor you have selected in the account field, if this debtor account is created as an Open Item Debtor. You need to select the specific invoice or transaction for which, you are receiving the payment.
      - If you need to enter a debit transaction (i.e. early settlement discount allowed), you may enter a negative (minus sign), followed by the amount in the credit column. These amounts will be transferred to the debit column.
      
      
6. After entering the Deposits in the Receipts Journal, the transactions will be displayed as follows:
   
   - If the Consolidate Balancing option is selected in the Setup Options for this batch, the description for the balancing entries or transactions, will be displayed as “BALANCING ENTRY Receipts Jnl”.
   
   - It is a good idea to over type this description, as it is not very meaningful to an outside auditor or accountant. If you over type these, it will definitely make it easier to trace and reconcile transactions.
   
   
   • Over type the description with “Deposit slips D5000 - D5001” in the description column.
   • Do not over type the eight asterisks in the reference column, as this indicates that these are contra transactions.
     - If you have selected a Tax code, in the Cash Book (Receipts Journal and Payments Journal), the amount EXCLUSIVE of VAT/GST/Sales Tax (NOT the INCLUSIVE of VAT/GST/Sales Tax) is reflected in the amount column, when the cursor is not on the amount field of a transaction.
     
     
7. Click on the F9: Process icon, or press the F9 key on your keyboard, to change the alias (batch name).
   - This will help you if you wish to identify a specific batch to generate a batch type report, or if you wish to export posted batches to a file.
   
   
8. Click on the F8: List icon, or press the F8 key on your keyboard, to list the batch.
   - It is a good idea to list the batch, and check the entries on the batch thoroughly. If there are any errors, you may edit the batch, before posting the batch.
   
   
9. Click on the F6: Post icon, or press the F6 key on your keyboard, to post (update) the batch to the ledger.

After posting the transactions, the T-Account View of the transactions should reflect as follows:

1. Debtor’s Ledger:
   
   
   
   • The full amount is credited to the individual Debtor’s Account in the Debtor’s Ledger.
   • The total amount of the individual Debtor Account is also updated in the Debtor’s Control Account in the General Ledger.
2. General Ledger:
   
   
   
   • The total amount of other receipts (which is not received from debtors), e.g. Capital received from the owner, is credited to the General Ledger Account (i.e. Capital).
   • The total amount of the deposit is debited to the Bank Account.
   • If any Output VAT/GST/Sales Tax Codes were selected in the Tax column, the Output VAT/GST/Sales Tax accounts would also be credited with the VAT/GST/Sales Tax amount.

- Debits - Bank = Credits - Debtor’s Ledger + Accounts Allocated in General Ledger

- Should you have any Open Item Debtors, an Open Item Selection screen will appear, listing all debit transactions, as well as the outstanding balances of transactions for the debtor you have selected in the account field, if this debtor account is created as an Open Item Debtor. You need to select the specific invoice or transaction for which, you are receiving the payment.

- You may enter transactions in a batch daily, and only post at the end of the month. Exiting or closing the batch, or even TurboCASH, will not cause these transactions to be lost. You may also choose to post after every entry.

- If the Consolidate Balancing option was not selected, when the options for this batch was set, the individual transactions would have been listed or posted to the Bank Account and Output VAT/GST/Sales Tax Account (if more than one transaction was posted and if VAT/GST/Sales Tax was selected on the Receipt).

• Blue font colour - This indicates that the transaction is already reconciled in the Input→Reconcile Bank menu option.
• Yellow background row - This indicates that the credit transaction is linked to a debit transaction on the Open Item Selection screen.