Finance II: Deposits
ShulSchool Course Notes
What is the purpose of creating a deposit in ShulCloud?
The primary purpose in creating a deposit is:
- Syncing ShulCloud financials (check/cash payments) with GL software
- Can also be used to create a deposit slip that you can bring to bank with cash/checks
- Deposits in ShulCloud are separate from actual deposits into your bank account
Before creating a deposit, ensure that you have Bank Accounts already set up in ShulCloud
ADMIN MENU -> MY LISTS -> BANK ACCOUNTS
- These are the accounts that are currently available for you to deposit to.
- You can edit or add new bank accounts here.
Click on Add New on the left side
Account Name:
- Alphanumeric field (do not use routing/bank account number)
Default Bank Account:
- Select a default bank account if you have more than one bank account.
- This will automatically be selected as the bank account when we make a New Deposit unless we manually select an alternative account
- Export Transactions to Financial Software: Selecting this means it will transfer to QB/Sage/your financial software.
- Quickbooks Account: Click the dropdown to see the QB account it is linked to
Click Save Changes when you’re done with this.
Once your Bank Account is set up, you are ready to create a deposit.
How to Create a Deposit in ShulCloud
Go to the ADMIN MENU -> click on DEPOSITS to begin creating a deposit.
DEPOSITS Screen
Lists all payments that have been entered into your site that have not yet been deposited
It says New Deposit at top of Deposits screen
- Which Staged Deposit are you completing?
Please do not select anything in this field for this example (as this is an optional selection that we will cover later in the training).
Deposit to:
- This is what bank account you want the deposit to go into
- The Operating Account is set as the default Bank Account in My Lists, so it is automatically selected for us here.
- You can click the dropdown to select a different account (Rabbi's Fund, etc).
Deposit Date:
- Today's date is default
- If you want to back date or future date, you can do that here by selecting a different date. We will leave as today's date here.
Deposit Ticket
- The Deposit Ticket option is not required and is not necessary for identification. Once you create the deposit, there will be an unique Deposit ID that is automatically created by SC. That unique Deposit ID cannot later be edited and can be used to reference the Deposit in SC. SC would be able to locate the deposit using ID number.
- Deposit Ticket option allows you to use your own naming system to name the deposit so that you can use that to look it up in the future.
- For example, you might choose to name a deposit into the Rabbi Fund as “RF” for Rabbi Fund, followed by numbers to identify the date, etc.
Below Deposit Ticket, it shows:
- Num Items Checked Below:
- Total Deposit Amount:
- Filter Payments is a search tool that you can use if you would like to search for specific payments within the list below (payment type, applied to charge type, date range, etc.)
Scroll down to the list of payments and check off the checkbox in the Deposit Now column on the left for the payments that you want to include in this deposit
At the bottom of this screen, it shows Total Checked Above:
- Num Items
- Total Checked Amount
- Fee Amount (optional)
- Total Deposit Amount
Click Create this deposit, which then leads you to the Confirm Deposit screen.
CONFIRM DEPOSIT screen
- Tells you Deposit Date, Bank Account, Deposit Ticket, and then lists the checks you selected.
- Shows Check Number, Received from, Memo, Payment ID, Payment Date, Amount
Click Confirm & Save.
Deposit Summary screen
- You can Print this Deposit Summary if you want.
- You can navigate back to this later if you need to from the Deposit History screen.
- An unique Deposit ID Number has now been generated and is displayed to the right of the Deposit Ticket number. This ID number can be used to identify the deposit in ShulCloud.
The deposit is now complete.
Click Add Another to return to the Deposits screen.
Accessing your Deposit History in ShulCloud
Admin Menu -> DEPOSITS
- Now you can see that the checks that we had selected for that deposit are no longer available for us to select from the list of payments on this screen.
- On the main Deposits screen, click on the top left corner button that says Deposit History.
DEPOSIT HISTORY Screen
- Shows all of the deposits that have been created in the last ten days.
- Can filter list by Deposit Ticket, date range, bank account, etc.
- Columns: Date, Deposit ID, Deposit Ticket, Bank Account, #Items, Total Amount, Date Imported
- When it gets imported into your financial software, it will show that date under Date Imported
- The deposit Date and Date Imported do not need to match. It just matters how frequently you are doing a synchronization with your financial software
- There are 5 different buttons listed to the right of each deposit on this screen:
- PRINT SLIP button- Shows Deposit Summary again
- IMPORT VIEW button- AKA Batch Detail, shows these columns
-
- Accounts linked or unlinked in QB/Sage/financial software
- Description column (charge type -where applied
- Payments In Group
-
- MARK/DELETE button
- Mark Items – mark as imported
- Delete – transactions released (available on deposit screen again to be selected for deposit)
-
- MAIL RECIPIENTS button- Brings to mail
- TRANSACTIONS button- See all of the individual transactions that are included within that deposit.
Using the Mark/Delete button from the Deposit History screen
Example using the Mark/Delete button to Restage a Deposit:
If the deposit that we just completed shows something that we need to change, then from the Deposit History screen, we can click Mark/Delete button on the right of the deposit.
- Click the MARK/DELETE button
- This brings you to the Confirm Delete Deposit screen, where you have three main options:
- YES, Delete This Deposit deletes deposit and returns all payments back to the original deposit screen.
- Delete This Deposit, and Restage means it will delete the deposit and bring you back to these payments together so you can easily re-do them.
- Mark as Imported Record means synchronization can skip this deposit. The only reason you would do this is if you manually entered this information in QB already and you don’t want it to sync twice. No duplicate entry
- Let's click the button that says Delete This Deposit and Restage. This deleted the deposit.
- Then, on the New Deposit screen (Admin Menu -> DEPOSITS), under Which Staged Deposit Are You Completing, select the appropriate Staged Deposit from the dropdown menu (the one that you just deleted and restaged in the previous step).
- Once you select the Staged Deposit from that list, the appropriate bank account, date, and Deposit Ticket are automatically completed for you, and these same payments are automatically selected from the list of payments below.
- You can then edit or de-select the payment from the list that you want to omit this time by unchecking the checkbox on the far left column.
- Once you have selected only the payments that you want to include in the deposit this time, you can scroll to the bottom of the screen, click Submit, and Confirm the Deposit.
- For this example, you will see that there is now one less payment included because we chose to de-select that one payment that we wanted to omit this time
- Once you have confirmed the deposit, it is complete.
Creating a Staged Deposit from the Transaction Add screen (OPTIONAL)
The Transaction Add screen allows you to create a Staged Deposit while you are entering payments into ShulCloud
- From the ADMIN MENU, click on TRANSACTION ADD
- This brings you to the Transaction Add screen:
- Under the Information about Transaction, where it says Stage to Deposit, you can click the dropdown menu that currently says Don’t Stage, and you can add this transaction to a new Staged Deposit by selecting Create New Deposit Stage, or you can include this transaction in an existing Staged Deposit by selecting an existing Staged Deposit that is listed on that dropdown menu.