Making Deposits

Make a deposit in NetSuite to record funds you add to your bank account. For a deposit, select payments for existing transactions, add funds not related to transaction payments, and record any cash you get back from the bank.

Note:

Many organizations post customer payments to the Undeposited Funds account instead of a specific bank account. This prevents a time lag between your book balance and your bank balance. When you record a deposit, NetSuite moves funds from Undeposited Funds to the bank account ledger to keep your bank balances accurate. If you record customer payments directly to a bank account instead of Undeposited Funds, you don't need to create deposits for those amounts.

Warning:

If another user deletes a payment or cash sale marked for deposit while you're creating a deposit, NetSuite displays a message that the record has changed. You can't save the deposit because the data is missing.

When making a deposit, besides the standard save options, you can also do the following from the header:

Reset – clears all input on all subtabs and in the header
On the Payments subtab, check or clear the box below Customize. Checking the box selects all payment items for the deposit. Clearing the box removes them from the deposit.

Add items to a deposit with payment methods other than Check or Cash. For example, add a custom payment method or a credit card. If you select Print on the deposit form, NetSuite warns you that the deposit has items other than Check or Cash. Continue with the deposit if this is correct, or make changes as needed.

The system doesn't track tax periods on deposits.

If you use a custom role without the permission to make deposits, add the Deposit permission to the role.

To add the Deposit permission:

To record a customer deposit, follow the same steps but select the Customer Deposit permission. To record a customer deposit, see Recording a Customer Deposit.

Log in as an administrator.
Go to Setup > Users/Roles > Manage Roles.
On the Manage Roles page, click Edit next to the custom role you want to modify.
On the Permissions subtab of the Role page, find the Transactions sublist.
From the dropdown list in the Permission column, select Deposit.
From the dropdown list in the Level column, select the access level for the permission.
Click OK.
Click Save.

To make a deposit:

Go to Transactions > Bank > Make Deposits.
In the Primary Information section:
1. Select the custom form for the deposit.
  
  The system-generated deposit number appears.
2. Select the bank account for the deposit.
  
  The currency and exchange rate display for the account. For information about exchange rates, see Currency Exchange Rates.
  
  If the bank account's currency matches the subsidiary's base currency, the Exchange Rate field is read-only.
  
  Note:
  If you use NetSuite OneWorld, the bank account determines the subsidiary and the selectable payments at the line level in step 4a. For other deposits, the bank account determines the subsidiary and the currency. If you change the bank account, class, department, location, and all line items are cleared.
3. The Amount field displays the total amount of payments, other deposits, and cash back selected or entered on the Deposits subtab.
4. Accept today's date or enter the date of the deposit.
5. Select a posting period if you use the Accounting Periods feature.
6. Enter a memo if needed.
7. To enter multiple deposits before printing deposit slips, check the To Be Printed box. For more information, see Printing Multiple Deposit Slips.
In the Classification section, select a department, class, and location for the deposit if needed.

If you use NetSuite OneWorld, the subsidiary defaults to the one linked to the selected bank account.
On the Deposits subtab, enter the items for the deposit.
1. The Payments subtab lists all payments posted to the Undeposited Funds account. Check the box next to each item to include it in this deposit.
  
  Filter the items by date, date range, or payment processing profile.
  
  The Amount column displays the payment amount in the bank account currency, entered when received for a cash sale, invoice, or other transaction. To change the amount, click the link in the Date column to open the source transaction.
  
  If the field is empty, enter the amount manually. NetSuite leaves the field blank if the payment currency and bank account currency differ, and the bank and subsidiary currencies are also different.
  
  If the payment currency is different from the bank’s, but the bank and subsidiary currencies match, NetSuite uses the stored exchange rate to calculate the amount.
  
  Note:
  You can't modify a zero payment amount.
  
  Warning:
  If you move a cleared cash sale transaction to Undeposited Funds, NetSuite returns it to an uncleared status.
2. On the Other Deposits subtab, enter items not received as payments to Undeposited Funds.
  
  Enter the name, amount (positive), account, payment method, and payment number for each item. Optionally enter a classification and memo. Click Add.
  
  Note:
  You can select an entity in the Name field. The available entities are filtered by the selected bank account.
  
  If you use NetSuite OneWorld with shared records, this field displays all vendors and customers assigned to the subsidiary for the selected bank account. For more information about shared records, see Assigning Subsidiaries to a Vendor and Assigning Subsidiaries to a Customer.
3. On the Cash Back subtab, enter the cash back amount, account, classification, and memo. Click Add.
On the Communication subtab, attach files and notes to this transaction if needed.
1. On the User Notes subtab, enter a title and note for any comments. Click Add after each note
2. On the Files subtab, attach files from the File Cabinet. To upload a new file, select New from the dropdown list in the Attach Files column.
3. Use the Events, Tasks, and Phone Calls subtabs to attach activities like events, phone calls, and tasks to the transaction. For more information, see Attaching Events, Tasks, and Calls to Records and Transactions.
If you use NetSuite OneWorld and have Multi-Book Accounting, the Accounting Books subtab appears. This subtab displays secondary books for the deposit and their base currencies and exchange rates. For information about Multi-Book Accounting, see Using Multi-Book Accounting.
After you enter all the items for the deposit, verify the total is correct and click Save.

To edit a saved deposit in the Deposits list:

Go to Transactions > Bank > Make Deposits > List.
From the Deposits list, click Edit next to the deposit you want to modify.
On the Deposit page, make the needed changes.
Click Save.

If you change the deposit amount, a prompt to unreconcile the transaction appears. Click OK, and then open the correct statement period and reconcile the transaction again.

Note:
If you change the account, no prompt appears and the transaction stays reconciled.

To delete an existing deposit from the Deposits list:

Go to Transactions > Bank > Make Deposits > List.
From the Deposits list, click Edit next to the deposit you want to delete.
On the Deposit page, under Actions, click Delete.
At the prompt, click OK to confirm.