PowerSchool ERP Fund Accounting
PowerSchool ERP Fund Accounting
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Creating Bank Deposits

Use the Post Receipts page's Deposits item to set up deposits when recording receipt transactions. You can designate a receipt for deposit by assigning a deposit number and date in the Post Receipts page. After entering one or more receipts in this fashion, you can use the following pages:

Receipt Deposits

Lets you review the receipts designated for deposit. You can then select the desired receipts to include under a deposit and display the Deposit Information page.

Deposit Information

Lets you assign the same deposit number and date to all of the receipts selected in the Receipt Deposits page, thereby grouping them as a single deposit.

Setting up a deposit has two effects:

  • The deposit number and date assigned become part of each receipt's transaction record. This enables you to track your deposits in the Detailed Displays option's Transaction Detail page.

  • If a deposit's receipts have the appropriate combination of fund and revenue account or cash account, you can access the deposit in the Bank Account Reconciliation page for reconciling your bank statements.

Menu Path:  Fund Accounting > Entry & Processing > Receipts > Post Receipts >click Deposits

Prerequisite

To access deposits in the Bank Account Reconciliation option, you must create records in the Bank Account Information table based on how you enter data for receipts. The Bank Account Reconciliation option selects receipt deposits based on the combination of fund and revenue account or fund and cash account as entered in the Post Receipts page.

If your site uses fund and revenue account for tracking deposits, then the Bank Account Information table will have records chaining fund/revenue account combinations with the appropriate bank account codes. If you track deposits based on fund and cash account, then these codes are tied to bank account codes in the Bank Account Information table. You may use both of these methods.

For details on bank account reconciliation, refer to the Bank Account Information Table and Bank Account Reconciliation.

Creating a deposit

  1. Select Fund Accounting > Entry & Processing > Receipts > Post Receipts.

  2. In the Post Receipts page, enter a receipt.
    To enter a receipt as a deposit, you must complete the Deposit Number and Deposit Date fields.

  3. Click OK to post the receipt.

  4. Repeat Steps 2-3 for each receipt you want to include.

  5. Click Deposits to display the Receipt Deposits page.

  6. In the Search Criteria section, enter criteria identifying the receipts to list, and then click Find.

  7. In the Deposit checkboxes, select the boxes for the receipts to include in the deposit. To select all of the boxes, click Select All on the Action Bar.

  8. Click OK to display the Deposit Information page.

  9. Complete the following fields, both of which are required:

Deposit Number

Enter a unique code. Character/10

Deposit Date

Enter the date you intend to make the deposit. The default is the current transaction date, which you may change as needed.

These entries override the Deposit Number and Deposit Date you assigned to the receipts in the Post Receipts page.

  1. Click OK to create the deposit.

  2. Click OK when processing is complete.

  3. You may create another deposit by repeating Steps 6-11. Otherwise, click Back to return to the Post Receipts page.

The Post Receipts page's Total Entry field keeps a running total of the receipts entered during the current session. If you post all of the receipts to the same deposit, the value in this field will provide the deposit's total.