Day End Bank Deposits (Record Deposits) Core

Document Version	v.5
Document Last Updated	4/3/2025
Software Version Documented	v.10

Overview

In this document, we will cover the process of day end AR reconciliation, verifying that the total amount of receivables in all registers is accounted for, deposited into the desired bank account’s general ledger account and printing bank deposit slips accordingly.

Definitions

Record Deposits

We will talk a lot about the record deposits screen and “recording deposits” in this process document. What exactly does it mean when you are recording deposits in Savance Enterprise? It simply means that you are moving undeposited receivables from the undeposited cash/credit card/EFT/check general ledger accounts into a bank account. That is to say that when you click save in the record deposits screen you are moving the money from one asset ledger account to an asset account flagged as a bank account.

Register

Savance Enterprise uses the term “Register” simply to denote a way to group payments in the record deposits screen. A register is not a ledger account, it simply differentiates where you received money. For example, did your AR clerk receive a check in the mail or did someone at the counter receive $500.00 cash for a cash and carry order.

Typically there are two types of registers. 1. Accounts Receivable: A non-physical register that you receive checks, EFT and occasionally cash & credits card transactions into 2. Cash Register: A physical cash register that is found behind the counter to receive primarily cash and credit card transactions for a cash and carry. 3. Webstore Register: A non-physical register you receive webstore payments into.

Settings

Be aware that the following settings need to be set up for individual and warehouse level registers to work properly. Ask your system administrator or call Savance Enterprise Support for more information.

To set up registers per warehouse go to Admin -> Administrator -> Registers -> New
To set warehouse register defaults go to Admin -> Administrator -> Warehouses -> Default Registers
To set up default POS register per user go to Settings -> General Settings -> POS -> Register

To find the record deposits screen where you will do your day end reconciliation go to Accounting -> Accounting Manager -> Record Deposits
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Reports

Cash Register Summary Report

It may be helpful at certain points during reconciliation to use the Cash Register Summary By Payment Type Report
Go to Accounting Manager -> Reports -> Search for Cash Register Summary by Payment Type -> Double Click
Enter the proper filters that you’d like to create the report based off of

Reconciliation Process

Summary

We will look at the process for reconciling Credit Cards, Physical Cash Registers & Checks received in the mail separately

Credit Card Reconciliation & Deposit

You will likely reconcile your credit card receivables daily
Print the settlement report from your credit card terminal OR your credit card authorization partner account online. This will be the master list of transactions you will compare the list SE provides against.
Open record deposits screen
Expand the credit cards payment type and expand the date you are reconciling for
Ensure the total matches what you see on your settlement report
If it does, you can check the box and the amount to deposit will reflect accordingly
If it doesn’t, expand the date you are reconciling to look at individual transactions. Use the process of elimination by checking each individual transaction’s respective box to figure out which credit card transaction is missing from the business system (The settlement report in most cases will be the correct data source).
Typically this discrepancy is due to a misclassified payment type (i.e., someone picked cash instead of credit card).
Once you have found the missing transaction or in the rare case an extraneous transaction, fix that in the software and make sure that the amount is then reflected properly in the record deposits screen when you check all transactions for a particular date.
You are now ready to prepare a deposit slip and clear the transactions from the record deposit screen
Select the account you are depositing the funds into, the deposit date and add a comment as needed
If you’d like to take cash back from part of the deposit, enter an amount, the account you’d like the cash back added to and a comment as needed
Once you are satisfied with the total deposit amount, click save
You will be prompted to print a deposit slip
You are now done with reconciling and depositing credit cards for the day’s transactions

If Using WindRiver

Since unsettled transactions will not settle until the end of the day, it is best practice to do the Day End process first thing the next morning. Although nothing has changed when handling the end-of-day deposits you can however filter based on the Credit Card Processor.

Using your WindRiver - TranSafe Batch Settlement daily email
You will use the batch report to reconcile your credit card charges for the day prior. This report will show all transactions that have settled, as well as any transactions that have failed. NOTE: This is your responsibility to reconcile your credit card transactions on a daily basis, especially in the case that you have had transactions fail/or declined.
You will go through your credit card transactions and select them when compared to your Batch Settlement Report
As you select them, the Deposit Subtotal and Total will begin to calculate given you the overall total in which you can compare to the Deposit total from your Transafe report.
Once everything has reconciled you can then ensure you have the correct Bank information selected and Save this Deposit.

AR Checks Reconciliation

Typically you will get a number of checks in the mail daily
Receive the checks as is described in the AR process document
Add the total amount of money received from AR checks on your adding machine
Once you have the total dollar value of checks received summed, open the record deposits screen
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Expand payment type “Checks” & find the date you are reconciling for
Expand the date and find the register you are reconciling for (Accounts Receivable)
If the register amount matches the sum total of the checks you added on your adding machine, you are ready to check the proper register box, prepare a deposit slip and clear that date’s received checks from the record deposits screen
If the Amount doesn’t match the sum total of the checks you added on your adding machine, expand the register you are reconciling to see each check
You can even expand each individual check to get more information
Use the process of elimination by checking each individual transaction’s respective checkbox to figure out which check hasn’t been entered into the business system or which check has been physically lost
You can run the Cash Register Summary Report for the desired date range, AR register and payment type “Checks” for a third data source to help you identify what has gone missing
Once you have solved the problem, you are now ready to check the AR register box and record deposits

***If there were checks received into the cash register “register” in the previous day, follow the same process as above to reconcile these checks as well and record deposits for checks in both registers at the same time.

Expand the register type “Cash Register” under the payment type “Checks” and the date you are reconciling for
Reconcile these checks the same way as described for the AR “register” above
Once you have reconciled all of the checks in both registers, you are ready to create a deposit slip and clear these payments from the record deposits screen
Select the account you are depositing the funds into, the deposit date and add a comment as needed
If you’d like to take cash back from part of the deposit, enter an amount, the account you’d like the cash back added to and a comment as needed
Once you are satisfied with the total deposit amount, click save
You will be prompted to print a deposit slip
You are now done with reconciling and depositing checks

Cash Register Reconciliation

Whenever it makes sense for your organization, you will count the drawer for the prior day of business
Collect all of your signed receipts, all of the cash and all of the checks from your drawer
Run a summary report from your cash register (if your cash register has that functionality). If not, run the Cash Register Summary Report in Savance Enterprise for the correct date, register and all payment types
Count the cash & checks. Reconcile these summed totals against either report mentioned above.
Open record deposits
Expand the payment type, date & register
If the amount for the register equals the amount that you counted, you are ready to clear these entries from the record deposit screen
If not, check the individual transactions using the process of elimination to determine what is missing. The “Amount To Deposit” is the sum total of what you have checked so far.
Once you have discovered where the missing or additional transaction is (if any), you are prepared to record the deposit and create a deposit slip.
Select the account you are depositing the funds into, the deposit date and add a comment as needed
If you’d like to take cash back from part of the deposit, enter an amount, the account you’d like the cash back added to and a comment as needed
Once you are satisfied with the total deposit amount, click save
You will be prompted to print a deposit slip

Common Scenarios

Multi Warehouse

For a multi warehouse operation, the corporate HQ will likely reconcile the AR checks and the satellite branches will only have to reconcile their own cash registers
The only difference in process for this scenario is that it will be critical to choose the correct warehouse when you enter the record deposits screen

You Don’t Deposit Cash in Bank Daily

In many cases you won’t receive enough cash on a daily basis to warrant taking cash to the bank. Perhaps you have an off day in which you actually have a net negative cash flow because you gave more credits than what you received in cash payments over the counter. Maybe your company policy is to deposit cash only once or twice a week, or whenever it is convenient/worth the trip. How should you handle this in the record deposits screen?

Count the cash receipts in the cash register for each day
Open record deposits screen and find the payment type, registers and day you are counting for
Make sure the dollar value you counted from the cash register adds up to the amount shown in the record deposits screen
Record this figure on an internal form/spreadsheet that will track each day’s cash receipts until you are ready to physically deposit the money into the bank.
Do not check the checkbox and record the deposit in the record deposits screen until you are going to physically take the money to the bank
When you are taking the cash to the bank, go into record deposits and check each day’s respective checkbox for the days you are depositing for
Make sure that the net value of cash receipts for the set of days you are depositing for matches up to the number you see in record deposits & your internal tracking document
If it doesn’t, you will have to figure out what is missing or was erroneously added by looking at all the receipts you collected at the counter for cash sales
Select the account you are depositing the funds into, the deposit date and add a comment as needed
If you’d like to take cash back from part of the deposit, enter an amount, the account you’d like the cash back added to and a comment as needed
Once you are satisfied with the total deposit amount, click save
You will be prompted to print a deposit slip

Multiple Deposit Slips

You can record deposits and generate multiple deposit slips in a given day. The only benefit to doing it all at once is that the physical amount of cash & checks you are bringing to the bank will match that single deposit slip. If you do multiple, the physical amount of cash you are depositing at the bank will be the sum total of the three slips which will add a final reconciliation step.