How to record prior system outstanding deposits
For new/first time Connect Now Accounting clients, you may have prior month/year uncleared deposits on your bank statement that you need to account for when processing your first bank reconciliation.
In your old software, find the last month’s bank reconciliation report and list any transactions that had not cleared the bank from a prior month/year. You can create a “pseudo deposit” in Connect Now Accounting that will be available to clear on your Connect Now Accounting bank reconciliation, but won’t affect your bank account balance.
How to create a Pseudo Deposit:
- From Connect Now Accounting Ledger & Payables, click on Deposits.
- Start entering the information for the deposit. If you have more than one bank account, make sure to choose the correct bank account.
- Instead of using an Income Expense in the grid, you will use the same bank account you selected in the prior step. It would be wise to enter the initial Deposit number and income account in the comment field.
How a Pseudo Deposit affects the books:
You are essentially creating an entry that Debits and Credits the exact same bank account which will have no affect on the books.
This entry gives you a deposit to mark in ConnectNow Accounting when your Bank Statement showing this deposit on it comes.