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This is done by means of a journal in the General Ledger (GL). In a new batch start a journal in the normal way. Key fields are:

  • Period: For deposits the period will be the current period.
  • Category: Select "Department deposit movements" from the list of values.
  • Leave the Description and Control Total boxes blank.

In the first line of the journal enter the account code for the account with funds that you want to invest:

  • The transaction code for these entries will always be SCBA (funds on deposit).
  • Enter the amount that you want to place on deposit in the debit column.

Please note that Departments can now process Deposit Movements to the penny.

The credit entry for your journal line is coded to the balance sheet but with a transaction code of SCCA (Monies on Deposit Control Account).

placing money on deposit

 

  Department Cost Centre Source of Funds Transaction Code  
DEBIT Your Dept Code Your Dept Cost Centre Your Dept source of funds SCBA Funds on deposit
CREDIT Your Dept Code 0000 0000 SCCA Deposit Control Account

Now save and post your journal in the normal way.

If there is to be a long list of transfers then enter all the debit lines first and then just complete one credit line coded to the Deposit Control Account for the total of the journal.

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