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Banking – Check Writer ( Checks, Deposits, Adjustments ) – OneSource: Inventory for QuickBooks Online Banking – Check Writer ( Checks, Deposits, Adjustments ) – OneSource: Inventory for QuickBooks Online

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Banking – Check Writer ( Checks, Deposits, Adjustments )

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Table of Contents

Check Writer – Overview

The Check Writer screen in OneSource includes the following screens (tabs) to manage help manage your bank accounts:

  • Bank Accounts: This tab is where each Bank Account is set up and managed.  You enter the Bank Account #, the Bank name, General Ledger (GL) account that will be linked to all Checks, Deposits, and Adjustments, etc.
  • Checks: This displays the Checks tab, which displays all of the Checks that have been written and provides a way to create and print a new check from the Banking Account.
  • Deposits: This displays the Deposits tab, which displays all of the Deposits that have been created and provides a way to create and print new Deposits to the Bank Account.
  • Adjustments: This displays the Adjustments tab, which displays all of the Adjustments that have been created and provides a way to create new Adjustments to your Bank Account (such as ATMs, Banking Fees, etc).

Creating a New Bank Account ( Checking Account )

Prerequisite: If you have not already created a GL Account for the bank account you are about to create, close the Check Writer screen, open the Chart of Accounts screen, and create a new Bank Account (making sure it is an Asset type of account).

  • Click Banking Bank Accounts > then press the New button.
    • If you are creating your very first bank account, when you open up the Bank Accounts screen/tab you will be prompted to create a new bank account.
  • Enter the Bank Account Number and Bank Name.
    • After you enter the Bank Name (if it is your first bank account) you will be prompted that that account will now become your ‘default’ bank account.  What this means is each time you open up the Check Writer screen to write a check or make a deposit THAT bank account will be auto selected for you.  (Note: You can select a different bank account to work within the top right corner of the screen).
  • Fill in the additional fields about the bank account as desired.  (These can be filled in at a later time if you’d like).
  • Enter the Starting Check Number, (which will be the next check number that the system will automatically select when you create a new check).
  • Select a Default GL Cash Account.  This is the GL Account that will be automatically Debited when you put money into the account or Credited when you take money out of the account.
  • Click Close when you are finished.

Additional Notes

    • The Bank Account Number is required.

IMPORTANT SECURITY RECOMMENDATION

We recommend that you enter only the last 4 digits of your bank account number.  (You do NOT need to enter the full account number unless you buy 100% blank check stock and print the checks with special magnetic MICR ink).

    • The Bank Account Name is required.
    • The Type field is used solely to help you identify the Bank Account.
    • The MICR Line can be left blank unless you plan to print your own check stock with special MICR ink.
    • Printing on Blank Check Stock

      If you need to print on blank check stock (using special MICR ink) please see this KBA.

    • The ABA Number can be left blank if you plan to purchase pre-printed checks.
    • The Routing Code can be left if you plan to purchase pre-printed checks.
    • The Starting Check Number is simply the starting check number that will be displayed when the account if first used.
    • The Default GL Cash Account is used by General Ledger to link Checks, Deposits, and Adjustments to the proper GL account when the transactions are posted to the GL.  This should be an asset account that has been set up in the Chart of Accounts.
    • The Current Bank Balance is calculated and updated automatically.
    • The Last Statement Balance and the Last Reconciliation Date are both automatically updated when you reconcile the bank account. These should only be updated if you have corrected an error.  (If you have your last (balanced) Bank Statement available, you could enter this information the first time around from the Bank Statement).

Getting Started With the Right Bank Account Balances

  • Locate your most recent (balanced) bank statement and make a note of the ending balance printed on the statement from the bank.  This will most likely be the amount that you will need to enter as your beginning balance.
  • Click Banking > Adjustments
  • Select the Bank Account you want to work with (from the list in top right corner of screen–if different than the default bank account already selected for you) and then press the New button.
  • In the Transaction Type drop-down list select Beginning Balance.
  • Enter the Date of the deposit.
  • Enter the Amount you want to be the beginning balance in the Amount Deposited field.
    Getting the beginning balance right…

    If you are cutting over from another accounting system, this will typically be the amount that your bank is showing as your ‘ending balance‘ on your most recent Bank Statement for the account.

  • Select the GL Account to Credit to the GL.
    (Note: In many cases, this will be some type of Equity account.  The GL account associated with the Bank Account will be the GL Account that OneSource will Debit when this adjustment is posted to the GL)
  • In the Payee field enter something like your company name.
  • In the memo field enter something like Beginning Balance.
  • Press the Post button to post this beginning balance entry to your GL.
    Keeping your GL in balance…

    You may be tempted to enter this same beginning balance as a GL Journal Entry (to get this on your Balance Sheet).  When this banking transaction is posted to the GL (on the same screen or on the Batch Post GL Transactions screen–this will happen automatically.  So, in other words, do NOT make a separate GL Journal Entry for this beginning balance.

    Also…if you have already entered a Beginning Balance Journal Entry (to get your old Balance Sheet from your older accounting system entered into OneSource, you will need to revise that entry or make another journal entry to back the bank account balance (you just entered) back out. If you do not do this that bank account balance on your Balance Sheet will be duplicated.

  • Last of all, to bring your bank account balance (in OneSource) current with what it actually is today, you will need to:
    • Enter ALL checks, deposits, and adjustments that occurred before your last bank statement (that the bank didn’t know about) so your balance will enter up being the same as the final reconciled balance was after reconciling your last bank statement, and then…
    • Enter ALL checks, deposits, and adjustments that occurred in the bank account AFTER receiving and reconciling your last bank statement.
  • Now–your bank account should be completely up to date and in balance with what is actually in the bank account.

Check Writer – Common Tasks

Create a Check

  • Banking > Checks > then press the New button.
  • Change the Check # or Date if desired.
  • Enter the Amount.
  • In the To the Order Of field enter the Payee.
  • Enter a memo if desired.
  • Select a GL Account to debit (usually an Expense type of account).

Print a Single Check

  • Find the Check you want to print.
  • Click the Print button.
  • (If desired) change the Check Position and/or Check Type.
    Note: These always auto fill to whatever you selected the last time you printed a check).
  • Select Current Check Only.
  • Select Print or Print Preview and then press the Print button.
    Note: If you selected Print Preview to view it on your screen when you are ready to print the check, press Ctrl+P to select a printer.

 

Print a Batch of Checks

  • Follow the same steps (directly above) to Print a Single Check
  • In the Print Choices section select any one of the following print options:
    • Date Range to print all checks for a given date range.
    • Check Number Range to print a range of checks. (Note: This is typically the easiest option).
    • Marked to Print to print all checks where the Print Check checkbox is checked on the check itself.
  • Select Print or Print Preview and then press the Print button.
    Note: If you selected Print Preview to view it on your screen, when you are ready to print the check, press Ctrl+P to select a printer.

Create and Print a Deposit

  • Banking > Deposits > then press the New button.
  • After the Deposit Slip screen pops up then, depending on your situation, fill in the Deposit Slip using one of the following two methods:
    • If you have received the check on an Invoice or on the Receive Payments screen already, then:
      • Click the Select Undeposited Checks… button.
      • Click the Select All button (to select all of the checks on the Undeposited Funds screen) or individually select each check you want to transfer to the Deposit Slip.
      • Click the Transfer to Deposit Slip button.
      • Click the Close button.
      • Click the Print button and select your desired print options.
    • If you have a check you want to deposit that is NOT related to an Invoice then:
      • For each check, enter the GL Account, the Check or Credit Card #, the How Paid, the Customer/Details, and the Amount.
      • Click Close.
      • Click the Print button and select your desired print options.

Create an Adjustment (for ATM’s, Bank Fee’s, Wires, etc)

  • Select Banking > Adjustments
  • Select the Bank Account you want to work with (from the list in the top right corner of the screen–if different than the default bank account already selected) and then press the New button.
  • Select the Transaction Type (such as ATM, Beginning Balance, Fee, etc
    (Note: You can change the list of Transactions Types in the Company Setup & Preferences:  Tools > Company Setup & Preferences > Banking (tab) > Bank Account Transaction Types (table).  You will need to close and reopen the Adjustments screen for any newly added entries to take effect).
  • Enter the Date of the deposit.
  • Enter the Amount Withdrawn (or the Amount Deposited)
  • Select a GL Account to Debit when taking money out of the Bank Account (or a GL Account to Credit if depositing money into the account).
    (Note: When you select an account to Debit (later on when the transactions is posted to the GL) OneSource will automatically Credit the GL Account linked to the selected Bank Account.  The reverse is true when you select a GL account to Credit when putting money into the account).

Find a Bank Account

  • Banking > Bank Accounts
  • Click on the Bank Account drop down list (in the top right-hand corner) and select the bank account you want to view.

Find a Check

  • Banking > Find Check
  • Change the value in the Search By field to whichever method you want to use to search for the check, such as Check Number or Payee.

Find a Deposit

  • Banking > Find Deposit
  • Change the value in the Search By field to whichever method you want to use to search for the deposit, such as Amount of Deposit or Date of Deposit.

Find an Adjustment

  • Banking > Find Adjustment
  • Change the value in the Search By field to whichever method you want to use to search for the adjustment, such as Date of Adjustment or Deposit Amount

How to Void a Check

  • Look up the check in Check Writer
  • Click in the Void check box on the bottom left of the check
  • Click YES on the pop-up that says (By deleting this check you will delete all the bill payments paid with this check and any GL postings for those payments.
  • The Check is now VOID, the GL and the Check registry have been corrected.
    • To Delete the Voided check
    • Click Edit
    • Clear the check mark in the VOID box on the bottom left of the check by clicking on it.

How to Delete a Voided Check

  • Look up the check in Check Writer
  • Click Delete.

Where to buy checks and deposit slips for OneSource

  • OneSource, by default, uses various styles of QuickBooks checks.  Therefore any QuickBooks laser compatible checks should work fine, regardless of where you purchase them.
    • Check Printing: We suggest a laser style check that has the check on 1/3 of the 8 1/2 x 11 check and 2 individual, perforated check stubs on the other 2 1/3 sections of the 8 1/2 x 11 check.
Important Notes to Consider BEFORE buying more checks.

1–OneSource does NOT allow duplicate check numbers so be sure to order a range of checks that are higher than your current range of checks.

2–If you have pre-printed checks–that are Quickbooks style checks–you MAY be able to make use of the checks you already have, so be sure to check for that before buying more.  (Note: If you are not sure, keep in mind that it is more than likely that the printed checks in OneSource could be modified to print on your existing–non-Quickbooks style checks–however, it may still be less expensive to spend $100 on a box of checks rather than pay OneSource $120/hr to customize an existing check template/report).

    • Deposit Slip Printing: If you want to print a list of deposits, itemized out by check (and totaled) to take to the bank + an itemized check stub to detach for your own records, then we suggest you purchase the Quickbooks style pre-printed deposit slips.  (These have the pre-printed deposit slip that is printed on the top 1/3 of the form and a blank section (to print the itemized check information) on the bottom 2/3.
  • OneSource Software Solutions has been using a particular vendor for many years that have great, personalized service, and very competitive prices. The company info is:

    Actions Systems & Promotions
    6905 South 1300 East, #407
    Salt Lake City, UT 84123
    (801) 288-1020
    (800) 546-0946 (Toll-Free)
    (801) 288-1125 (Fax)
    www.actionsystemsutah.com
    info@actionsystemsutah.com

How to transfer funds from one bank account to another bank account

Suppose you want to transfer $1000 from Bank Account A to Bank Account B.  Here are the steps to follow:

  1. (You only need to do this step 1 time). Create a special GL Account.
    • Accounting Chart of Accounts > then press the New button.
    • Account Type: Asset
    • Account Number: 1099 (or whichever GL Account # you prefer)
    • Account Description: Bank Account Transfers (or whatever name you choose).
  2. Open the Check Writer and select Bank Account A (in the Check Writer in the top right-hand corner).
  3. Then click on the Adjustments tab.
  4. Enter the Amount ($1000) in the Amount Withdrawn field.
  5. Select the ‘Bank Account Transfers’ GL account (you created in step 1 above) in the Debit Account field.
  6. Next, switch the active Bank Account to Bank Account B (in the top right-hand corner of Check Writer).
  7. (The Adjustments tab should still be displayed).
  8. Enter the Amount in the Amount Deposited field.
  9. Select the ‘Bank Account Transfers’ GL account (you created in step 1 above) in the Credit Account field.

Note: This will immediately transfer $1000 from Bank Account A to Bank Account B.  It will also affect the GL for the two bank accounts after the Batch Post GL Transactions has been completed.

How to Create a Refund Check For a Customer

When a customer returns a part, in many cases, the customer is OK with just having a credit on their account.  (You can do this by simply creating a Credit Memo).  However, in some cases, the customer would rather receive a full refund–in the form of a Company Check. The following few scenarios that explain how to do this:

How to create a refund check for a Customer (AFTER you have gone Live with OneSource)

  1. (One time setup). If you do not already have a ‘Sales Returns’ account, create a new (Revenue) GL Account called something like Sales Returns.
  2. Create a Credit Memo (so the item can be returned back to your inventory stock).
  3. Next, create and print a check to the Customer (using the Check Writer in OneSource) and debit the Sales Returns Account(s) of your choice.
  4. Lastly, find the credit memo (press the F8 key), click the Payments button and enter a negative payment on the Credit Memo (to offset the Credit Memo balance), and credit the same Sales Return account.  (NOTE: Make sure the DEP check box is unchecked so the payment will not show up on the Undeposited Funds list in the Check Writer).

How to record to refund check (BEFORE you have gone LIVE with OneSource)

This scenario is a little trickier–as there are numerous ways to record this check.  Typically you won’t actually run into this scenario before you Go Live with OneSource.  However, when you are entering outstanding checks (to balance your checking account(s)) you may come across a check that has been written to a customer that you need to debit to something when the check is entered into OneSource.  In this case, since the sale (before the return) did not originate from OneSource.  So, in this case, since you will be reconciling your Equity account after all Balance Sheet GL Accounts have been entered, we’d probably just recommend you debit your Equity account.  This account will be reconciled later on it should not be a big problem.

How to link a normal Check to an AP Bill

  • First make a note of the Checks that need to be re-linked to the AP bill, including Date, Check #, Amount, Payee, Memo, if the check has already cleared, the date of the clear, etc.
  • Delete each check.  (Unpost each check if necessary).
  • If necessary, enter the AP Bill for the total amount owed to the Supplier/Vendor
  • Open Pay Bills Multiple Suppliers or Pay Bills One Supplier and make a payment on the Bill, using the first Check # deleted for the exact amount of the first check.  (Print a copy of the check if you’d like for your records).
  • Enter the correct Check dates.
    • Open up the Check Writer table directly. Right-click and filter for the payee on the Payee field. Sort or filter as necessary to find the checks that need to have the dates edited.
    • Change each check date to the original check date.
  • Repost Check.  NOTE: If the checks had already cleared the bank OneSource will attempt to reverse this total out of the cleared balance.  However, just make note of these cleared amounts and dates to correct in your reconciliation process if necessary.
Previous AR – Receive Payments
Next Banking – Check Reconciliation
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