Contents - Index

Bank Transaction Types

Professionals Retail Business provides for a range of bank transaction types:
  • Deposits
    1. Single transaction. Eg if  you are paid by EFTPOS there is a transfer of the day's takings into your bank account. 
    2. Details - multiple transactions (usually for multiple purposes) in one bank transaction. Detailed deposits can be "accumulated" in Cash or Client payments prior to being added to the bank transaction. See Client Payments and Cash transactions.  You can use this method if someone is acting as your agent and transfers an amount into your bank account on a regular basis - and gives you a breakdown of what makes up that deposit.  The breakdown can be entered into cash transactions and added to the deposit.  Providing the net value of a set of transactions is a deposit, a detailed transaction can include expenses.
  • Withdrawals: The first two are carried out in Cheques/Payments
    1. Cheques:  these allow multiple lines so that you can spread the cheque total across different accounts.
    2. Electronic payments:  these operate in the same manner as cheques.
    3. Cash.
    4. Automatic payments
    5. Miscellaneous withdrawals, including detailed transactions 
  • Transfers:  Use this option when transferring between bank accounts.  In this case no ledger account is required as the transfer is within the business.
  • Bank Fees: Transactions where you pay the bank
  • Interest: Interest paid by the bank to you.