21st Century Accounting Help - System/Company

System/Company/Convert - Reciepts, Deposits, and Bank Accounts

Some differences between the way 21st Century Accounting and BPI Accounting handle bank-related transactions should make it easier for you to deposit cash receipts and reconcile your bank statements.

The three separate data entry commands in BPI that record deposits for bank reconciliation (Enter Bank Deposits, Enter Cash Receipts, and Enter Cash Register) have been replaced in 21 Century Accounting by one command. You enter all sources of cash deposits with the Deposits command on the Bank Accounts menu.

You use the Cash Receipts Journal command to pre-define cash register and cash receipts prompts (for as many cash receipts journals as your company needs). The prompts appear in the Deposits window for distribution when you are ready to record the receipts and deposit the cash from that journal.

21st Century Accounting uses a clearing account for posting a batch of receipts that you deposit into the bank account, so that the detailed General Ledger report for the bank account shows a single transaction for the deposit, rather than showing all of the receipts that went into that deposit.

Because of the way 21st Century Accounting handles deposits, bank reconciliation is as simple as comparing the transaction your checkbook and on your bank statement and marking off the matches.
21st Century Accounting lets you define as many credit card journals as you need. You specify credit card information and tie the credit card transactions to a particular bank account(s). The credit card journal can be used to reconcile against bank-reported deposits from credit card companies. Credit card receipts are not reflected as cash to be deposited, but are posted directly to appropriate bank account.

21st Century Accounting supports multiple open batches of all batch types, including deposits, cash registers, and checks.