Handling Auto Deposits Using Cash Management

Learn how to make a Cash Management entry once your payroll cycle (with auto deposits) is updated.

Use your Payroll Listing for auto deposit totals as a reference when completing the steps below.

  1. On the Site Map screen, click Cash Management > Data Entry > Bank Reconciliation.
  2. In the Bank account field, use the drop-down menu to select the bank account that the auto deposits checks were written against in the Payroll module. Otherwise, manually enter the applicable bank account code.
  3. Complete the G/L date, Statement date, Opening balance, and Ending balance fields according to your company's reconciliation standards.
  4. Click the Adjustments button. When the Transactions to be Recorded window displays, click the Deduction button.
  5. In the Date field, enter the date of the Payroll auto deposit checks.
  6. In the Reference field, type a G/L reference for this transaction per your company's standards (for example, PR).
  7. In the Description field, enter a description of the transaction per your company's standards (for example, Auto Deposit Check Total).
  8. In the Amount field, enter the total amount of the Payroll auto deposits. You can attain this information from the Payroll listing.
  9. In the G/L code field, enter the liability account code established in the Payroll Installation > G/L Codes - Automatic deposit liability G/L account code field.
  10. Click the Update button and then print or preview the information.
  11. On the Bank Reconciliation Transaction Update screen, select Continue. When the update is performed, Spectrum automatically assumes the transaction to be a reconciled item.