Bank Deposits

Bank Deposits are a means of grouping Payments, Refunds, Payment Reversals and Refund Reversals such that the sum of the transactions match an amount on an external statement such as a bank account statement or a credit card transaction report. These may be used for auditing or reconciling purposes.

For the purposes of this discussion, there are two types of bank accounts:

A BillMax tender bank account. This is an account that collects fund by type of tender (cash, check, Visa^®, MasterCard^®, electronic check, etc.). These are automatically set by BillMax.
The actual bank account to which funds are deposited. An example would be a business checking account at a local bank. These are created using the BillMax list bankaccounts with the Item field as the name of the bank.

When an IIF file is created, Bank Deposits, created in the Staff Portal, are used to create a QuickBooks^® deposit transaction into the bank account specified on the BillMax Bank Deposit. The funds for the QuickBooks^® deposit transaction come from the BillMax tender bank accounts created and funds populated in QuickBooks^® by the IIF file.

When a CSV file is created for NetSuite^®, Bank Deposits are used to create a deposit transaction into the bank account specified on the BillMax Bank Deposit using the Description. The funds for the NetSuite^® deposit transaction come from the BillMax tender bank accounts created and funds populated into the NetSuite^® CSV file.