Banking / Guide 1

NetSuite Bank Deposits: Using Undeposited Funds Correctly

Group the payments that reached the bank together so your records reflect the deposit you need to reconcile.

By Jack Ring

Why the deposit matters

A reconciliation becomes easier to follow when the deposit recorded in NetSuite reflects the deposit shown by the bank. Start by identifying which customer payments belong together.

For example, suppose you receive three checks for $500, $750, and $250 and take them to the bank together. Your bank statement shows one $1,500 deposit. Recording those payments through Undeposited Funds and including them in one bank deposit gives you a corresponding $1,500 transaction to review.

Before you begin

Confirm that the payments have been recorded, identify the receiving bank account, and have your deposit detail available. Use this workflow for payments held in Undeposited Funds. Payments already posted directly to the bank account do not need another deposit.

Record the deposit

1. Open Transactions > Bank > Make Deposits.
2. Select the bank account. Check the date and posting period. In OneWorld, the account determines the subsidiary and eligible payments.
3. Under Payments, select the payments included in this deposit.
4. Use Other Deposits for additional receipts that were not recorded as payments to Undeposited Funds. Select the appropriate account and enter the supporting details.
5. Review the total against your deposit detail, then click Save.

Check the result

Review the saved deposit and bank register. Confirm the account, date, total, and included payments. Saving the deposit moves the selected funds into the bank ledger; matching and statement reconciliation remain separate steps.

Common mistakes to avoid

• Combining unrelated deposits just because the payments were received on the same day. Follow the actual deposit grouping.
• Entering an existing customer payment again under Other Deposits. Check the original record before adding another entry.
• Assuming the entire bank account now agrees with the statement. Outstanding checks, timing differences, and other activity still need review.

If you need a printed deposit slip

Select To Be Printed when preparing the deposit if you plan to print slips later. Menu access and form details can vary by role and account setup.

Reference: Oracle NetSuite Help: Making Deposits.