How to Record Deposits (Income) and Withdrawals (Expenses)

Introduction,

At Financio, we do allow our customers to record other transactions as a journal entry even if you are not well-versed with manual entries. We do this with Deposits and Withdrawals under the Transactions tab at the top menu bar.

Table of Content,

• How to record a Deposit

• How to record a Withdrawal

How to record a Deposit.

Example, 

Faith would like to record a rental received from her customer for the boat at one of their docks. 

Details for recording purposes,

• Company Name: Ben Pte Ltd
• Payment Method: Bank Transfer
• Date: 03 November 2021
• Deposit to: Faith's Bank
• Payment Receipt Number: PR1001
• Currency: SGD
• Amount: 5000.00
• Description: Rental of Rental of Yacht, Boat and Docks.

Start by hovering over to the Transaction tab at the top menu bar, and select Transaction List.

On the next page, click on the add new and select Deposit.

On the Deposit page, fill in all the mandatory fields and optional fields (if required).

Optional,

• Payment From
• Payment Method

Mandatory,

• Date
• Deposit To
• Payment Receipt No
• Currency

Once done, proceed to scroll down the page to add the item line. Click on Add New and start keying in all the mandatory fields as highlighted below. Then, click Save at the item line.

Mandatory Item Lines,

• Account
• Description
• Amount

Verify the amount keyed in and scroll to the bottom to click save.

How to record a Withdrawal

Example, 

Faith would like to record a payment for maintenance on one of her boats at one of their docks. 

Details for recording purposes,

• Company Name: Ben Pte Ltd
• Payment Method: Bank Transfer
• Date: 05 November 2021
• Withdrawal From: Faith's Bank
• No: PV1001
• Currency: SGD
• Amount: 200.00
• Description: Boat maintenance cost.

Start by clicking on the Withdrawal option at the Add New dropdown.

At the Withdrawal, fill in all the mandatory fields and optional fields (if required).

Optional,

• Payment From
• Payment Method

Mandatory,

• Date
• Withdraw From
• No.
• Currency

Once done, proceed to scroll down the page to add the item line. Click on Add New and start keying in all the mandatory fields as highlighted below. Then, click Save at the item line.

Mandatory Item Lines,

• Account
• Description
• Amount

Verify the amount keyed in and scroll to the bottom to click save.