Inter-Branch Deposits (Pro)

When reconciling a deposit, users specify a bank account for the deposit, which creates a journal entry to record moving the money from undeposited funds to the GL account associated with the bank account. If the bank account’s branch is different than the branch associated with any of the payments within that deposit (determined by the customer the payment was created for and is specified on the GL Entry associated with the payment being made), the system creates an inter-branch entry along with the entry that is moving the money from undeposited funds to the bank account’s GL account.

For Example: There is a deposit totaling $150.00 that has three separate payments in it worth $50.00 each. One of the payments was created for a customer under the Ohio branch; another for a customer under the Michigan branch; and another for a customer under the Colorado branch. This is deposited into a bank account that is associated with the Ohio branch. The GL Entry follows the usual flow but has additional inter branch records to account for the difference between the branch receiving the deposit, and the branch associated with the payments. 

The GL entry for reconciling the deposit to the bank account looks like this: 

Each inter-branch that is being recorded is not summed up into one; it is recorded separately for each payment that triggers inter-branch activity.