How to Create Deposits
How do I record a deposit in my MonkeyPod?
Before you begin, make sure you've already recorded each item that will be in the deposit. For example, if your deposit is a collection of donation checks, be sure to enter each donation in your MonkeyPod before you record the deposit.
Once that is done, choose Finance from the main menu, and select Deposit Funds.
Next, enter the date the deposit was made, choose the deposit account, and select which checks are part of that deposit. You also have the option to include a reference number and memo.
What are these "Optional Adjustments"?
"Optional Adjustments" let you record any other amounts that were added to or subtracted from your deposit. For example, if you had some petty cash that you deposited at the same time as those checks, you would record it here in your MonkeyPod using the "Add Amount" option in the "Optional Adjustments" settings.
Another scenario you may want to use "Optional Adjustments" for is to account for processing fees from non-Stripe credit card processors (e.g. Venmo or PayPal). Check out the FAQ below to see how to do that.
After that, just click "Save" and your deposit is done!
Frequently Asked Questions
When I am matching transactions through Online Banking, will this deposit that I am creating match the one from Online Banking?
It should! In fact, when you are matching transactions through Online Banking, the deposit is what you are actually matching, not each individual check.
This is a lot of extra work, is it worth it?
YES! Being able to have each individual transaction in your MonkeyPod lets you see what was in the deposit, not just a lump sum.
What do I do if this is a deposit from Eventbrite?
Check out this article on Accounting for Deposits from Eventbrite.
I have a Venmo or a Paypal account that I don't have as a bank account in my MonkeyPod, is this how I would show those deposits?
YES! Enter each individual transaction that is part of the deposit, then subtract the processing fees from the deposit as shown here:
⭐⭐ What if I have my Venmo or Paypal account listed as a bank account?
Then all you need to do is an account transfer from that account to your bank account:
As a reminder, when you use Stripe with MonkeyPod to process your payments, all of this stuff is done for you with no manual bookkeeping required!