00:01: Hi, everyone, and welcome in this video, I'll show you how to batch deposit,
00:06: multiple checks, or cash payments in Garrett, legal.
00:10:
00:11: If your firm collects several payments throughout the day, such as checks and cash,
00:16: and then deposits them together at the bank, you can record them in Caret Legal as a
00:21: single combined deposit, making your accounting cleaner and reconciliation much
00:26: easier.
00:27: Let's walk through how this works from setup to completion.
00:30: We'll start by clicking the Accounting icon in the navigation bar.
00:36: Next, select the Banks and Registers tab.
00:40: Before we jump into the steps, let's quickly understand the concept behind batch
00:45: deposits in Carat Legal.
00:47: Carat Legal uses something called an Undeposited Funds Account.
00:52: This is a temporary holding account where you can store incoming payments, like
00:57: checks or cash, until you're ready to deposit them at the bank.
01:01: Think of it like a drawer or folder where you keep payments before making a trip to
01:06: the bank.
01:07: Your Carrot Legal account already comes with an under-posited funds account set up
01:12: by default.
01:13: It can be found in the Select Account drop-down by selecting Under-posited funds.
01:20: You may choose to use a single under-posited funds account for all deposits.
01:25: However, you can create additional under-posited funds accounts for each bank
01:30: account that will be receiving multiple checks or cash payments to deposit.
01:35: Now let's take a look at how this account works in practice, starting with entering
01:40: your payments.
01:42: In the Invoices and Payments tab, click the plus sign on the right side of the green
01:47: action bar and
01:50: select Apply Direct Payment.
01:52: Then go ahead and fill out the required fields to record the payment.
02:05: Whenever you enter a payment or general deposit in Carat Legal, instead of selecting
02:10: your operating account,
02:13: choose the Undeposited funds account.
02:15: As
02:17: you continue recording payments this way, they will accumulate in that account
02:21: instead of appearing individually in your operating account register.
02:30: A quick note here.
02:33: Undeposited funds can only be used for checks or cash payments.
02:38: It does not work with credit card payments.
02:44: I'm going to click Apply and Close, but you can continue entering additional
02:48: payments by clicking Apply New.
02:53: Now, when you're ready to make a bank deposit, you can group those payments together
02:59: into a single transaction.
03:01: To do this, in the Accounting section,
03:05: select Banks and Registers.
03:08: then click on Generate Batch Deposit.
03:12: In the Batch Deposit screen, start by selecting your
03:17: From Account.
03:17: This
03:19: should be your Undeposited Funds Account.
03:24: Next, choose your To Account, which is the operating account where the money will
03:30: ultimately be deposited.
03:33: Please note that
03:35: Batch Deposits from Undeposited Funds
03:37: can only be transferred into an operating account, not into the retainer or trust
03:44: accounts.
03:46: Below that, you'll see a list of available payments.
03:49: Carefully review the list and select the
03:54: checkboxes
03:56: next to each payment you want to include in this deposit, or select all.
04:03: Verify that the date matches your bank deposit date and enter a memo if needed.
04:14: For example, the batch number from your bank's deposit slip.
04:20: Once you've made your selections, proceed to complete the batch deposit.
04:27: Carrot Legal will then remove those payments from the undeposited funds account and
04:32: record them as a single combined deposit in your operating account.
04:39: And that's it, that's how your batch deposit multiple checks, or cash payments in
04:44: CARET legal using undeposited funds and batch deposits helps to remind your workflow
04:50: and keeps your financial records clean and easy to reconcile.