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Cash Reciepts

Provides a separate function to record Cash Receipt entries that does not require the Accounts Receivable module.

Many systems force the user to enter cash receipts through the A/R module. The problem is, cash is received for all kinds of reasons, Accounts Receivable is only one of those reasons. CONTRACK’s cash receipt function lets you easily record all types of cash received.

Deposit slips can be printed directly from the Cash Receipts entry form.

As an added convenience and to streamline the process of recording cash received, CONTRACK will print the deposit slip for the checks you have received. Since the deposit slip is created when the receipt is recorded, you can’t forget to record the deposit.

Cash Receipts can easily be reported by Bank account, Posting date or Receipt Number assigned to each entry.

The Transaction based architecture of the system, as opposed to older “Batch” systems, allows you to report on cash receipt entries for as long as you like. By date, by “Receipt number” or even summarized by GL account (great for cash flows), it can be done at the click of a mouse.

The “Single Fund Receipts” function allows cash to be received to one entity on behalf of another with the system creating the necessary inter-company entries.

The nature of the Real Estate Development business is that the Developer generally sets up multiple companies to properly control the various projects under development. While this makes the Joint Venture partners happy, it can be difficult for the accounting department. CONTRACK™ does more in this regard than any other product we have seen. If you wish, checks can be received into one company on behalf of another. When entering the cash received, to lets say a “Parent” entity, you simply identify the company to which the receipt applies, a “Subsidiary”. The cash will be recorded into the bank account of the “Parent” and an inter-company liability recorded to the Subsidiary. At the same time, an inter-company receivable will be recorded on the Subsidiary’s books along with the credit to whatever account was selected in the entry.

Cash Receipts are an integral element of the Bank Reconciliation function.

Cash Receipts are a type of transaction within the system, not some type of a journal entry. As such, they are easily identified for bank reconciliation purposes, a function that CONTRACK handles quite well. Many systems today have tried to piece together some approach to manage cash. CONTRACK was designed from the start to control, manage and keep as much cash as possible.