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.