Firm Receipts/Deposits

Created by Allison Cloyd, Modified on Thu, 12 Jan 2023 at 10:09 PM by Robert Butler

NOTE: Actionstep offers in-built Accounting to users on our Practice Pro + Accounting plan.  This article covers functionality only available with that option.

Firm Receipts can also be called Firm Deposits. The term is interchangeable so while we might use the term "firm receipt" in this article, please know that we are talking about firm deposits if that is the preferred term you use. 

 

Overview

A firm receipt is a transaction that involves putting money into your bank account. In Actionstep, a firm receipt transaction is not for a client paying a bill that you have issued to them. It is for money coming in that you did not invoice for. 

In this article, we will show you how to get to the screen where you can enter a firm receipt, how to fill in that screen to process the firm receipt and how to access previously entered receipts.

 

Creating a New Firm Receipt

Use the Global create button, make sure it is the expanded version. Look under Accounting and choose Firm Receipt.

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This will take you to the New firm receipt screen.

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You will want to:

  1. Check the 'Bank account' and 'Date' are correct
  2. Enter who the payment is from
  3. Select the 'Payment method' and enter a 'Journal memo'
  4. Set the 'Account' and 'Amount' for the line item
  5. Save.

 

TIP:

You can speed up entering the data on the New firm receipt screen by using a Receipt template. Click on the icon in the top right of the screen.

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Here you will see existing saved templates, or you can create a new one using the current receipt data.

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Once created, you can access and use the Firm Receipt templates to fill in default information.

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You can also set defaults for a Firm receipt so that some of the fields in the form are automatically populated to your preferred option. You can do this on the Accounting Preferences screen.

 

 

As you enter a Firm receipt, you can also upload a supporting document using the paperclip icon in the top right of the screen. 

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Use this to upload a scan of your receipt to keep complete, auditable records of all transactions in Actionstep.

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Once you have saved a document a number will appear beside the paperclip icon to indicate how many documents are attached to the transaction. Click the icon again to view and download the documents.

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Understanding the New Firm Receipt screen

The screen is broken down into the top where you enter the details of the bank transaction and the bottom part of the screen where you enter line items to break down the deposit.

We explain each of the fields below.

FieldDescription
Deposit toThe bank account that the receipt will be made into. Trust/client account bank accounts will not be displayed.
DateThe date that the receipt will be made into your bank account. 
Received from

The contact that made the payment.

The dropdown will display commonly used contacts first (contacts that you use for receipts often), then you can choose either: 

  • Your own firm
  • Another contact record
  • Other

If you choose 'Another contact record', you will be prompted to choose or create the contact record from those in your system.

If you choose 'Other' you can free type in the Payee's name. 

Total amountThis will show the total amount of the receipt. The field is not editable, it will update as you enter the 'Amount' into the line items.
Amounts include Tax?

This tick-box will only appear if you have sales tax such as GST or VAT set in your system.

Untick this box if the value you enter into the 'Amount' box is exclusive of sales tax.

Receipt no.The number for the receipt that Actionstep will generate once you save this record. 
Payment method

Select how the payment was processed. The option that you chose will dictate what fields are displayed for the 'Reference'.

For example, if you were to choose the option 'Check' you would have a field asking you to choose the check series. 

If you were to choose "Electronic funds transfer' you would have a field asking you for a reference. 

Payment ref.

Enter the reference for the transaction. This is displayed in your bank reconciliations to make it easier to identify transactions.

If the Payment method is set to 'Check" then you will see a link that you can use to enter further details about the check/cheque you are depositing. 

MemoEnter a memo or note for this transaction. You can populate the Memo from a pre-set list of memos using the Quick-code dropdown. 
Quick-codeThe Quick-code dropdown will allow you to populate the Memo field faster. The options available will be set by your Admin. 
Matter (optional)

Search and select a matter to associate with the receipt.

This option is used if you need to monitor your non-billable income against a matter.

If you have a Firm receipt that is associated with more than one matter, create a separate line for each by using the 'Add Row' button.

GL Account

This must be populated for every line item in your Firm receipt.

Select the general ledger account that you would like this item coded to. 

Think of this as a way to categorize what type of income this line item is for. You can type the account name or number to help find it faster.

GSTChoose what sales tax rate will be applied to this line item.
Description

Enter the description of the line item.

If you leave this blank, the line-item description will populate with the Firm receipt's Memo. 

AmountEnter the amount for the line item. 
Add Row

Use this button to create more than one line item.

 

Accessing your previous Firm receipts

Firm receipts will be treated as a banking transaction so you will find them included in the list of transactions for your bank. 

Access these by going to the Accounting menu and clicking on Banking. Choose the bank account the transaction should have been made from and using the three-dot button /helpdesk/attachments/150002487925 select Transactions

The listed transactions will include all transactions for that bank account. If you want to see just the Firm receipts, use the Filter to filter the 'Entry type' by "Firm receipts'.

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Related Articles:

- Firm Withdrawals

- Banking