Bank Deposits

Bank Deposits are a means of grouping Payments, Refunds, Payment Reversals and Refund Reversals such that the sum of the transactions match an amount on an external statement such as a bank account statement or a credit card transaction report. These may be used for auditing or reconciling purposes.

For the purposes of this discussion, there are two types of bank accounts:
  1. A BillMax tender bank account. This is an account that collects fund by type of tender (cash, check, Visa®, MasterCard®, electronic check, etc.).
  2. The actual bank account to which funds are deposited. An example would be a business checking account at a local bank.

When an IIF file is created, Bank Deposits are used to create a QuickBooks® deposit transaction into the bank account specified on the BillMax Bank Deposit. The funds for the QuickBooks® deposit transaction come from the BillMax tender bank accounts created and funds populated in QuickBooks® by the IIF file.