Bank deposits consist of money placed into banking institutions for safekeeping. These deposits are made to deposit accounts such as savings accounts, checking accounts, and money market accounts. The account holder has the right to withdraw deposited funds, as outlined in the terms and conditions governing the account agreement.
How Bank Deposits Work
The deposit itself is a liability owed by the bank to the depositor. Bank deposits refer to this liability rather than to the actual funds that have been deposited. When someone opens a bank account and makes a cash deposit, he surrenders the legal title to the cash, and it becomes an asset of the bank. In turn, the account is a liability to the bank.
+Add Bank Deposit
- Select the Bank Account detail from the given dropdown (Bank accounts should be added)
- The serial number will be automatically be generated along with their multi-series.
- The Deposit number will be available on your slip number
- Splendid Accounts will fetch out the details you have done transactions for.
- Date: All dates will fetch out you have done a transaction with the specific accounts
- Received from: Customer name will fetch out on form from receive money.
- Payment mode: The customer’s status has been showing in receive money will display here.
- Select the Account Type from the dropdown whether it would be cash on hand or cash Account
- Click “Save and Continue Edit” to save the quote as a draft, or click “Save and Approve” to approve or click “Save and Pending” to mark the quote as pending and enter a new quote or click “Save and New” to record a new quote and save the previous one or click “Save and Close” to close the quote and save the quote in draft status.