Difference between Deposit slip and Customer payment

Hi ,

Could you tell me what is the difference between Deposit slip and Customer payment ?

Payment Process : Create payment lines with information about the customer accounts and the amounts. Enter as the offset account on each line the correct bank account for deposit of the payment. On the Overview tab, select the Use a deposit slip check box for all the payment lines that are to be included in a bank deposit slip.

In normal customer payment process we will not place a check mark bank deposit slip even we received the amount in bank .

Both payment would be received in bank only , then what would be the difference ? [:O] . Why we need to go for Deposit functionality instead of normal payment process.

I hope explained my question very clearly.

Hi,

The basic purpose of deposit slip is that when you receive payment from customer (in cash), you deposit it in bank. Depossit slip is a document which is used to enter info about cash and it is signed from bank cashier.

So logially, you need to receive payment first from customer and then you need to deposit that money in bank and hence use deposit slip.

Thats why you need to check deposit slip checkbox so that you specify that cash will be deposited in the offset bank.

Pranav…

Thanks pranav,

you cleared my doubt with your explanation .

I am assuming that normal payment process of check from customer and ( Cash payment ) deposit slip are same ?

Do you agree ?

Hi Ameen,

I will suggest not to use deposit slip for checks. Use payment specification field to enter check number when you are receiving check and method of payment as check. This way it will be easier for you in bank reconcilation.

Treat cash seperately ans use deosit slip there.

Pranav…