Creating deposits in NXT with debits and credits. Is it possible?

Jonna Depugh

We receive deposits from several revenue sources. I have been using the deposit function since last fall but want to fully utilize the treasury module.

Does anyone know if it is possible to add the service fee they charge to the deposit payment record? It does not appear to accept charges, only payments. My next thought is to make a payment adjustment for each deposit, but this can be cumbersome when we get 10 deposits a day. I also have more than one account, so this sounds like I may have to revert back to JEs…which I hate to push my team backward.

The service fees also may need to be split between accounts and projects. Any advice?

Kristy Soular

@Jonna Depugh

You should be able to add a line item to that payment using your expense GL code and a negative amount for that line. This will become a debit for that line of the payment.

Example. You received revenue of $38 but the deposit in your bank account is $35. You want to show the $38 in income but didn't receive the $38 because of the $3 fee charged.

NXT payment deposit amount - $35

Revenue Account - Credit $38

Expense Account - Negative $3

Jonna Depugh

@Kristy Soular Thank you! I think this will work…we record payments by the client, but one client will have the fees applied to his account, which is fine since we can reconcile it in our vendor database. The payment does record the credits, so we can drill down to see how much revenue the client paid.

Again, thank you for your feedback! ?

Laura Hess

@Jonna Depugh We create a separate negative payment within the batch so that we can enter a different Payer (service provider) and description. The entry screen looks the same but you'll notice the amount field changes from Credit to Debit.