If you're using my methond correctly, Invoice Payments will always have ZERO
balance - all 'Invoice Payments' coming in, are immediatedly transferred out
to the checking account where the deposit will be made. After posting a
bunch of invoice payments, the balance is the actual total amount you will be
transferring to your bank account (and depositing) so I don't normally have
to add anything up. But thanks Chris for confirming my 'self-taught' method.
--
RickR


"Chris Cowles" wrote:

- quote -

"RickR" <RickR[at]discussions.microsoft.com> wrote in message
news:7E8ACCD6-B6BC-45BD-97D8-899016511510[at]microsoft.com...
- quote -

Years ago I helped someone with QuickBooks. There was a similar scheme built
into it. The 'cash' account was titled 'Pending deposits'.

What was nice was a function to 'build' a deposit, by picking multiple
invoice payments off a list. As you did that, it summed them up as a single
deposit into checking, with a balancing transfer to the 'Pending deposits'
account. It also flagged the invoice payments as having already been
deposited, so they weren't listed for picking on subsequent deposits.

With the exception of the automatic pick list, the method you describe
recreates the same process. I suggest reconciliation of the "invoice
payments" account on a regular basis.
--
Chris Cowles
Gainesville, FL

No worry here - 'cash' is a way of identifying the way Micorsoft Money will
handle an account, assett, liability, cash, etc. In the subject we are
discussing, the issue was how to combine customer deposits. Here's how I do
it. I created a 'cash' account called "Invoice Payments" and whenever I post
a receipt against an invoice I specify this account to receive the funds.
Let's suppose I receive 5 payments that I post to five different invoices.
I'll have 5 different 'received' items in the Invoice Payments. Then I
simply create a new transaction in Invoice Payments, transferring the TOTAL
of these 5 payments to my regular checking. Then when the 'deposit'
transaction is downloaded from my bank, it 'matches' my transfer. Now my
bank account is accurate, the invoices have been posted correctly, and the
transactions in the "Invoice Payments" account are all links between the bank
deposit and the receivables invoices. This would probably work just as well
with only 'customers' as opposed to invoices. The point is, you want one
place to identify the individual receipts, but then you turn right around and
transfer these funds out of the Invoice Payments account to your checking
account, so the downloaded deposit (shich included all these items) will
'match' your transfer. There's no IRS 'gotcha' involved here.
--
RickR


"Brent" wrote:

- quote -

Don't send anything to a cash account unless you are 100% sure you will never
be audited by the IRS. They see the word "cash" and your world gets ugly
really fast.

"RickR" wrote:

- quote -

I'm not speaking from experience (I haven't tried this yet) but I have been
researching this a bit, and think I've figured out how to get around some of
MMSB shortcomings. First off (as discussed in the Money 2005 thread) when
you receive a payment for an invoice, use a 'cash' account for the deposit
account (I called mine Invoice Payments). Let's say you receive two
different payments this way. Now, within the Invoice Payments account you
create a transfer for the full amount of the deposit (i.e. both 'payments
received') to your checking account. Now you have an item in your checking
account for the total deposit, which will match up to your downloaded deposit
transaction. Let me know if this helps.
--
RickR


"srazook" wrote:

- quote -

Using Money 2006 Small Business, how can I combine customer deposits? ie, in
my company receivables section there’s an option to “Receive payment for
Invoice” but you can only group together payments for the same customer. If
I receive payment for $500 from one customer and $400 from another how can my
total deposit equal $900?