Priority’s Cash Management module enables you to keep track of the transfer of funds (cash, checks, credit card vouchers) to and from cashiers and into bank accounts and credit card accounts. The Cash Journal ensures traceability of every payment made, received or deposited (i.e., receipts from customers, deposits, check payments, bank transfers, over-the-counter invoices).
Cashiers
Priority allows for the designation of an unlimited number of cashiers, as well as a wide variety of payment means (e.g., cash, checks, various credit cards, coupons).
The funds at each cashier are managed and documented separately. Funds can be transferred from one cashier to another, into a bank account or to a credit card company.
Additional cash management features:
• You can correct errors made in the recording of checks and/or credit card slips (even after the document to which it relates has been finalized).
• You can record returned checks, create a returned check notice and debit the customer for the check amount plus any penalty.
• You can deposit post-dated checks in the bank, record them in a separate account, and then credit the bank on the payment date.
• Received checks and credit card vouchers are automatically reconciled with the appropriate deposit slip transactions.
Deposits
Priority enables you to prepare deposit slips automatically or manually. These slips are used not only for deposits into bank or credit card accounts, but also for transfers of funds from one cashier to another. When preparing a deposit slip, you can flag the checks or credit cards slips intended for deposit or transfer from among those that are currently in the cashier.
When the deposit slip is prepared automatically, its contents are determined by the destination of the deposit. In the case of a bank deposit, all checks currently at the designated cashier (and dated within the specified period) appear in the slip. When the deposit is to a credit card company, all relevant credit card vouchers are included. In the event of a transfer to another cashier, it contains all checks and credit card slips currently at the original cashier. Once preparation is complete, each line can either be authorized or deleted from the deposit slip. Any cash deposits can be added manually. The final slip can then be printed.
Like other financial documents, a deposit slip is considered pending until it is finalized. Once finalized, a journal entry is recorded. Deposit slips can be canceled, if necessary.
Cash Management Reports
The following reports are available:
• Cashier Balance
• Cashier Balance w/Daily Totals
• Check Transactions
• Cash Journal
• Postdated Checks Cashed in Bank
• Postdated Checks Held in Bank