ATM Process - Lodge Owns / Operates The ATM.

ATM Process – Lodge owns / operates the ATM.Let’s take a look at what happens with the money, where it actually is, and what the Administrator has to do tokeep QuickBooks matching reality.When the Lodge owns the ATM and puts money into it, they have cash tied up in the machine. When someonewithdraws money from the Lodge’s ATM, that cash is subtracted from the total, so there is less money in themachine.When the member’s bank repays the withdrawal, they direct deposit the money into the Lodge CheckingAccount.We need a way to show that the money is no longer in the ATM, and then show the money has gone into ourchecking account without being treated as new income.Processing the Withdrawal from the machine and the Deposit into CheckingYou should create several new accounts: 1030.00 – ATM Cash(Sub-Account of 1000.00 CASH)The amount in the ATM Machine.Page 1 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/20111

1130.00 – ATM Receivables(Sub-Account of 1100.00Receivables)The Amount the Credit/DebitCard companies owe us. 4630.00 – ATM Fees(Sub-Account of 4600.00 OtherIncome)The amount we charge for usingour ATM/Cash.Page 2 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/20112

You’ll also need to create new Items; 1130 ATM Receivables(Other Charge; Tied to1030.00 so are deductedfrom ATM Cash) 4630 ATM Fees(Other Charge; Tied to4630.00 so fees are entered asincome)Page 3 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/20113

Example ScenarioThe Lodge ATM holds 3000 Cash all in 20.00 bills.During a day’s business, members use their cards to withdraw money, to atotal of 1220.00. When a member swipes his card and withdraws money,the ATM sends a message to that member’s bank that they need to remitthat cash amount plus our fee to the Lodge’s Checking Account.When the Administrator pulls theATM report it says there were tenwithdrawals 1220.00 and that 1780.00 remains in the ATM.The Admin creates an Invoice forthe 1220.00, using the Item1030, plus the 1 fee we chargefor each transaction the use of theATM using Item 4630. In thiscase there were 10 transactions sowe would invoice the total of 1230.00.Page 4 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/20114

The ATM balance 1030.00 nowshows 1780, and AR 1130.00shows that we are owed 1230.Balance Sheet has not changed.The P&L will reflect a fee amountof 10 in account 4630.00.Page 5 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/20115

Entering the paymentsWhen the member’s bankstransfer the 1230 into ourchecking account, we have themoney in our bank, but we stillneed to get it into the properQuickBooks account.We go to Receive Payments in theCustomer window, and find thematching invoice, and mark itpaid, by entering the PaidAmount. Make sure the properAR Account is selected, 1130.00.It will default to 1100.00, theparent account.This will create an entry into1199.00 – Undeposited Funds, forthe amount you enter in theAmount box of the PaymentForm.Page 6 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/20116

Since the money is already in thebank, we need to show that it isthere in QuickBooks also.Select Record Deposits, and makethe deposit into the CheckingAccount 1005.00. There may bedeposits waiting if you haveSocial Quarters deposits that havenot been taken to the bank yet.Make sure you only select thedeposits that have been directdeposited into your bank account.Make sure the Date and theDeposit To account are correctand click Save & Close.Page 7 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/20117

Our Balance Sheet shows only 1220.00 has been withdrawnfrom the ATM Cash, leaving abalance of 1780.00.The ATM Receivables was 1230.00, which included themoney withdrawn and the 10.00in fees we charge for using themachine. That full amount showsas having been paid.And our P&L shows the 10.00 infees we collected from ATMusers.Page 8 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/20118

Partial PaymentsNot all of our members use the same bank or card to access the ATM, sowe are expecting the money to come from several different sources, and itmight not all get to our bank on the same day. Banks have up to 3 days toprocess most of these transactions.If you check your bank accountand find that not all of theinvoiced amount has been postedinto your bank, you can make apartial payment. Say only 8 ofthe withdrawals and fees havebeen repaid to your account.You can “Receive Payment forless than the full amount. Youwill have 928 in your bank thatneeds to be entered inQuickBooks as being in thechecking account.In the Amount window enter the 928.00. A notice will appear inthe lower left of the ReceivePayments Window that asks whatyou want to do with theunderpayment. Check the buttonthat says “Leave this as anunderpayment” and you can comeback to this when the paymentsdo post in your bank account.Page 9 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/20119

When the remaining amount ofthe cash is deposited into youraccount, use the ReceivePayments window to find thecorrect amount, enter the correctamount of the payment in the“Amount” window and make surethe correct payment is checked.Make sure you Record Depositafter each of these partialpayments to show the money is inyour account.Page 10 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/201110

Write a check to replenish the cash in the ATM.Replenishing theATM CashGo to the Banking menu and clickWrite Checks.In the “Pay to the Order” of field,Write the Lodge’s name andnumber.In the Expenses Tab enter theATM account 1030.00 and thedollar amount that you arereplenishing.In the memo field enter“Replenish ATM”.Cash the check at the bank,making sure you ask for thedenominations you use in theATM.Back at the lodge, put the cashinto the ATM machine using theprocedures for your particularmodel.Now the Balance Sheet showsthat the ATM once again has 3000.Page 11 of 11Downloaded from www.MooseIntl.orgPosted on site:03/04/201111

ATM Cash Write a check to replenish the cash in the ATM. Go to the Banking menu and click Write Checks. In the "Pay to the Order" of field, Write the Lodge's name and number. In the Expenses Tab enter the ATM account 1030.00 and the dollar amount that you are replenishing. In the memo field enter "Replenish ATM". Cash the check at the .