Tracking Cash Payments

In MYOB Acumatica, you can easily manage and track cash payments to ease the reconciliation of cash accounts.

Financial institutions may record finance charges or deposits in different ways. For instance, a bank may record a finance charge applied to an incoming payment as a separate transaction, or the bank may simply deduct the charge amount from a payment. When a bank deducts the charge amount from a payment, it can be difficult to match a bank transaction to a document in the system because the transaction amount and the payment amount will differ by the amount of the applied charge. With deposits, a bank may record multiple deposited payments as one transaction, and it can be hard to find all the payments in the system that were included in the deposit.

You can configure the processing of cash payments in MYOB Acumatica according to your business processes to ease the process of tracking cash and reconciling accounts.

This chapter will help you to understand how to configure and further process unknown payments, finance charges, and bank deposits.