Cash and Cheque Deposits

Managing cash and cheque deposits for a charity organization is an important step. Money in the form of cash or cheque might be coming from donor donations, any fundraising events or from donors directly coming into the charities office and depositing it.

Tally, as an FMS, makes sure that the cash and cheque deposit mechanism works smoothly. To view the cash and cheque functionality, click on Engage and then navigate to Tally. In the main menu, select Paying In to populate the Paying In & Deposits screen.

Overview of the Deposits Screen

Tally maintains several batches, also called deposits, that collect donations coming in from Engage. A batch is created by the finance administrator of Tally but can be manually created by a donor as well. On the Paying In & Deposits screen, click on + Create Deposit to populate the Create Deposit popup. Choose the currency the deposit will contain, an office location, add any extra notes, and click OK. The deposit will open to receive payments within it.

The Paying In & Deposits screen shows a summary of the entire page via the following information:

1. Number of open deposits ready to collect payments
2. Last banking date of the recent deposit banked by the finance administrator
3. Total money awaiting to be banked
4. Total money awaiting to be settled after being banked

All batches are shown on the Paying In & Deposits screen in the form of a table. Each batch has:

1. Batch reference
2. Cash or cheque banked on (the day on which an amount of money was deposited in the bank) and settled on date (the day all the money will be cleared by the bank)
3. Office location of batch
4. Total money collected by the batch
5. Payments returned in the form of refunds
6. Status of the batch as open, banked or awaiting banking
7. Down arrow to download a report of all payments received by the batch or delete it

Process to Deposit Payments via Tally

Whenever a donation is processed in Engage, whether single or regular giving, a payment method is chosen at the end. That payment method can be cash, cheque, card or any other. All these donated payments are added in batches and deposited into banks through Tally.

A payment is always added to a batch with open status, meaning the batch is ready to collect as many payments as possible. When a certain amount is collected in a batch and ready to be deposited, follow the steps below.

1. Click the batch reference to view the deposit.

2. The deposit will initially show some details; status, cash amount, cheque amount, total and returned amount.

3. The deposit will also show a list of all the payments it collected in the form of a table with a payment reference, payment processing date, amount, status and type (whether cash or cheque).

4. Click the three dots ... and select Close to New Payments to close the deposit for any new payments coming from Engage and changing the status from open to awaiting banking.

5. Now, click on Bank this Deposit and provide the banking details. Input the name of person who banked the deposit, date the deposit was banked on and date on when the cash or cheque will clear by the bank.

tip

Cash and cheque date to clear appear according to payments conducted whether in cash or cheque.

6. The status of the deposit changes from awaiting banking to banked with the banking details added into the initial ones.

7. You can also download a report of the deposit in CSV or Excel format via the Download Report button.

Returned Payments (Refunds) in Batches

Refunds requested in Engage are approved via Tally by the finance administrator. As soon as a refund is approved in Tally, the payment status is changed to refunded under the deposits section and refunded payments are added as a number under the Returned section in the batch list table.

To read more about refunds, go to the Refunds documentation.