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Impound

Set up firm impound bank accounts

note
For live payroll processing only
Use the Impound Bank Accounts screen to set up impound accounts for your firm. You can deposit funds collected from your client's account into these accounts, then use those funds to make payments on your client's behalf.
note
Before you set up impound bank accounts, select
Setup
,
Firm Information
, then
Banks
 to set up bank information.
Follow these steps to set up impound bank accounts for the firm.
  1. Select
    Setup
    ,
    Firm Information
    , then
    Impound Bank Accounts
    .
  2. Select
    Add
    .
  3. In the
    Main
     tab, enter the description for the impound bank account in the
    Description
     field and select the bank from the
    Bank
     dropdown.
  4. Select 1 of the following from the
    Account type
     dropdown:
    Checking
    ,
    Savings
    , or
    Credit card
    . Then enter the account number and the account holder name (this can be an individual or company name).
  5. In the References section, enter the next check number to use. If necessary, also mark the
    Zero amount net checks
     checkbox and enter the beginning reference in the text field to specify the reference to use for zero-amount net checks, such as payments via direct deposit, EFTPS, and electronic or internet files.
  6. In the Funding section, mark the checkboxes for the types of transactions this account should fund. The options available include:
    Payroll
     (and the options to fund all payroll transactions, only the direct deposit portion of payroll checks, or only the net check portion of payroll checks),
    Payroll agents
    ,
    Firm vendor
    , and
    Tax agents
    .
    note
    If you mark the
    Tax agents
     checkbox, the
    Form adjustment write-off threshold
     field becomes available. Use this field to specify the threshold amount to use when processing tax form adjustments to determine if the adjustment is a write-off by default. If the adjustment is less than the threshold amount, the application marks it as a write-off by default. If the adjustment is marked as a write-off, it's still paid or deposited by the impound bank account, but the fund isn't available to process from the Funding window. It's treated by the firm as a write-off.
  7. To limit funding to printed checks or paid liabilities only, mark the checkboxes in the Limit fund processing to printed checks only section.
    note
    If you mark the
    Payroll checks
     checkbox, the application won't display payroll checks in the Funding window until they're printed. For payroll agents or tax agents, the application won't display unprinted checks or open liabilities in the Funding window until the checks are printed or the liabilities paid.
  8. Enter the unique GL accounts to use with this bank account in the General Ledger section. Then enter the reconciliation journal entry reference to use for transactions in this account.
    note
    • Each of the client's bank accounts needs a unique GL account. Don't enter an undistributed account number, such as 999.
    • For the impound feature, the GL account needs to be unique across bank accounts and impound bank accounts within the Firm client.
  9. If you're registered with your bank to use Positive Pay, use the Positive Pay section to select the file format to create Positive Pay files. Specify the start date when you want to include transactions in Positive Pay files.
  10. Select the
    Layouts
     tab. Select the check layouts, specify MICR information for checks, and upload images for signatures and logos.
  11. Select the
    Direct Deposit
     tab. Enter the direct deposit information for this impound account.
  12. Select
    Enter
     to save the impound bank information.

This article applies to:

  • PRODUCT: Accounting CS
  • Subject: Bank reconciliation

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