Money Tasks (Spend Money, Receive Money, Transfer Money)

These functions allow you to quickly input into DEAR the money entering and leaving your bank accounts. You will have to reconcile your bank statements with each transaction in DEAR. Learn more about bank reconciliation. For money movements related to prepayments, see Customer Credits or Supplier Deposits for further information. 


NOTE: If you are a Xero or QBO user, bank reconciliation will take place through your accounting system.


Prerequisites:


Table of Contents

  1. Create a Dummy Item
  2. Spend Money
  3. Receive Money
  4. Transfer Money
  5. View Money Task List


Create a Dummy Item (Optional)

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It is not permitted to create a Spend Money/Receive Money action without an item. In some cases, you may be inputting Spend Money/Receive Money that do not relate to the movement of stock or services but still needs to be accounted for. 


In these cases, it is recommended to create a generic service item which can be used for these transactions. 


Create a Dummy Item:

  1. Navigate to Inventory -> New -> Product/Service.
  2. Create a new Service type item and give it a generic name, e.g. Deposits. You can create more than one if necessary. 
  3. Save your item. 


You can now use your dummy item to carry out Spend/Receive Money transactions. 


Spend Money

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Use Spend Money in DEAR to quickly enter transactions for money going out of your organisation's bank account. A Spend Money transaction can be created from the Spend Money function or directly from the bank account.


To create a Spend Money transaction (1):

  1. Go to Financials -> New -> Spend Money.
  2. From the dropdown menu, select the Bank Account to spend money and the relevant Account to classify the payment. 
  3. Enter the Date, Tax Status and an optional Reference.



  4. Click the or Add more items button to enter a new transaction. If the payment does not relate to a specific stock/service, we recommend using a dummy item as this field cannot be left blank. 
  5. Enter information into the Line fields.
  6. Click Complete.


OR


To create a Spend Money transaction (2):

  1. Go to Financials -> Bank Accounts. 
  2. Click the bank account you're spending money from.
  3. Click Spend Money when prompted.



  4. Enter information into the Spend Money fields, as shown in example (1).
  5. Click Complete.

NOTE:

  • Bank fees and single payments are classed as a single item, Qty should be left as 1.00.
  • You can enter positive, negative or zero amounts into the Unit Price field, but the overall Spend Money transaction cannot be negative.

Receive Money

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Use Receive Money in DEAR to quickly enter transactions for money going into your organisation's bank account.


Creating Receive Money transactions from the Account Transactions tab is the quickest way to create multiple Receive Money transactions at a time.


To create a Receive Money transaction (1):

  1. Go to Financials -> New -> Receive Money.
  2. From the dropdown menu, select the Bank Account to receive money.
  3. Enter the Date, Tax Status and an optional Reference.



  4. Click the or Add more items button to enter a new transaction. If the payment does not relate to a specific stock/service, we recommend using a dummy item as this field cannot be left blank.
  5. Enter information into the fields.
  6. Click Complete.

 

OR


To create a Receive Money transaction (2):

  1. Go to Financials -> Bank Accounts. 
  2. Click on the name of the bank account you're receiving money in.
  3. Select Receive Money when prompted.



  4. Enter information into the Receive Money fields, as shown in example (1).
  5. Click Complete.

NOTE:

  • Bank fees and single payments are classed as a single item, Qty should be left as 1.00.
  • You can enter positive, negative or zero amounts into the Unit Price field, but the overall Receive Money transaction cannot be positive.

Transfer Money

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Use Transfer Money in DEAR to quickly enter transfers between two bank accounts. You don't need to create a transaction in the second bank account (this is done automatically), but you will need to reconcile it with its matching bank statement line.


More detailed transfers can be created with extra details, for example, memos or attachments.


To create a Transfer:

  1. Go to Financials -> New -> Transfer Money. 



  2. Enter your bank transfer details.
  3. (Optional) Add attachments.
  4. Click Complete.


View Money Task List

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You can view all historical Money Tasks by navigating to Financials -> Money Tasks



See the details of previous money tasks by clicking on each line. 


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