*********NOTE* - Due to changes in labeling, all references to Bills have been changed to Invoices, and all references to Billings have been changed to Time Entries in the Guide below. At some point, the Video above may also be updated. *************

In Curo365, a Deposit is used to track Payments before being sent to some account using Business Central or another 3rd party financial program. If not sending digitally, the Bank Deposits are used to keep track of actual deposits being made to a physical bank or account. The process begins with creating the Deposit itself, and then applying the various Payments (sources of funds) to the Deposit before it is submitted.

To begin, select the Bank Deposits Entity

At the top, click +New to create a new Bank Deposit

Next, to fill out the information for the Deposit itself using the Dropdown on the top right.

First, Name the Deposit – this can be auto-named, as well, so speak to your Curo365 admin or Implementation Consultant to set that up.

Leave the Status Reason as Pending until you’re ready to send this on.

The Date will default to today, but it can be changed to something else.

The Total Payments will need to be left alone for now, as no Payments have yet been applied.

Click Save & Close once complete.

*VERY IMPORTANT* - Once you know that the Funds have actually been added to the Account, you'll want to come back into this Deposit and Mark it as Complete using this button at the top of the Record. Some of your Matter Balance Fields WILL NOT update correctly unless the Payment is first Completed.

Congratulations! This Bank Deposit is now ready for Payments!

Open the Deposit by clicking the one you just made.

Then click +New Payment on the top right

Fill in the following information:

From - Who is giving you the money

Date – Will default to today but can be changed

Amount – Amount of money in this specific Payment

Account - which account will this Payment be deposited

Payment Method – How is this money being paid (cash, check, cc, etc)

Once complete, click Save and Close.

*NOTE* – If you have information such as check numbers or credit card numbers from which these Payments are being made, you can add that info *after* you create the Payment. Once created, click the Payment again to open it,

and depending on which options you choose, you’ll see some variation of the fields below.

All of your Payments have been entered into the Deposit, and now we need to Allocate those monies.

The last step in this process will be to associate these Payments to specific Matters in Curo365 so that the funds can later be allocated to specific Invoices. Begin by clicking any of the Payments in this Deposit.

And then clicking the Allocations tab above.

Create a new Payment Allocation by clicking +New Payment Allocation

Next, Choose type of Allocation (Retainer, Blind Trust, etc)

Enter the Amount – This will usually be the full Amount, but the Payment can be split between multiple Matters.

Choose the Account within the Matter to which these funds will be applied.

And finally, choose the actual Matter for which these funds will be available.

*NOTE* - If you're Allocating funds to an Interest Fee/Finance Charge, you'll need to clarify the Type as an Interest Fee type with a Designation of "Interest". If you don't have an Interest-Specific Allocation Type in your options from the Type field in the picture above, you'll need to create a New Payment Allocation Type. You can follow this Guide here for information on creating new Payment Allocations Types.

When everything is filled in, click Save and Close.

Be sure to Allocate for all of the Payments in the Deposit, as the Deposit cannot be completed otherwise.

The time may come when you need to Reverse a Payment that was previously made. This may be due to a bounced check (NSF) or other reason why funds weren't properly acquired to cover the Allocation. In cases like this, you'll want to Reverse the Payment.

You'll find the button for Reversing Payment at the top of the Payment Entity, and clicking it will Reverse ALL Payment Allocations. Be careful clicking this, as it CAN NOT be undone.

Note the WARNING here, make sure you REALLY mean it, and then choose Proceed on the Confirmation Window.

Reopen the Deposit from the Bank Deposits Entity

Click Complete Deposit

NOTE - IF YOU’RE LINKED TO BUSINESS CENTRAL, THIS WILL SUBMIT YOUR FULL DEPOSIT TO BUSINESS CENTRAL (or any other 3rd party financial processor).

Finally, click the Deactivate button when prompted.

Congratulations, you’ve been paid, it’s all deposited and allocated and sent to a safe place for holding!