When you enter payments against Customer Invoices in RedTeam Flex, you will want to post the amount to a Bank Account. To set up a General Ledger account so it appears in the dropdown when adding a new Deposit, follow the instructions below.
Create your Bank in RedTeam as a Vendor (see "Create a Vendor")
Edit the Vendor to indicate the entity is a Bank (see "Add a Bank to RedTeam")
Create a new checking account in Accounting section (see "Create a Bank Account")
1. Create a Vendor
If you have the correct permissions assigned to your user role, you can add new Vendors to your company's database in RedTeam Flex. In RedTeam Flex, a Vendor is any entity you plan to pay for any material or service. Entities you do not intend to pay, such as architects, engineers, inspectors, etc. should be added as Third-Parties.
Any Vendors you add to RedTeam Flex will be available for all users, across all projects. If you are unsure of your permissions, use the Support Log in the Account menu to send a Help Me to a System Administrator.
Steps:
Click the Vendors menu, under the Companies tab on the left side of the screen
Click the New icon (+). If you do not have permission to add new vendors contact your system admin.
Click "Add New Vendor"
Type the Vendor's company name in the available box and hit Enter to search your database for duplicate vendors
If no matches are found, fill in the required fields (designated by asterisks) to create the new Vendor
Click "Save" at the bottom of the form
From the confirmation window, you can quickly add contacts or trades for this Vendor. These items can be added later from the Vendor's profile.
2. Add a Bank to RedTeam
Bank accounts are added in RedTeam to be used in the Accounting menu. You can add a record of posted Vendor Invoices (Payables) and Customer Payments (Receivables) associated to these Banking accounts. These records are used to capture your job cost on projects and calculate the WIP.
The first step to adding a bank account is to add the banking institution as a new Vendor. Then, you edit the Vendor to mark it as a bank. Now bank accounts can be created in the Accounting menu of RedTeam. For step-by-step instructions on how to add a new Vendor, see the above section.
Steps:
Be sure the banking institution exists as a Vendor
From the Vendors menu, search for and click the Vendor name
Click "Edit"
Locate "Vendor" under the Entity (Customers, Vendors, Third-Parties) type selection
Click the "Bank" checkbox
Click "Save"
3. Create a Bank Account
RedTeam Flex allows you to create and save multiple bank accounts for use in Expenses and Payments. These accounts may be checking, savings, receivable, payroll, etc. The Bank Account requires a vendor designated as a bank.
Steps:
Click Configuration
Select "Accounting" from the main menu
Click "New"
Fill out the required fields in the blank Bank Account form
Click "Save"