Question

In which 3 cases would you use the Add funds to this deposit grid in a bank deposit?

a.When you need to record an ACH payment of a customer invoice
b.To record a Vendor credit
c.To record the payment of a bill
d.If you receive a tax refund from the IRS
e.When a company doesn't record income using sales transactions (invoices or sales receipts), and wants to record deposits directly to income accounts
f.When an employee reimburses the company

Answer 1

Use the 'Add funds to this deposit' grid for recording ACH payments of invoices, for direct recording of deposits to income without sales transactions, and when processing employee reimbursements.

Step-by-step explanation:

In the context of bank deposits, you would use the 'Add funds to this deposit' grid in three specific cases: a) When you need to record an Automated Clearing House (ACH payment) of a customer invoice, e) When a company doesn't record income using sales transactions (invoices or sales receipts) and wants to record deposits directly to income accounts, and f) When an employee reimburses the company. These scenarios allow transactions to be accurately reflected in a business's financial records.

For instance, an ACH payment is a form of electronic funds transfer that's useful for paying customer invoices without needing physical checks. Directly recording deposits to income accounts helps in cases where traditional sales records aren't made, keeping the income stream up-to-date. Lastly, employee reimbursements through the deposit grid ensures that the returned funds are allocated correctly and the company's financial standings stay precise.