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Impound

Set up a client for impounding

Follow these steps to set up impound information for each client.
  1. Select
    Setup
    , then
    Clients
    .
  2. For new clients, enter all necessary information in the following tabs:
    Main
    ,
    Payroll Information
    ,
    Payroll Taxes
    , and
    Billing
    . For existing clients, verify the client information.
  3. Select the
    Impound
     tab.
  4. In the Transactions to Fund section, mark the checkboxes next to the transaction types you want to fund for this client:
    • Payroll
      : for funding payroll checks.
    • Tax agents
      : for funding taxes, such as FICA, federal withholding, state withholding, and local taxes.
    • Firm vendor
      : for funding fees charged to clients for your services. You'll need to set up Billing for the client to use this option.
    • Payroll agents
      : for funding payroll deduction items, like uniforms, child support, levies and garnishments, and retirement plans. You'll need to set up the vendors to receive these amounts.
  5. If you're funding transactions for tax agents or payroll agents, specify whether to fund all or selected agents. Use Options to select the agents.
  6. For each transaction type, use the dropdowns to select the impound bank accounts to use for the deposit account (the holding account) and withdrawal account (the account used to pay that transaction type). These may or may not be the same bank account.
  7. If funding should begin at a specific time in the future, select that date from the calendar in the
    Deferred start
     field. If you don't specify a date, all transactions of the specified type are subject to funding regardless of the transaction date.
  8. In the Source section, select Options and select whether to use the client's bank account or impound bank account as the source for the following:
    • Reference numbers
      : the next number to use for checks.
    • Check layouts
      : the layout to use for checks
    • Images
      : the logo used on checks.
  9. In the Write-offs section, select the client GL account to use for any write-off amounts.
  10. Select
    Enter
     to save the information.

This article applies to:

  • Product: Accounting CS
  • Subject: Bank reconciliation
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