Tailwind allows you to track incoming and outgoing payments in a number of ways. The Payables and Receivables lists show you the individual items as they are created in the system, but they do not necessarily tell you whether a particular outgoing cheque has been cashed by a Vendor, or whether you have actually deposited an incoming payment. The Check Clearing and Deposits modules help you keep clearer track of your actual cash flow on an account by account basis.
The Check Clearing module lets you keep track of which of your outgoing payments – which of your check — have actually been received and processed by the Vendors you sent them to. This can help give you a clearer picture of your cash flow, including any outstanding check, and avoid being surprised by unexpected draws on your accounts
To begin clearing your Check, start by navigating to the Check Clearing link in the left navigation, under Administration. This will bring up the Check Clearing page.
Every Check that Tailwind generates as part of the Bill-paying process is linked to an account, and the first step on the page is to select the account you want to reconcile. Select the account from the drop-down menu at the top of page — this will bring up a list of all the un-cleared checks linked to that account, as well the total amount of those cheques.
At this point you will need to refer to your actual bank statements, to determine which checks have cleared the account. Comparing the statements to the list, mark the cleared checks by selecting the toggle in the ‘Cleared’ column. Once you have marked all the cleared checks, click on the ‘Save’ button to record the changes. Complete the same process for all your accounts.
The Deposits module is similar to Check Clearing, except you are tracking which of your Invoices have been paid, rather than which of your Check has been cashed. There is also an additional step, where Invoices are grouped into account-specific Deposits, so that the system knows which account has received that particular payment.
A Deposit is a record made up of any number of Invoice Payments, associated with a specific bank account and date. To create a Deposit, navigate to the Deposits list and click the ‘Create’ button at the top of the list.
This will bring up the Create Deposit page, where you can select the associated account and choose a date for the Deposit. This should be the date on which the payments will actually be deposited into the account. Once you have filled out the information, click on the ‘Create’ button to continue.
You will now see the newly-created Deposit record. The next step is to add the actual Invoice Payments to the deposit. To do so, click on the ‘Invoice Payments’ tab and then select the ‘Add Invoice Payment’ button.
This will bring up a list of all existing payments (that are not already assigned to a deposit.) To add a payment to your deposit, simply click on the plus sign to the left of the payment line. Once you have added all the payments you want, you can click the button at the bottom to return to your deposit.
Currently, there is no equivalent to ‘clearing’ a Deposit, as there is with Check Clearing. We recommend you only Create a Deposit at the point where the payments have actually been deposited into the account in question, in order to ensure maximum clarity about your cash flow and account balance.