advantages/Disadvantages of using deposit slip function

[Carole]

Is there any advantage/disadvantage to using the Deposit Slip function? I feel it's redundant with our method of closing the day as we submit checks electronically and use that to match to check payments posted. I don't want to have the system get cluttered with unnecessary data. If we don't use Deposit Slips, would /should we delete the entries daily to keep it "clean"? Thanks.

[Arna]

A big advantage to using deposits is as an anti embezzlement tool. Deposits can be controlled through Setup>Security and only trusted members can edit them. By depositing your money for the day, you are preventing another employee from later modifying a payment and perhaps pocketing the difference. Once a payment is attached to a deposit, it cannot be modified. This applies to all payment types, including Credit Card payments and cash payments.
Deposits also bridge across to QuickBooks. If you are using QB for accounting, it is very useful to use deposits to avoid unnecessary duplicate entries in to both systems.

[Carole]

We already tie out our deposits daily to our practice software (we're converting from ES), so there is no issue there. We electronically scan checks to the bank and get confirmation emails with value of deposit. Along with cash deposit slips and credit card merchant banking reports, we tie out to the penny daily, so adding the process of creating a deposit slip appears to be extra work and redundant. Would you recommend just deleting the data in the deposit slip portal to prevent it from becoming cumbersome - but it could still be there until end of day is closed/tied out?

[Arna]

Nothing makes you use deposit slips. It is probably more redundant to create and then delete deposits in my opinion. They are purely a security feature.
There is no issue with cluttering the DB with unnecessary data. Deposits are tiny little things.