21 April 2010

Cash Receipts & Bank Deposits

Two different people in the past two weeks have inquired with me about the exact same process, so it seems like a good topic to briefly discuss – the Cash Receipts Entry window & the Bank Deposit Entry window are good, well-integrated friends.

Once a cash receipts batch has posted, one needs to tell Dynamics GP which receipts have been physically taken to the bank.  A cash receipts batch updates the A/R subledger and gives your customers credit for paying invoices due, but it doesn’t also assume that these receipts have been deposited.  The job of recording these deposits at the bank belongs solely to the Bank Deposit Entry window.

The Bank Deposit Entry window doesn’t create a journal entry when the ‘Post’ button is punched, but it does update the Select Bank Transactions window with “DEP’- type transactions so your bank reconciliation task can be finalized.  Paying a stack of bills via Payables Management, for example, places check documents into Select Bank Transactions window once posted, but whenever cash is received – be it from a customer via Cash Receipts Entry or for a non-trade receipt that is processed via Bank Transaction Entry - things aren’t 100% complete until this one extra step is performed.

I hope this clears things up a little.  Time to begin packing for Atlanta…hope all who are headed in that direction enjoy uneventful travels.

 

Bob McAdam is a Manager at Tribridge in Tampa, spending the majority of his time working in the GP delivery area with new & existing customers. He is also an active contributor to the Dynamics GP User Group (GPUG). Bob has been fortunate enough to be involved with Dynamics GP as both partner & customer since 1998, but still remains quite anxious to see what his friend & former colleague Mark Polino has ready with his newest ‘50 Tips in 50 Minutes’  session @ Convergence 2010.