Good news! With Dynamics GP 2016 RTM and beyond, you can post cash receipt batches directly from Sales, have the total of the batch appear in the Bank Reconciliation window and bypass the Deposit window altogether. This could save you a lot of time with compiling bank deposits.
Check out this link for restrictions: KB – Cash Receipts automatically deposit into Bank Reconciliation as individual deposits in Microsoft Dynamics GP.
Note: Cash Receipts may still post as single deposits if:
1. Multicurrency Management is not enabled. You must turn on Multi-currency Management. This will not be changed.
2. Or if you have Project Accounting installed. You would need to set security to the non-PA window for Cash Receipts Entry and Receivables Batch entry windows as the work-around.
How to Set Up in Dynamics GP
Navigate to Administration > Setup > Company > Company and go to Options. Select the box next to “Automatically post cash receipt deposits”.
With the “Automatically post cash receipt deposits” selected, the deposit amount will automatically post directly to the Bank Reconciliation window and bypass the Bank Deposit window. This functionality will also include deposits not only from the Cash Receipts Window, but also from Receivables Transaction Entry, Sales Transaction Entry, Invoice Entry and on Return documents in Payables Transaction Entry.
The question I am often asked is whether it will post by individual transactions or by the batch total, which would be much more convenient in most cases.
If you would like to see the total batch amount in the Bank Reconciliation window, check the posting setup and then be sure to add all the cash receipts required to the same batch. In the Posting setup window, select to create the Journal Entry by Batch, using the Posting Date from the Batch as the deposit date.
Note: If you Allow Transaction Level posting, then each individual entry and posting amount without a batch will show in the Bank Reconciliation window. If you want to prevent this be sure to unmark the box to Allow Transaction Level Posting.
In the example below, the Bank Reconciliation DEP for Batch CR POST04021 was the batch that held 2 transactions for a total deposit amount of $1,872.51, which is the amount that I want to match on the bank statement.
In this example, the transactions posted to the General Ledger were the individual cash receipts, as highlighted in yellow below.
What if you want the GL to have the same deposit amount as appears in the Bank Reconciliation?
Then look back to the Account Setup for Level of Posting from the Sales Series and change it to Summary. Keep in mind that all transactions going to this account from the Sales Series will post in summary. Typically, that is the Cash Receipts. See transactions examples below.
In this example, I posted two cash receipts for a sum of $10,643.70. In the various reports you can see the details of the entries to Receivables and the GL.
The following Bank Deposit Posting Journal could be the report to back up your Bank Deposit.
In the General Ledger posting journal, you can see that the sum of the cash receipt batch is posted to the GL account, but the AR amounts continue to be individual cash receipt amounts.
I recommend you try this out if you wish to bypass the Bank Deposit window.
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