Microsoft Dynamics GP October 2021 - Summary Post Accounts Receivables Cash Receipt through Bank Reconciliation

Many customers really appreciate the 'Automatically post cash receipt deposits' option which automatically deposits receivables cash receipts into Bank Reconciliation when posting a receivables batch with cash payments saving users extra time in Bank Reconciliation.  In past versions of Dynamics GP, this option deposited receivables cash payment into Bank Reconciliation as a summary deposit for batches or as individual deposits per payment.  It just depended upon which version of Dynamics GP you were on. We have had many requests from customers to give users the ability to select how customer cash receipts should be deposited to Bank Reconciliation for receivables batches. Now, the user can select how they want to deposit customer payments for each receivables batch individually.

In the Receivables Batch Entry window, a new field called 'Post Deposit' has been added.  The user can then select if they want customer cash receipts deposited to Bank Reconciliation as the following:

'Summary' (one deposit includes all cash receipts for that batch)

or

'Transaction' (multiple deposits will be created, one for each cash receipt in the batch).  With this new feature, one receivables batch can post in Summary, while a different one can post at the Transaction level.  So, for example, the user can select to deposit customer wire payments as one summary deposit for one batch, while depositing individual payment transaction in another batch for customer check payments. 

The first Bank Deposit Posting Journal was from a receivables batch which had 'Summary' option selected for the Post Deposit field.  As you can see, one bank reconciliation deposit was created, which contains multiple customer payments.  The second Bank Deposit Posting Journal was from a receivables batch with 'Transaction' selected.  Here, each cash payment is it's own deposit transaction in Bank Reconciliation.

In order to see the 'Post Deposit' field in the Receivables Batch Entry window, this option must be marked in the Company Setup Options window.  To mark this, go to Microsoft Dynamics GP on the menu bar and select Tools.  Then select Setup and Company, then Company again.  Once the Company Setup window opens, click the Options button.  Now scroll down until you see the option, 'Automatically post cash receipt deposits'.  You will want to mark this to enable the 'Post Deposit' field. 

Note: If you are posting a Sales Order Processing batch which contains customer cash payments, those payments will automatically be deposited to Bank Reconciliation as a 'Summary' deposit.  There is no 'Post Deposit' field for Sales Order Processing batches.

Note:  The new feature may not post as expected for these scenarios: (also noted in KB 3098833) 
           • Cash receipts may still post as single deposits if Multi-currency Management is not enabled. You must activate Multi-currency Management if you want a single summary deposit per batch. 
           • If you have Project Accounting installed, it may take over the security to the Receivables windows, and a single summary deposit posts to Bank Rec when you had 'Transaction' marked.  Go to Tools | Setup | System | Alternate Modified forms and reports, and under ALL PRODUCTS | WINDOWS | ALL, expand Sales, and set both the CASH RECEIPTS ENTRY and RECEIVABLES BATCH ENTRY to have the core 'Microsoft Dynamics GP' security instead of Project Accounting.  Individual deposits will now post to Bank Rec using the core GP windows.
           • You have a 3rd party product installed (such as MEM) and security it set to their windows.  Test without the 3rd party installed or change security back to the 'Microsoft Dynamics GP' version as stated in the prior note for Project Accounting. 
           • Check to see if Payment Document Management (PDM) is installed.  Having PDM installed may change the behavior of your payment windows.  If you are not using this module (as most US installs do not), then uninstall it.   
           • Make sure you are on at least GP 18.4.1361 or higher for this new feature.  

           

I hope this feature provides more flexibility for you when doing automatic cash receipt deposits!  Continue to check back to the Microsoft Dynamics GP October 2021 - Feature Blog Series Schedule page to review upcoming blog posts related to our new features and other helpful resource links.

Janelle Montplaisir

Microsoft Support (Dynamics GP)