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Bank Deposits Summarized in Bank Acc. Reconciliation

Dynamics 365 Business Central Forum

Janelle Riley asked a question on 9 Jul 2018 9:30 PM
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We receive a large number of cash receipts each day that are accumulated into a single bank deposit.  On the Bank Acc. Reconciliation, the Bank Statement shows a single deposit.  However, the Bank Account Ledger Entries shows each cash receipt as a separate line.  How do I accumulate all of the cash receipts into a single line in Bank Account Ledger Entries?

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Brittney Robertson responded on 10 Jul 2018 8:58 AM
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Hi Janelle,

The way I have dealt with this in BC is to use the Payment Registration Journal- you can find this by searching for Payment Registration. When you open it for the first time you'll choose the checkbook you are working in and a few other options. You can change this in the window at any time by choosing "Setup".

You should see all of your open customer invoices in this window, and you have the ability to mark the "payment made" checkbox for all payments received that day. You can also change the amount received (it will default the entire invoice amount) if there is a partial payment.

Lastly, once you've selected all of the payments received that would be a single deposit, choose "Post as Lump Payment" in the ribbon.

 

I hope this helps!

Brittney

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Janelle Riley responded on 10 Jul 2018 7:00 PM
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Thanks!  I tested this solution today and it works well.  I have only two concerns:

1.  Auditors require that cash receipts transaction tie back to the customer's check. There is no field available to enter the check number.  How do you usually handle this?

2.  What do you do when a company has thousands of open AR transactions?  It would seem that the list would become unmanageable in this scenario.

Thanks for your assistance on this.

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Brittney Robertson responded on 12 Jul 2018 8:15 PM
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Completely valid concerns! Right now the payment registration window doesn't seem to have the additional fields to add an external document number and it will always show all of the open AR transactions.

It sounds like the straight "deposits" window would work better for you guys. Search for "Deposit" > Deposit.

If you haven't used this before, you may need to navigate to "General Ledger Setup" and assign a number series to the "Deposit No." field.. and you may even need to add a Deposit number series. You can do this by searching No. Series and adding a new row for Deposit.

Once this is ready to go though, in the deposits window just enter the header info, bank account, total amount of the grouped deposit, and then enter your cash receipts in the line items section. Remember to also Apply each cash receipt to the invoice by going to the ribbon under "Functions"> Apply entries.

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Janelle Riley responded on 14 Jul 2018 1:07 PM
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I have done quite a bit of testing on the Deposits functionality.  I think I might be missing something - I create the deposit, enter the total of the grouped deposit, and post the deposit, but each cash receipt comes into the bank rec separately.  Is there a setting somewhere that summarizes the deposits in the bank rec?

Thanks so much for your help!

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Brittney Robertson responded on 10 Jul 2018 8:58 AM
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Suggested Answer

Hi Janelle,

The way I have dealt with this in BC is to use the Payment Registration Journal- you can find this by searching for Payment Registration. When you open it for the first time you'll choose the checkbook you are working in and a few other options. You can change this in the window at any time by choosing "Setup".

You should see all of your open customer invoices in this window, and you have the ability to mark the "payment made" checkbox for all payments received that day. You can also change the amount received (it will default the entire invoice amount) if there is a partial payment.

Lastly, once you've selected all of the payments received that would be a single deposit, choose "Post as Lump Payment" in the ribbon.

 

I hope this helps!

Brittney

Reply
Brittney Robertson responded on 12 Jul 2018 8:15 PM
My Badges
Suggested Answer

Completely valid concerns! Right now the payment registration window doesn't seem to have the additional fields to add an external document number and it will always show all of the open AR transactions.

It sounds like the straight "deposits" window would work better for you guys. Search for "Deposit" > Deposit.

If you haven't used this before, you may need to navigate to "General Ledger Setup" and assign a number series to the "Deposit No." field.. and you may even need to add a Deposit number series. You can do this by searching No. Series and adding a new row for Deposit.

Once this is ready to go though, in the deposits window just enter the header info, bank account, total amount of the grouped deposit, and then enter your cash receipts in the line items section. Remember to also Apply each cash receipt to the invoice by going to the ribbon under "Functions"> Apply entries.

Reply

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