Dynamics Community Forum Thread Details

Undeposited funds to bank deposits workaround?

Hello,

We receive batch preauthorized payments to our bank.

The journal entries come from a different loan management system, and deposit expected payments to Undeposited Funds.

In QB, we used to pick up the Undeposited Funds entries, which would automatically show up in the Deposit window. This feature was amazing as highlighted the un-cleared transactions, which some sometimes meant that one was an error and had to reversed in the other system and then you could apply both the original erroneous entry and the reversal against one another to clear them. Doing deposits this way, instead of posting directly has many benefits, and then posting as lump sum can make the automation of the bank reconciliation much smoother.

There does not appear to be a similar feature in Business Central and one would have to do a journal entry taking it out of undeposited funds, but against what and when doing the bank deposit, you have to select the customer and have an open invoice. The open invoice would be the interest charged and a credit reducing loan balance. This method seem to not allow a quick way to see what the outstanding/ un-cleared undeposited funds, which could be an error and need to reversed.

How do other people deal with this and has anyone found a workaround?

Any help would be appreciated.

Thanks,

Cedric

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