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Dynamics 365 Community / Forums / Finance | Project Operations, Human Resources, ... / Does every incoming fu...
Finance | Project Operations, Human Resources, ...
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Does every incoming funds require a Bank Deposit?

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Posted on by CJ Morales 5

Dear community - I'm having nightmares with this Bank Deposit process, it just doesn't make sense to me. Your help is very appreciate!

I'm handling the bank reconciliation for this company I'm working at and every single transaction that it's posted in Great Plains from our AR department (Incoming Money Transfer, Individual International Money Transfer Credit, EDI Transaction Credit, ACH Deposit, Miscellaneous ACH Credit, Remote Deposit, Lockbox Deposit) through the Sales module is waiting for me to deposit them using the Bank Deposits transaction within the Financial module. This adds up to hundreds of Bank Deposits I need to enter and post per month.

Is there anything that I can bring up to our AR Manager so their entries/transactions bypass the need of a Bank Deposit? I believe the only receipts that needs to go thru the Bank Deposits are the Lockbox Deposit because these needs to be grouped to match our Bank Statement.

In advance, thanks for your responses.

Categories:
Microsoft Dynamics GP
  • Suggested answer
    DAnny3211 Profile Picture
    DAnny3211 9,274 Super User 2024 Season 1 on at
    RE: Does every incoming funds require a Bank Deposit?

    hi

    look this

    learn.microsoft.com/.../bankreconciliation

    DAniele

  • Cheryl Waswick Profile Picture
    Cheryl Waswick on at
    RE: Does every incoming funds require a Bank Deposit?

    The' Automatically post cash receipt deposits' option can be found under Tools | Setup | Company | Company | Options.   With this marked, ALL cash receipts posted in sales will be automatically deposited to Bank Rec.   IN GP 18.4.1361, there are new features to be able to post that cash receipt batch to deposit in lump-sum or per transaction.  Here is the blog article on that:  

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

    If you manage the 'bank deposits entry' window, you can use the 'Clear Unused receipts' option for deposits to post a $0 deposit and just get the receipts you want cleared off the window to go away.  This option just clears them off the window and doesn't affect anything else, so you can get receipts off the bank deposit entry window that you to not want to deposit or need to deposit. 

    Cheryl W.
    Microsoft Dynamics GP Support

  • CJ Morales Profile Picture
    CJ Morales 5 on at
    RE: Does every incoming funds require a Bank Deposit?

    Hey Sandip - thanks for your response!

    After a bit of extra research I found that GP has an option called "Automatically post cash receipt deposits" which will bypass the need of having to create these Bank Deposits. I will reach out to our Controller and ask him to consider enabling this option for me.

  • Suggested answer
    sandipdjadhav Profile Picture
    sandipdjadhav 18,267 on at
    RE: Does every incoming funds require a Bank Deposit?

    Hello,

    I will say yes.  Every Receipt need to go as deposit-single or group.  Just check your Bank Statement and analyze how it group or single transaction as deposit.   The same way you need to create deposit in GP.

    Otherwise you won't able to match $$ Amount it in Bank Reco module.  

    Thanks much

    Sandip

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