web
You’re offline. This is a read only version of the page.
close
Skip to main content
Community site session details

Community site session details

Session Id :
Dynamics 365 Community / Forums / Small and medium business | Business Central, N... / cash receipts entries
Small and medium business | Business Central, N...
Answered

cash receipts entries

(0) ShareShare
ReportReport
Posted on by olegvi 809

Hello Group,

Please help with expert advice.

In BC, how should i record daily cash receipts in USA, coming from retail side of business.  There is no specific customer and no checks are coming in the house.

The receipt should be reflected in GL and Bank Statement for reconciliation purpose. What type of transaction should i use?

Thank you in advance.

Categories:
Dynamics 365 Business Central
Dynamics 365 Business Central
I have the same question (0)
  • ManishS Profile Picture
    ManishS 86 on at
    RE: cash receipts entries

    You should create a account as RetailRevenue and record the cash transactions.

    Cash Receipt means you have received cash, so how come it should reflect in bank statement unless you deposit that in bank.

  • olegvi Profile Picture
    olegvi 809 on at
    RE: cash receipts entries

    Hello Manish,

    In our scenario the cash would be deposited to the bank by our retailer. We need to record this cash in the system to reflect the revenue and cash on the financial statements. We would also need to perform Bank Reconciliation later on. What type of transaction should we use?

    Thank you,

    Oleg.

  • Verified answer
    Mary Myers Profile Picture
    Mary Myers 2 on at
    RE: cash receipts entries

    use a GL Entry. Create the account as sugguested. Retail Revenue. I would also create an A/R type of account- Retail receivables.  So book it to Retail Revenue, and offset to retail receviables.  Then when you get the payment from the retailer, you will record another transaction, where you move it out of receiveables, and hit your bank account.  Make sure you change the account type from GL to bank, that way it will show up in your bank rec.  

  • Suggested answer
    Renni Profile Picture
    Renni 960 on at
    RE: cash receipts entries

    I think this may help

    docs.microsoft.com/.../receivables-how-apply-sales-transactions-manually

  • olegvi Profile Picture
    olegvi 809 on at
    RE: cash receipts entries

    Thank you all for help.

    It appears that in BC the same thing can be accomplished in a variety of ways. I'm coming from GP world and things work somewhat different there.

    Thank you all again.

    Cheers,

    Oleg.

Under review

Thank you for your reply! To ensure a great experience for everyone, your content is awaiting approval by our Community Managers. Please check back later.

Helpful resources

News and Announcements

Join experts in person to explore low code and AI agents at the Power Platform Community Conference sponsored by Microsoft

Quick Links

Responsible AI policies

As AI tools become more common, we’re introducing a Responsible AI Use…

Abhilash Warrier – Community Spotlight

We are honored to recognize Abhilash Warrier as our Community Spotlight honoree for…

Congratulations to the September Top 10 Community Leaders!

These are the community rock stars!

Leaderboard > Small and medium business | Business Central, NAV, RMS

#1
Rishabh Kanaskar Profile Picture

Rishabh Kanaskar 4,160

#2
Nimsara Jayathilaka. Profile Picture

Nimsara Jayathilaka. 2,943

#3
Sumit Singh Profile Picture

Sumit Singh 2,823

Last 30 days Overall leaderboard

Featured topics

Product updates

Dynamics 365 release plans