cash receipts entries

(0) Share

Report

Posted on by olegvi

819

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

I have the same question (0)

All responses (5)

Answers (1)

Sort by

ManishS 86 on at

Like (0)

Report
Copy link

Link copied!

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.

Was this reply helpful? Yes No
olegvi 819 on at

Like (0)

Report
Copy link

Link copied!

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.

Was this reply helpful? Yes No
Verified answer

Mary Myers 2 on at

Like (0)

Report
Copy link

Link copied!

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.

Was this reply helpful? Yes No
Suggested answer

Renni 960 on at

Like (0)

Report
Copy link

Link copied!

I think this may help

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

Was this reply helpful? Yes No
olegvi 819 on at

Like (0)

Report
Copy link

Link copied!

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.

Was this reply helpful? Yes No