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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Migrated from QB to GP...
Microsoft Dynamics GP (Archived)

Migrated from QB to GP - Account Adjustment

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Posted on by Jo_Pi 12

Hello Community,

My firm migrated from Quickbooks (QB) Enterprise to MSFT GP.  During the migration of our 1H financials, we brought over an account that is only specific to QB; Undeposited Funds or Deposits-in-transit.  The way this account works in QB is each time a customer payment is received it is posted against its related invoice, then QB places this amount into the Undeposited Funds account.  Afterwards, one has to go into the "Record Deposit" window to fetch the related customer payment and apply the deposit.

So, when we closed 1H 2017 in QB, the Undeposited Funds account was imported to GP with the a credited amount.  I know that the next step is to "deposit" this amount to our cash account.  Any idea on how I am to execute this in GP?  

Any assistance is greatly appreciated.

JP aka Jo Pi

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I have the same question (0)
  • Jo_Pi Profile Picture
    Jo_Pi 12 on at
    RE: Migrated from QB to GP - Account Adjustment

    Hi Leslie,

    Thank you for your response and apologies for the delay.  I understand the reasoning in using the "Deposit without Receipts" option as this will allow me to reconcile my bank statement against all deposits.  However, I am not following your suggested JE:

    DR Cash GL account

    CR Undeposited Funds

    If I am to do this, I would be doubling up the Undeposited Funds account by the same amount.  Not too sure if this is the fix. 

    Will the below work?  Or will it cause further issues with our A/R?

    DR Undeposited Funds for $ XX (to zero out credit balance)

    CR A/R (to reduce aging)

    Appreciate your time and patience.

    Cheers,

    JP

  • Suggested answer
    L Vail Profile Picture
    L Vail 65,271 on at
    RE: Migrated from QB to GP - Account Adjustment

    Hi,

    If you do not have a list of 'receipts' that you can deposit, I would use the Deposit without Receipts deposit type in order to increase the balance of your checkbook register for the deposited amount. Since deposit transactions do not create journal entries, I would create a journal entry to the cash account on the general ledger with the offset being the undeposited cash account.

    With this answer I am presuming the receivable is no longer in the AR account. If it is, then this is not the correct fix.

    How does this method line up with what you are trying to clear up?

    Leslie

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