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What is the difference in Bank Rec between Deposits with Receipts and Deposits without Receipts? Besides the actual receipts... :)
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A Bank Deposit with receipts combines multiple receipts in to single deposit for the bank subledger. Just like you would physically combine multiple checks on to one deposit ticket. A deposit without receipts simply updates the subledger with a deposit. For example, if some entered a non-AR check directly to the GL instead of using a bank transaction, a Deposit Without Receipt could be used to update the bank subledger and bring the subledger back in balance with the GL.
I second Mark's answer!
The only thing I have to add is that the Deposits without receipts selection was created with the lockbox situation in mind. Let's say you recieve a bunch of money in a lockbox, but at the time of receipt you do not know specifically which customer/invoice it is associated with. In order to increase your checkbook balance without impacting the general ledger (remember, nothing you do in the Bank Deposit Entry window will EVER impact the general ledger), you would use a Deposit without receipt.
Later, when you got the detail, you would enter the individual cash receipts and apply them to the appropriate docuements. These receipts would then show up on your Bank Deposit Entry screen wanting you to deposit them. Since you already increased your checkbook balance when you posted the Deposit without receipt, you do not want to deposit these individual receipts.
In order to clear the receipts from your list of items needing to be deposited, you need to use the
Clear Unused Receipts deposit type. This transaction will have no impact on the balance in either the general ledger or the checkbook register. This deposit type will merely remove the individual cash receipt items from the Bank Deposit Entry scrolling window.
Kind regards,
Leslie
Wow! Excellent examples by both of you, this really helped. thanks!
How does each affect the GL? I'm finding many deposits without receipt transactions in the bank side but cannot find the transactions in the cash account. What is supposed to happen?
Hi,
Nothing done in the Bank Deposits window will impact the general ledger. When you use the Bank Deposit window, it ONLY will affect the checkbook register balance. The receipt itself is what adjusted the GL cash account.
hello ..
i have a question regarding to that issue ... if i select " clear unused receipts deposit option "
by mistake and clear some of my cash receipts deposits ,,, so is there a way to undo or correct that action
thanks
1) Is there a way to get your uncleared receipts back after they have been cleaared?
2) I have a transaction that is showing up in my Cash GL and my AR GL, but noton my bank reconciliation. It has a payment number assigned and has been posted through the GL, but I cannot tell if a bank transation has ben done since all of my May 2016 bank deposit entires were cleared. When I access the Bank Transaction window and select VOID, I do not see any of my May 2016 transactions, which this transaction was done on 05/27/16. This is in GP 2015 and we are all new users. Thanks
Taosha
Taosha,
You need to void the deposit. You void a deposit in the Deposit Entry window, not the Bank Transaction window.
Void the deposit transaction and the items will show back up in your items to be deposited window.
Can you void a single check that was deposited with a group of checks as a single entry i.e. rents? It was deposited with receipts. (I am new to GP's).
Thank you
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