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We had cash receipts that spanned over a month end - deposited in February - cash receipt dated January 31 due to bank posting date. staff accountant is concerned because General Ledger does not balance to Checkbook & bank rec - is there a way to prevent this in the future, without having to run to the bank daily? We are new to GP - does it show? :)
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The thing to consider is that the check book balance will not be affected until the cash receipt is deposited. Meanwhile, the cash account balance is affected once you post the cash receipt. This will cause a variance between your bank and GL.
Otherwise, I don't see any problem in that
my staff accountant suggests that we do not enter any cash receipts that will not be deposited the same day. ie: entered cash receipt jan 31/14, deposit in bank jan 31/14 - this is how he did it at another firm he worked at (not GP software) I cannot believe that GP cannot handle having an outstanding deposit. how is the best way to deal with this? is he correct?
Welcome to the community,
In your case, since you have deposited the cash receipt (even in the proceeding month), you should have balanced Checkbook-GL balance up to date. Refer to the Checkbook balance inquiry to see your cash account versus bank balance. If they don't match, you may have an issue other than the above.
Banks versus general ledger variance is a common issue mostly caused by incorrect entry. You may refer to the following posts for further understanding;
Microsoft Dynamics GP Bank Rec out of balance to your GL?
Bank Reconciliation - Check book versus Cash Account Balance
To me, the best practice is to have one to one relationship (one checkbook versus one cash account), it does makes reconciliation much more easier. Furthermore, if you are on GP 2013, you can use the "Reconcile to GL" utility which generates a report for matched, potentially match and dis matched banks-gl transactions. The following post is expressive and useful
Dynamics GP Bank Reconcile to GL
Please never hesitate to share any further inquiry,
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