Bank Deposit Posting Journal

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Hi Everyone,

I'm new to Microsoft Dynamics, coming from Deltek's Costpoint (is it comparable to Costpoint???), and I'm also kind of new to the accounting world. I really need to review my accounting textbook.

What exactly is the purpose of the Bank Deposit Posting Journal? When I check mark payments received, what is going on when I click those checkmarks? If I already have the Cash Receipts Posting Journal, what is the Bank Deposits Posting Journal for? Ugh, I'm so confused now... I would greatly appreciate any answers... thanks!

Filipe

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babubaskaran@outloo... 12 on at

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Hi Filipe,

Bank deposit is useful to do bank reconciliation. Please refer the following link detailing this.

www.dynamicsgpinsights.com/.../why-use-deposits-without-receipts-in-dynamics-gp

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Frank Hamelly | MVP... 46,625 Super User 2025 Season 2 on at

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My sympathies Filipe, GP is nothing like Deltek. That said, welcome to the world of Dynamics GP!

As to your question, there are actually 2 transactions involved in entering customer Cash Receipts.

1. Enter the Cash Receipt. This updates the Cash Account, Accounts Receivable account and the Customer's AR balance.

2. Enter a Bank Deposit. This updates the Checkbook.

The reason the Bank Deposit is a separate step is because this allows you to bundle multiple Cash Receipts into one deposit. Think of yourself going to the bank to deposit 4 checks. You get a slip from the bank showing the total amount of the deposit and this is what will show on your bank statement at the end of the month. As Babu stated, this makes reconciling your checkbook at the end of the month much easier because your checkbook shows the same deposit amounts that your bank statement does.

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L Vail 65,271 on at

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Hi Filipe,

Welcome to the fold!

There is a forest killing volume of posting reports that want to print whenever you complete a transaction in GP. Here's what I can tell you about the reports you mentioned.

1. Bank Deposit Posting Journal.

This is a bit of a misnomer because 'posting' ordinarily means 'General Ledger'. A bank deposit NEVER changes the general ledger, so I hate that it is called a 'posting' journal. In any event, here's the story. Ordinarily, when you make a deposit you will mark the individual receipts you are including in that deposit. The Bank Deposit Posting Journal details the individual receipts that made up that deposit. For example: Let's say I get three customer checks. I will record them as Cash Receipts and apply them to the appropriate invoices. When I post the cash receipt, my general ledger cash account is increased and my accounts receivable account is decreased. However, my checkbook balance has not changed. My checkbook balance will not change until I deposit those receipts into my bank. To make that deposit, you open the Bank Deposit Entry window, identify which cash receipts are included in the deposit and 'post' the deposit. Making the deposit is what increases the checkbook balance. Once you have completed the transaction, the Bank Deposit Posting Journal prints and gives you the details of which receipts and other items you just deposited. Remember, this does not impact the cash account on your general ledger. The GL cash account was increased when you recorded the cash receipt.

2. Cash Receipt Posting Journal.

The cash receipt posting journal report shows you how the general ledger was affected from receiving payments from your customer. Typically, the GL cash account is increased and the accounts receivable account is decreased. However, a cash receipt does not increase the balance in your checkbook until you deposit it. Think of yourself. If I owe you $1,000 and give it to you, your cash balance just went up and you can no longer put a hit on me for the $1,000. Your bank doesn't know about this new found wealth, so your bank balance doesn't increase. In GP terms, this transaction would generate a 'cash receipt posting journal'. Now, you scurry over to the bank and give them the $1,000. At this point, the balance in your bank account increases $1,000. The deposit would generate the Bank Deposit Posting Journal. The bank deposit posting journal tells you which cash receipts you deposited.

I need more info on the 'check payments received' checkboxes. Which window contains the checkboxes you speak of?

Kind regards,

Leslie

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L Vail 65,271 on at

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Ah Frank,

While I was drafting my novel on this topic, you swooped in and answered the question succinctly. It seems to always take me longer to say anything. :)

See you in March.

Leslie

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Community Member on at

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I appreciate the short and long versions, thank you! :)

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Derrick Ashley on at

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Hi Everyone,

Like Filipe, this Bank Deposit Posting Journal is causing me some concern. I am on GP2010. The issue that I am having is that sometimes, when I complete these deposits, the Cash Receipts Posting Journal is printed and is populated by the appropriate entries. Unfortunately, the companion Bank Deposit Posting Journal prints only the header for the document, but no details. Is this an issue where the index needs maintenance or am I missing something that the user might be doing in error?

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