Good Afternoon,
I'm dealing with approximately 20 different GP companies, each having their own manager and each with a bank account they need to reconcile monthly which means that currently, I'm dealing with 20 bank rec's that are slightly different in the manner in which they are reconciled. I'm currently working on company-wide standards to correct this issue, but I need some help understanding the difference between adjustments during the bank reconciliation process and the bank transaction/deposit method. One thing I need to clarify prior to proceeding is that we do not use GP to track our accounts receivable, therefore we do not need to assign a payment to an invoice in GP.
The majority of our markets use the bank rec method because it is a one step process, and they were instructed to by our installation team. It seems to me, however, that you give up a certain amount of flexibility (most notably in my mind - voiding the transaction) if necessary. I also understand that deposits only effect the bank module, while certain bank transactions only effect the G/L.
Personally, I use the two step method, which the opposite of what happens in most of my markets. I was initially going to make the that the company standard, but I don't know if the extra step is truly necessary. So, before I go and make a change that adds work (albeit not a whole lot of work, but still an extra step), is there something I'm missing that makes the bank transaction/deposit method the better than reconciliation adjustments?
Thank you for your help
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