Cash Receipts vs deposits

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Posted on by colette sulak

I need assistance;

1. When I post the cash receipt, I have to go to Financial/General Ledger Batches to actually post for it to hit the GL accounts. How can I fix this to where I only post one time and it hits the GL account?

2.When I post the general ledger batch; it appears on the Bank gl as an itemized list, not the total of the batch or deposit.

3.The bank deposit may have 20 checks list, but one total amount. Why does it show all the checks instead of the total deposit (one lump sum)?

4. The bank register does not tie to the bank GL #.

5. When reconciling to the bank statement; you have to back track to the actual checks made in one deposit. How can I set this to only show the actual deposit instead of a list of checks in the deposit?

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Victoria Yudin 22,769 on at

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1. There is a posting setting for every transaction type that determines whether that transaction type gets posted to the GL and if so, whether it also gets posted 'through' the GL. If i a reading you correctly, you're looking for posting through to the GL. To see/change all the posting settings go to Tools > Setup > Posting > Posting. WARNING: if you are not 100% what you are doing on this screen, ask for help. Making the wrong changes here could drastically alter the behavior of your GP postings. One other thing to note - posting through the GL settings are not applied to transactions that are not posted in a batch. In other words, if you are entering 1 cash receipt and posting it right away, without saving it into a batch and posting the batch, then no matter what your posting settings, you will still have to go and separately post the GL transaction resulting from the cash receipt posting.

2. 3. 4. and 5. The bank account GL listing is not what should be used to reconcile against the bank statement. There is a separate module in GP called Bank Reconciliation that will allow you to group your cash receipts into deposits and allow for a smooth reconciliation with the bank statement. I would recommend finding out if you own the Bank Rec module and, if so, then getting some training on it to be able to use it to its full capacity.

Hope this helps.

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John@mhmr 20 on at

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Victoria,

I have two questions:

#1: Why would you not want your GL to reconcile with your bank statement? I work for the same company as Colette and we DO own the Bank Rec module. I use it to reconcile all our accounts. However we want to use the GL to reconcile with the Bank Stmt/Bank Recon module. We like to have a check system (if you will) on the GL to make sure it matches the Bank Reconciliation AND the Bank Stmt we get from our bank. What's to say that the entries in the Bank Rec are correct when they don't match with the GL in the end? We can reconcile the bank stmt with the bank rec module...we just want everything to match our GL too so that we know everything's accounted for.

#2: We have a posted cash receipt, but we cannot find the $ amt in ANY of the check book IDs. Where is this located? We're not sure why our bank stmt (from our bank) shows these, however they cannot be found on our deposit screen in GP. Can you help with this as well?

I appreciate your assistance with our questions. Switching to this system has NOT been an easy task and there's a lot of frustrated people here.

Thank you,

John

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Victoria Yudin 22,769 on at

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John,

First of all, I would just like to say that I am sorry you're finding switching to GP frustrating. Any change can be difficult, but in my experience GP is a wonderful product that has helped many companies. Starting to post your questions in forums is a great start to getting help.

Now to your questions: #1 - Not to be picky, but I didn't say you shouldn't reconcile your bank statement to the GL, I said you shouldn't use the bank account GL listing to do it. ;-)

This is the entire reason the Bank Rec module exists, otherwise, you might as well not use it. (And there is nothing wrong with that, we have a number of customers who prefer to reconcile directly from the GL, bypassing the Bank Rec module.) I have done bank recs both ways (with and without the Bank Rec module) and I personally think it is much easier with Bank Rec.

The typical process is this:

1. Reconcile in Bank Rec to the bank statement.

2. Verify that the Adjusted Bank Balance on the Bank Reconciliation equals your GL cash balance. This is a critical step that many companies do not perform and will accomplish what you're looking to do with verifying that the Bank Rec module is correct.

Now you have performed a '3-way' reconciliation of the bank statement, your Bank Rec module and the GL. I hope that helps explain what I was trying to say in my original response to Colette in more detail.

#2 - You have the Cash Receipt posted in your AR subledger and in the GL? But you're not seeing it anywhere in Bank Rec? First thing I would try to do is go to the Bank Transactions SmartList and do a search where the Checkbook Amount is equal to the cash receipt amount. That should tell you what Checkbook this ended up in.

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