Deposit Cash Receipts Automatically with Dynamics GP 2016

New to Dynamics GP 2016, users no longer need to create a deposit for the cash receipts entered in the sales module. Configuring this feature is quick and easy!

To post cash receipts as deposits, navigate to Administration >> Setup >> Company >> Company.  Select Options and then mark the box next to “Automatically post cash receipt deposits”. Press OK, and then OK from the Company Setup window. Please note this is a configuration per company so if you have multiple databases, you will need to select this option in each database.

Once you mark this option, a deposit will be automatically created when a user posts a cash receipts or cash receipts batch from Sales >> Transactions >> Cash Receipts.  If you post an individual transaction, the deposit amount will be in the amount for that one transaction.  If you post a batch of cash receipts, the deposit will be in the batch amount.  The Bank Deposit Posting Journal will print once you post the cash receipts, which can be used for the deposit to the bank.

This leads to a few thoughts to consider when setting up this new feature.  First, if your posting setup allows for transactional posting, then when you reconcile your bank statement to GP’s bank reconciliation module, you may have fewer deposits on your bank statement versus the deposits in GP.  To change the posting setting to only allow users to post cash receipts by batch, go to Administration >> Setup >> Posting; select Sales as the series, and Receivables Cash Receipts as the Origin. Then unselect “Allow Transaction Posting”.

Even if you mandate posting cash receipts in batches, the bank reconciliation module in GP may still show multiple deposits per each deposit on the bank statement.  This may or may not pose a challenge based on your business’ specific needs. Therefore, it is best to confer with your GP Consultant to understand how this may enhance or impede your business processes. If you have any questions regarding the new Dynamics GP features, please let us know by submitting the contact form below.