Blogs & News
How to use bank deposits in Business Central
22 August 2022
Summary
It is now possible to create bank deposits in the new Business Central 2022 release wave 1.
In order to start using this feature, you need to ensure that it is enabled in the Feature Management page by your administrator – it is called: Standardised bank reconciliation and deposits.
Why should I be using this method as opposed to just posting with a cash receipt journal?
Posting bank deposits will make it easier to do bank reconciliations, when depositing as a single lump sum. You’ll be using a general journal template with a specific no. series to post for a specific purpose. This process could replace the cash receipt journal, or you may want to have both cash receipts and bank deposits.
Using the new bank deposits feature will mean that in your bank reconciliation, there will be just one single transaction for the total of all the receipts rather than a transaction for each receipt in the batch.
Setup Requirements
Make sure you have the following in place before creating your bank deposit:
1. No. Series – Sales & Receivables Setup.
2. General Journal Template – use cash receipts & create a batch job for the template.
3. Set posting as a Lump sum or Individual Lines – Sales & Receivables Setup use the Lump Sum toggle on to make a single bank ledger posting which makes the bank rec. easier.
4. Dimensions – the default dimensions are used automatically but if you have Customer or Vendor type in the account field, the specified customer & vendor dimensions are then used.
How do I create a bank deposit in Business Central?
Follow the steps below to create a Bank deposit.
Reminder – you need to activate the feature in Feature Management.
1. Search for Bank Deposits and select the link
Note: The Bank Deposits page is available on the Cash Management menu on the Business Manager Role Center and other Role Centres that deal with cash management.
2. Select New to open the Bank Deposit page.
3. Choose the general journal template that you created – or use the default one provided for bank deposits.
4. Complete all the fields in the header as shown below:
5. In the Lines fast tab, add all the bank deposit lines.
6. When paying a customer invoice, it is possible to apply the entries against a specific invoice by selecting > Functions | Apply Entries.
7. Select Posting | Test Report to review to your postings.
8. Select Preview.
Note: Notice the Dimensions included below:
9. Finally, select Posting | Post to post the Bank Deposit.
10. The Posted Bank Deposit will appear, as shown below:
11. Search for G/L Register (Archives), then select Process | General Ledger Entries
12. Review the entries – repeat the process to see Customer, Vendor & Bank Ledger Entries.
Frequently asked questions
Q: What are we doing?
A: We are going to use the Bank Deposits page to register deposits as a single document that posts one or more entries to a bank account.
Q: Where do the Amounts on the Bank Deposits come from?
A: Typically, these are sales, customer prepayments, cash refunds from Vendors or cash payments to Vendors.
Q: What are the Bank Deposit Lines used for?
A: The bank deposit lines are for the individual deposits i.e., checks from customers or vendors and the totals much match.
Q: Is there a standard Report for Bank Deposits?
A: Yes, the Bank Deposit Report shows customer & vendor deposits with the following:
- The original amount
- The remaining open deposit amount
- The amount applied
- The total posted deposit to reconcile
Further Information
If you have any questions about this or need assistance, then please contact the GCC Group Support Team on 0345 260 1151 or servicedesk@gccgroup.co.uk