GP Life Hacks #126 – Automatically create bank deposits from Cash Receipts

Over the past few years, many new features of Microsoft Dynamics GP were included with each roll-out.  Because of an accelerated cadence of releases, many of these new features go unnoticed and therefore, unused.

I came across this little nugget the other day and I wanted to post a quick write up to my blog site so that I, and my followers, were reminded of this #GPLifeHack.

Normally folks create cash receipts and then, during a second step, create a deposit to match the batch of cash receipts that they took to the bank.  The cash receipts batch is usually a one to one relationship with the deposit.  So turn your two step process into one by implementing “Automatically post deposits from cash receipts”.

Here is a brief overview of how this feature.

The option is easy to turn on (Available GP2015R2 and forward) by going to Company Setup (Administration/Setup/Company).

Company Setup

Next, choose the “Options” button at the bottom or use the keyboard shortcut Alt+O .  This will open the Company Setup Options Window.

Company Setup Options

I’ve highlighted the option in Yellow – you will need to scroll down in the scrolling window to mark it as checked.  Lastly, close both of these windows and you are ready to go!

What Changes?

To see this in action, let’s go ahead and enter our cash receipts – we can do this and post an individual cash receipt but if we are depositing more than one into the bank at once, it’s best to do this as a batch.  If you do enter them individually, you will get a deposit for each time you hit post.  Simply put, I am a fan of batch posting all the time, so my recommendation is to use batches anyway 🙂

Enter them all in the batch and then post.  That’s it.  The total of the batch gets applied to the checkbook as a deposit and ready to reconcile when you do your bank rec.

Creating the deposits can be annoying, trust me, I know – so implement this option and save some time and aggravation at month end!

Thanks for reading!

Shawn

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