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Cash receipts journal vs bank deposit in Microsoft Dynamics 365 Business Central

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#bankdeposit

#bankreconciliation

#cashreceiptjournal

#paymentprocessing

Dynamics 365 Business Central

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Apr 2, 2023

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  • The article compares the use of the Cash Receipt Journal and the Bank Deposit methods for entering customer payments in Microsoft Dynamics 365 Business Central.
  • The Cash Receipt Journal method involves entering each check payment into the journal and adding a line for the total deposit amount to the bank account. If checks are deposited separately, the Balance Account Type should be set to "Bank Account" and the third line can be omitted.
  • The Bank Deposit method allows the user to select the correct bank account and enter the total deposit amount in the General FastTab. This method is suitable for companies that receive multiple checks and deposit them together. The option to "Post as Lump Sum" can be enabled if all checks are deposited as a single lump sum.
  • The bank reconciliation process looks similar regardless of whether the Cash Receipt Journal or the Bank Deposit method is used.
  • Document No. G02001 was entered through the Cash Receipts Journal, while Document No.s 1234 and 9677 were entered using the Bank Deposit method. When "Post as Lump Sum" was turned off, each line was posted separately for Document No. BD00002.
  • The article concludes that either the Cash Receipt Journal or the Bank Deposit method can be used to enter customer payments in Business Central. The choice should be based on what makes more sense to the user and their team. The No. Series can be updated to meet the organization's needs.

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