This blog covers how Bank Deposit works in Business Central. If you are working in an Accountant Role, then Deposit is under the Cash Management module and if working as a Business Manager then just search “Bank Deposits” and open the related link. Consider a scenario where you receive a payment from different customers either cash or cheque, partial or full. You can deposit them collectively and apply them to the invoices, against which the payment is received.
Procedure of Deposit
Deposit >> New
The deposit window opens
- Click on the three dots (…) to open the No. …
This series will only appear if you have selected it in the General Ledger setup
2. Back on the Deposit Entry window, Select the Bank account in Bank Account No. to which you want to make the deposit.
3. Now, enter the total Deposit amount – that is the total of all the line items that will be entered. …
4. Now in the Line header, select the customer in Account type, customer account no. The document date is usually the cheque date, and the document no is usually the cheque no.
We have chosen Customer 10000; Now applies the amount to the invoice. Go to Functions -> Apply for Entries. The following window appears, we are going to apply the amount against the first invoice.
The cursor is blinking in the Applies to ID, now go to process, and select Set Applies to ID
Now see the cheque number is populated, click ok and the amount is applied against this invoice.
Now, in the case of the second customer, payment receives in cash so just mention cash and the date received in the document number. You can apply the amount to multiple invoices through the same procedure mentioned above.
Now if you click on the difference, it becomes zero and to post the deposit it should be zero. Now just post this deposit. To look at the preview of the deposit slip, go to Actions -> Posting -> Test Report.
5. Finally for posting, navigate to Posting and choose Post and Print.
6. Deposit is not only for customer payments; you can also record G/L entries here. Like, you have to pay $100. Total deposit lines have $1900 now, so must change the total deposit amount to $1900 to make a difference of 0 and to post it.
Ledger entries of Bank after posting deposits.
Bank Deposit in Business Central is an easy way to record deposits and it also allows for applying amounts against invoices. accsoft has years of experience in implementing Microsoft Dynamics ERPs and also providing support to clients. So for further assistance and to make us your implementation partner reach us at firstname.lastname@example.org