We summarized the top ten Dynamics 365 Business Central 2022 Wave 1 features in this blog and one of them is bank deposits.
Bank deposits let you maintain a transaction record that contains information that can be applied to outstanding invoices and credit memos.
By using bank deposits, you can easily view all transactions included in a deposit. Bank deposits also make bank reconciliation easier. These advantages make using deposits instead of general journal entries the preferred approach for registering deposits that cover more than one business transaction.
Business Value: With bank deposits, you post all transactions that are included in a single bank deposit. If you post a lump sum, it makes bank reconciliations easier to do. Also, if you need to register deposits that cover more than one business transaction, you might prefer to use deposits instead of general journal entries.
Source: Microsoft
The Bank Deposit page specifies the bank account deposited into, total deposit amount, posting date, document date, dimensions, currency code, and the deposit lines.
Deposit lines contain information about the individual deposited items, such as checks from customers, cash sales revenue, or refunds from vendors. This information includes the document date and number, account type and number, and amount. The total amounts on the deposit lines must add up to the total amount of the deposit entered on the deposit header before posting the deposit. Here's how to use this feature in Business Central:
Search for Bank Deposit.
2. Click New.
Input the details in the following:
General
No
Bank Account No
Total Deposit Amount
Posting Date
Post as Lump Sum
Lines
Account Type
Account No
Document Date
Document Type
Document No
Credit Amount
After you enter information about a deposit and add deposit lines, you must post the deposit to update the relevant ledgers, such as the bank ledger, general ledger, or customer ledger. The details about posted bank deposits are stored for future reference and are available on the Posted Bank Deposits page. Alternatively, you can also access the details when you do bank reconciliations.
The Deposit report displays customer and vendor deposits with the original deposit amount, the amount of the deposit that is still open, and the amount applied. The report also shows the total posted deposit amount to reconcile.
Note:
You can also undo posted bank deposits. The action is found on the Posted Bank Deposits page and will reverse the G/L registers for the posted bank deposits.
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