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Journal entry & deposits

  • 1.  Journal entry & deposits

    Posted Nov 22, 2019 02:01 PM
    I am not sure how the journal entries work.  example:  I posted a journal entry to record a deposit but it does not show when I go to do the bank rec.  So I have done a "deposit without receipt" also so that I can reconcile.  Will this mess up my books?  If this is wrong how do I do this?  Example of entry is a sale of of equipment.

    Sharie Trumble
    Pre-Cast Haulers, Inc.
    Bellevue NE
    Academy - Online Interactive Learning from Experts

  • 2.  RE: Journal entry & deposits

    Posted Nov 22, 2019 02:16 PM
    Hi Sharie,

    If the purpose of the transaction is to have it reflected in Bank Rec... there are a number of options you can take depending on what's needed.
    Please note that entering in General Ledger directly will not back-update the submodules... it should be the other way around (i.e. posting in submodules update GL).

    1. Transactions >> Financial >> Bank Transactions: check / withdrawal / increase adj / decrease adj can be entered to update both Bank Rec and GL; receipts can be entered as well, but they need to be deposited (with receipt) first before they update the checkbook balance

    2. Transactions >> Financial >> Bank Deposits: deposits with receipts and deposits without receipts can be entered here

    3. Payables checks generate check records (i.e. updates Payables, Bank Rec, GL)

    4. Receivables cash receipts generates receipt records (i.e. updates Receivables, Bank Rec, GL)

    Gerald Buenafe
    BTP Technologies LLC

    Academy - Online Interactive Learning from Experts

  • 3.  RE: Journal entry & deposits

    Posted Nov 27, 2019 06:54 AM
    In addition to what Gerald said:

    If the assets are sitting in the fixed asset module, you'll want to retire the asset noting any cash received. The cash will then be booked to a Fixed Asset Proceeds account. You would then move it from there to your desired checkbook using a Bank Transaction journal entry.

    Josh Case
    Great Lakes Forest Products Inc
    Elkhart IN

    Academy - Online Interactive Learning from Experts

  • 4.  RE: Journal entry & deposits

    Posted Dec 03, 2019 02:22 PM
    Hi @Sharie Trumble

    To elaborate further:

    The Cash Management module does NOT recognize Journal Entries as Cash Transactions even if you use the correct GL account.  It only recognizes transactions done in cash management module or in the sub modules that have a bank account associated with transactions.  Essentially, if GP is not asking you for a Bank Account ID in the transaction then the Bank Rec will not see the transaction.

    And, yes if you made the JE and the Receipt also then you have doubled the entry in the GL, but NOT in Bank Rec (the Cash Management Module)​.  Void the GL Entry.

    To make Cash Transactions always use the Bank Transactions options in the Financial Module, or go through a submodule, such as Purchasing (paying bills) or Sales (receiving and depositing cash)



    Academy - Online Interactive Learning from Experts

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