MIP Ideas Portal

Do not clump deposits for bank reconciliation

When clumping deposits by Deposit # and date, it makes it hard to reconcile when they are not actually deposited together. There should be a way to clear only a portion of the clumped deposit.

  • Kathie Titzler
  • Dec 28 2017
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  • Curtis Cox commented
    December 28, 2017 17:49

    We create a Cash Receipts Session after the deposit is made to the bank. Each individual deposit is then recorded as a separate Receipt. We also attach the bank transaction (.pdf file) to each Receipt. The Session and receipts are all dated as of the day of the bank deposit. This makes for a much easier way to reconcile to the bank as one receipt matches to one deposit. 

    One tricky thing to this method is when A/R receipts are included with other cash receipts. Two or more receipts will need to be added together to sum to the bank deposit. This is aided by the attachment to the Session/Receipts as to what makes up the deposit.

    Not sure if this helps you or not. 

  • Lisa Gancel commented
    February 21, 2018 16:34

    It would also be great if MIP had a banking module whereby a deposit window held any cash receipt items so that you could use a "deposit window" to select the items for deposit going to a particular bank account....leaving any other cash receipts available for selection that might be EFT items or going to a separate bank account.

    We currently use a "cash in transit" gl to record all deposits, and then have to create JE to move the funds from the cash in transit to the correct bank account.

     

    A bank module would also help with recording the transferring of funds between accounts using the bank names instead of creating JE for transfers.

     

    I do not like JE - they do not allow you to assign IDs for easy reconciliation of the GL.