Hello,In Quickbooks when we receive customer payments (credit card, check, ACH) they go into an Undeposited Funds account. They remain there until we mark them as being deposited into our bank account.Business Central does not appear to have an analogous feature. Instead it posts payments directly to the bank account. For payments that can take several days to post, doesn't this mean the balance of the bank account in BC would be incorrect?Any guidance or help would be appreciated!
Use Cash Receipt Journal OR the Deposit page as a replacement to the QuickBooks undeposited funds. The purpose of Undeposited Funds in QB and the Cash Receipt Journal in NAV is to hold payments until one lump deposit is made to the bank. In other words, the actual Bank Ledger amount should match the exact amount that is deposited to the bank (and includes multiple checks/payments). Technically, the Deposit window inacts more of a holding for all payments in one deposit, where as the Cash Receipt Journal can be used for POS systems. In essence, they are the same as the end result posts one ledger entry to the bank , with multiple subledgers to the the check and customer ledger entries Because the Cash Receipt Journal and Deposit page is a journal, you can create records immediately, but leave the journal unposted until you are ready to go to the bank. Use separate journal batches if you have multiple deposits being worked on ... multiple banks.. etc... There is lots of instructional documentation on the Cash Receipts Journal and Deposit page. let me know if you need help finding them.
If you've found this thread useful, dive deeper into User Group community content by role