Signed Electronically Deposit Receipt Made Easy

Signed electronically deposit receipt

hi my name is Christophe Riker I'm the founder of CBR technologies with offices in California we had quartered in Huntington Beach in addition to a satellite office in San Francisco CBR technology is a Microsoft Tier one cloud service provider and we sell and implement the Microsoft Dynamics business central accounting system solution in addition to business central we also sell and deploy the office 365 as ur and customer engagement modules available from Microsoft today I'd like to cover bank deposits in the cash management section of the business central solution big deposits are a bit different than cash receipts and generally speaking both offer an update of the bank accounts however there are some functional differences between the bank deposit versus a cash receipt so in this short video we'll discuss what the difference between these features is and how they differentiate each other with regards to functionality in the solution will discuss how to properly navigate into either one of these options cash receipts as well as bank deposits and we'll discuss the differences as to why you want to use one over the other finally I'm going to show you how to apply payments properly to in that same screen bank deposits screen as well as how to handle write offs and discounts that are being offered to the customer finally I will include is a short piece on how to record merchant fees if you are recording credit card transactions so with that in mind let me move into the product itself so I'm launching chromis USA as you can see here this is a sample company that all of you have access to I did make a few configuration changes on this environment so if your software or your instance is not reacting exactly like mine it's probably due to a few configuration tweaks that I've made on the setup of this particular company file in order to switch different used user profiles you can go under the gear icon here on the top right hand side under my settings and you will see for example that I'm currently logged in as a business manager to the system and in the business central environment you have different roles that you can assign each user to please note that the role is not related to the security so just because somebody is a business manager role doesn't not necessarily make them a manager from an accounting from a security access perspective these are some of the default roles that you have available in business central if you switch to accountant for example you'll get in different options and if you have a business manager role aside so I'm going to continue as a business manager because it's a default role that you typically have yourself assigned to in the system but this is how you would go about switching it so one of the complaints people are getting is that all the menu options are visible to them at that time if so because I'm an Business Manager role I see caps for seeds in the cash management section of the module but for example a bank deposit is not visible to me and that's because I'm in the business manager role rather than an accountant role if I were to switch in the accountant role the deposits would be available so to navigate anything in the system that doesn't appear on the menus automatically you simply do a lookup in here and you select you start typing what you're looking for so in my case I'm looking for deposits so if I spell it properly I can actually find it and here's my deposits option which again I could add to the menu or switch roles and add to the menu as well so deposits and cash receipts are different from each other and that cash receipts are intended for individual transactions for individual customer transactions so if you are receiving money electronically as an EFT or you're getting some sort of interface integration with the credit card company that brings in individual transactions you can certainly use cash receipts the difference between cash receipts and bank deposits or just deposits like it's called in Business Central is that bank deposits allow you to group together checks in a single large deposit that is actually composed out of multiple payments that you've received typically we are check from a customer and that's what I would like to show you today so I'm gonna create a brand-new deposit here when I do a new deposit this system of course assigns me a a transaction number and I would then select the bank account number that I'm gonna deposit money into so in my case I'm gonna grab the main worldwide checking account here from the bank and I'm gonna make a deposit as you can see the screen here is quite different from the cash receipt screen that you've seen just by beginning to the regular class received option one of the key differences is that you have the ability to put a total deposit down saying that this is a control total against the multiple line items so if we're going through old-school accounting as I call it where you have the pile of a you know checks customer checks on your desk and you're going to deposit them you would put a control total here and this isn't only allows you to post this batch if the control total equals the details of the checks I mean you leave that blank for now because I'm going to show you a feature here in just a moment that addresses some of this issue if there was a discrepancy it would totally show you the discrepancy in the difference field here of course you have a posting date on there in this particular Chronos you as a company you have a couple of dimensions on their department called customer group codes we're not going to be using those because that's not relevant to our example known here you're simply gonna select under account type what you are getting so this is typically of course a customer that you're recording a payment from this is also by the way where you could handle a refund check that you're receiving from a vendor and other types of transactions so I'm going to put a customer down here and I'm gonna say who is the customer and getting money from so in my case I'm gonna do the sample company adapt them and they sent me a payment and the date of the transaction and I would have a check number so in here I can simply go down with the check number would is from the the document that I have and a credit that I'd like to see against it so this is obviously going to be crediting your accounts receivable or banking I'm sorry I apologize your your accounts receivable account is an offset and the devid will be the the actual bank deposit on me on the other side of this entry so let's say this customer sent you $850 and you just record this total right in here and now I'm gonna go and create the next one and let's say no I have trade research that also sent me some money and they have a different check number of course and let's say they sent me four hundred fifty dollars so I'm just gonna keep going and list all the customers that I have now now what will happen here is that you have the ability to control what the system does when you record individual customer transactions with regards to how to apply these transactions to open balances so if I go back to the customer adapt them and I go to my more options in here under functions I see the apply entries now the customer itself has a setting that allows you to auto apply based on age first or you can turn it off to manual and if you have it set to manual you'll have to go in here and manually apply this know this particular case this customer has no open invoices if they were open they would simply list in here and I would show that tell the system which one I want to apply the money to in my case I want to leave it blank I'm gonna go to tray research because I know they have open invoices so go to apply entries in here and as you can see the system lists me my open invoices then they sent us four and fifty dollars and I can unlikely apply to the invoice based on the old age first however if this was not the right invoice I could simply move this applies to entry to the appropriate line and the system would apply the partial payment or for no $50 to the appropriate balance for that invoice so as you can see here you can do on account payments as well as partial payments to invoices or of course full payments as well now in addition to that if this works in fact a credit card transaction and you're actually recording a bank and this wasn't a checking account and you weren't recording AP and they are checked but you were actually recording a credit card you could also record GL entries in here and that would be for example in the case of emergen the discount so if I have a bank fee that I want to record here I can see my bank account number is 604 hundred here and I'm gonna record a merchant charge or merchant discount fee and let's say that is in the amount of $50 so I can you know do both credits and debits in this line here and the merchant fee discount would be the difference now as you can see here they're total deposit were all mentally add up so it's going to add the 850 - 450 - 250 to give you a total dollar amount of 1250 and so without you having to double check the math you can just do that in here some people like I said like to just type in a control total here in order to get this done at walk in in one step now I've done the recording of the multiple checks plus a merchant discount fee which of course may or may not apply depending on the transaction you're doing and now I'm ready to print my actual deposit slip so deposit slip itself is done under what they call a test report and Microsoft a long time is just language that's slightly different what you would expect but this test report is actually a deposit slip that you can use for bank deposit purposes so this is a sample company with sample data but as you can see here this is the default Microsoft form you can certainly modify this to look more to your specifications with regards to your exact back bank deposit layout and you can certainly add routing numbers account numbers you know things of that nature to this report as well but essentially here is your details as to how the deposit came about and when you're done with this you can simply post it in the post option in what will happen is in the bank deposit in the bank ledger you'll see a single deposit of 1250 and then when you click on details it will break up detail three lines that you see here with regards to the adaptil tray and Merchants discount fees and when you do a bank reconciliation there is an option in the reconciliation screen as well that lets you toggle and force essentially between seeing this bank deposit total of 1250 or the individual line details as well and that will be grouped by deposit ID so this is how bank deposits work in business central and I hope you enjoyed the video and please let us know if we can be of any assistance feel free to give us a call at eight five five two two 700 700 we'd love to help your team in the implementation of the business central solution take care you