A new feature in Microsoft Dynamics 365 Finance has just been released that will FINALLY help us avoid using the Customer payment journal deposit slip checkbox but still summarize the entire payment journal directly into the bank subledger.
Feature name: Ability to post detailed vendor and customer payments, but summarize amounts to bank account
Description: Enabling this feature will allow an organization to post vendor and customer payments in separate vouchers but update the bank account in summary. New options are added to the journal name setup, allowing the flexibility to post payments in detail to the bank account for some journals but in summary for different journals. Payments included in the summarized amount posted to the bank account must exist in the same journal and have the same bank account, currency, and transaction date.
When this feature is enabled, it adds the following:
This new feature is available for both customer and vendor payment transactions, but it seems to be more relevant for Customer payments from my perspective.
Have any questions about how to summarize payments in the Dynamics 365 Finance bank account or anything else regarding Dynamics 365 Finance? Please feel free to reach out to one of our experts at any time!
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About the Author
Brent Wilson
Brent is a Financial Architect with a broad base of experience in ERP systems, specializing in Inventory costing, International Financial reporting, and taxes. He teaches and implements general financial business practices in relation to integrated computer systems. Brent has consulting expertise and experience in, but not limited to Finance, Accounting, Multi-Currency, Budgeting, Reporting, Consolidations, Procurement, Inventory Management, Fixed Assets, Job Cost, and Contract Billing. Brent has successfully implemented ERP systems in both public and private sectors. He is currently implementing Dynamics 365 Finance & Supply Chain and supporting AX2012 and AX2009 clients.
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