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Great Plains Dynamics

Posted on 2016-08-23
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Last Modified: 2016-10-13
Has anyone dealt with Great Plains Dynamics and the issue with the check register reconciliation? Basically, I have a client that accepts credit cards but when you balance it with a bank statement, the numbers are off because what is deposited in the bank account are deposits after cc fees taken from the bank. Thus what is in the system vs the actual statement are off. This leads to having to do a GL adjustment. Does anyone have a simple method of handling these issues?
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Question by:niccross
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Victoria Yudin earned 500 total points
ID: 41768460
Normally, if the credit card (CC) charges are taken out of every deposit a different setup is needed in GP. Instead of setting up the CC as a Checkbook, you would set it up as a GL account. When the receipts are recorded, they would debit that GL account automatically based on the setup. When each deposit is received, you would enter a Bank Transaction Receipt for the amount actually received.

For example: CC charges of $100, fees of $4, received $96, the Bank Transaction Receipt entry is:
Debit Cash $96
Debit CC Fees $4
Credit CC Receivable $100

Hope that helps.
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