Accurately recording cash receipts in a timely manner is key control and customer service objective. The Cash Receipts function in Dynamics GP allows you to easily do this.
The Cash Receipts screen allows you to accurately apply payments to outstanding customer invoices. You can make partial payment applications, and keep an amount on account (un-applied). You can also write off small balances to keep your aging looking clean. Small outstanding balances used to bug the heck out of my credit manager. He referred to them as chop suey. If you can deal with them during the cash receipts process, this cleans things up right away.
You can also fix payment applications if the original application was made incorrectly.
The cash receipts process creates cash receipt transactions in the banking module that can easily be combined into a bank deposit that matches the batch of payments that eventually go to your bank. This makes for easy bank reconciliation.
Here’s a video that shows this process:
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