Summarize vendor and customer payments to the bank subledger
Important
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| Enabled for | Public preview | General availability |
|---|---|---|
| Users by admins, makers, or analysts | - | 
Apr 28, 2023 |
Business value
It's common for bank account statements to show summarized transactions, such as a deposit slip for the summarization of multiple customer payments or a summarized withdrawal for multiple vendor payments. When posting the vendor and customer payments, those payments must show in detail in Accounts payable, Accounts receivable, and General ledger, but they must show in summary on the bank account's transactions. Posting the payments in summary to the bank account will ensure a much smoother bank statement reconciliation. Today organizations use the 'One voucher' capabilities to post the bank balance in summary, but this feature can be used instead to update the bank account balance in summary without using 'One voucher.'
Feature details
Today, organizations will do one of the following:
Post detailed vendor and customer payments and then try to match the detailed transactions to the summarized transactions of the bank statement. This is difficult, if not impossible, due to the volume of vendor and customer payments that comprise the summarized amount on the bank account statement.
Use the 'One voucher' functionality to post detailed vendor or customer payments within a single voucher so the bank account is updated with the summarized amount. While this may seem to be a good option, it causes issues with the accounting created during settlement, incorrect data on reports, and issues with reversing payments.
This feature allows an organization to post vendor and customer payments in separate vouchers but update the bank account in summary to match the bank statement, making reconciliation easier. This can now be done without using the 'One voucher' functionality.
New options on the Journal name setup page allow an organization to summarize or not summarize the vendor or customer payments in the bank subledger. The summarized amount is reflected on the Bank account transactions page and the bank statement for reconciliation, but the payment detail is also maintained on the bank account, similar to the deposit slip. The summary posting options are available on the General journal, Vendor payment journal, and Customer payment journal. The deposit slip functionality is still available for customer payments, but this new feature is more generic and can be used for both vendor and customer payments.