Treasury - Deposits and Payments

Lynn Grillo
Lynn Grillo
Third Anniversary Name Dropper Facilitator 1 September 2024 Monthly Challenge
in Blackbaud Financial Edge NXT® General Discussions

Our organization has several areas of FE NXT that we do not fully utilize or do not utilize at all- Deposits and Payments within the Treasury module is one of them. However I am looking into ways that we can improve processes and increase efficiency.

We have always recorded bank deposits by journal entry. My question is- what is the advantage of using this feature vs journal entries? I am not sure that I see the benefit, but I would like to hear thoughts from others.

Answers

  • Geoffrey Goodfellow
    Geoffrey Goodfellow
    Tenth Anniversary Kudos 5 Name Dropper Participant

    If you have a very simple deposit workflow, then your journal entries might be just fine. We have a variety of processes such as donations, online payments, etc. that automatically create the deposits in FE NXT which saves a little time versus manual journal entries. You also have the option for a deposit to post a single total transaction to the general ledger while the deposit itself keeps track of all the individual transactions that made up that total to provide greater historical detail, including attachments and notes.

  • Kevin Brazell
    Kevin Brazell Blackbaud Employee
    Tenth Anniversary Kudos 5 First Reply Name Dropper
    https://community.blackbaud.com/discussion/comment/314903#Comment_314903

    Geoffrey is correct. The work flow through Treasury ( was Cash Receipts in DB View), allows posting the actual debit to the bank account as 1 entry, while detail is kept for the revenue side. Allows more details to be entered in the payments. Doing only JE's, you're limited detail wise to the Journal Reference field, and wouldn't really be able to account for multiple payments details in a single line. Forcing you to break it out to multiple credits if you wanted details.

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