Yes. Each group just hands over its room card and tells the waiter how many credits to take from each card. They bring you two receipts. Sounds like you're a group of five. Note that if your group is 6 or more, they'll automatically add the 18% gratuity for each group -- meaning you each will get two receipts, one showing credits deducted and one showing the tip you owe.
In our case, we were a family group with four rooms. So, when we ate together, we would get eight receipts, except that we also ordered extra items and used Disney Dining Experience for a discount on those items, so we would get 12 receipts. Disney really needs to improve the system for larger groups.
As I told a couple of waiters, I've worked on billion dollar corporate loans that had fewer documents to be signed than a dinner on the DDP with a family group and four rooms.