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training:bankrec_os_checks0810161050

Problem Description

Consideration of Outstainding checks when starting with System Five so the checks can be recognized on the bank reconciliation.

Solution

Modifying the starting journal entry to consider outstanding checks as a part of the starting bank balance allows for the checks to display in the bank reconciliaiton tool.

Example: Starting bank stmt balance: 22,500.00 Outstanding Checks: 2,500.00 Starting Ledger Balance: 20,000.00

Starting Journal Entry will consist of a debit to the bank account of 22,500.00, and credits to the bank for each outstanding check. The net effect is 20,000 to the bank ledger number that equals the trial balance

Note: this article is also publicly available at http://wiki.wws5.com/share/BankRec_OS_Checks0810161050.html

bankrec_os_checks0810161050.flv

Created by Charlene Scott at 16/10/2008 10:50:34 AM

training/bankrec_os_checks0810161050.txt · Last modified: 2008/10/16 11:05 (external edit)