Sunday, January 28, 2007

Cashbook - Taking on Unreconciled Transactions

Taking on Unreconciled Transactions

To ensure that your Cashbook Balance and Bank Statement Balance are correct, you must enter your Cashbook Balance, Unreconciled Transactions and a Contra Entry for the Unreconciled amounts. This is done via a take-on batch.
Note - We suggest that this take-on is done in the prior month, i.e. if you want to create your Cashbook for May, enter this take-on batch in April, so as to avoid reflecting these transactions on any reports.
Enter your Cashbook Balance, this can be taken from your manual Cashbook, if stand-alone, or taken from your Bank Account Balance in the ACCPAC for Windows General Ledger.
Enter all your unreconciled items i.e. all those transactions not yet on your Bank Statement.
Enter a Contra Entry for the exact amount of your unreconciled entries. If the total of unreconciled items is a net payment, your contra entry must be a receipt, (or vice versa).

For Example:
Cashbook Balance 10,0000.00 (Credit)
Unreconciled Transactions 500.00 (Credit)
Contra Entry (Use any account code for entry) 500.00 (Debit)

After completing the entry, print the batch from the File menu to check your batch details. Once your are satisfied that the batch is correct, proceed to post it.
Post this Take-on batch using the Post Batches function on the Entries Menu.
You must now reconcile the Cashbook Opening Balance amount as well and the Contra Entry amount. Go to your Cashbook display and use the Reconcile function to reconcile these amounts.
You can now check that the two bottom balances equal your Cashbook balance and Bank Statement balance respectively.
Finally, if interfaced to ACCPAC for Windows General Ledger, delete the batch created in ACCPAC G/L or print and Clear (without Transferring) the G/L Transactions, this will avoid duplication of transactions to the General Ledger.


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