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Evo-ERP and DBA Classic >> Accounting >> BANK ACCOUNT
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Message started by Karen Mason on 05/06/03 at 07:31:48

Title: BANK ACCOUNT
Post by Karen Mason on 05/06/03 at 07:31:48

Implementing the bank account and reconciliation. I am entering transactions that don't flow through checks but are transfers either by wire, or phone etc. For instance Electronic Tax deposits going to EFTPS.

Is GL-B the correct spot for this? Seems like vital detail is missing such as who the transfer was made to. How do you track them? What about the "check number" that is required since none is issued. The check # spot is too small to substitute as the acknowledgment #.

How do some of you handle this?

Title: Re: BANK ACCOUNT
Post by David Waldmann on 05/06/03 at 08:09:22

GL-B is a viable spot. That's how we do it. Just make sure you select Type 3 - "Cash Disbursement" or it won't show up in the check register/reconciliation. There is no way to put any more information there. I agree it would be nice if there was a comment area.

You could also do a check, and print it on plain paper, or even on a real check. If you do a check you could make the remittance address "Paid online via EFT" or some such thing.

Title: Re: BANK ACCOUNT
Post by JLZimm on 05/07/03 at 17:45:07

We always print checks for these. We then void the check and attach it as back up to the paid transaction (copy of EFTS payment confirmation for example.)

Checks are cheaper than the confusion that comes from paying through the General Ledger.

Jeanette Zimmerman
Lowery & Company Inc.

Title: Re: BANK ACCOUNT
Post by linnent on 05/13/03 at 14:24:58

In Addition to Jeannette's reply, I would like to add a few thoughts. I believe in strong trails of information - so I have an AP voucher for everything that requires an exchange of money. (e.g.) I have a had form that I have my payroll clerk use when she does payroll so that the payroll taxes can be entered in AP-B and then paid when the auto draw comes through the bank. This way I am never surprised by what has been drawn out of the bank. I can view my daily banking activity on the internet so I know exactly where I am at and what to expect. When the draw comes through, I go and pick the voucher that came thru and create a check for it. If you do not want to actually print a check - Use a code for your check number that indicates an auto draw (I use 5557) and print the check to the screen. I use Jouranl Entries as little as possibly because of the lack of tracking and information.

Rhonda Meyerhoff
6 user
Linn Enterprises, Inc.