Bank Determination

[Former Member]

Do we need to create the clearing account different from main bank account if we are not using EBS or manual bank statement. Suppose we use the main bank account also as clearing acct, then the posting would credit the main acct and debit the vendor (in A/P), so ther is no need for the clearing account to be different because we are not importing bank statement or using manual bank statement. At monthe end when we receive the bank statement from bank , we can run a report on the account and do the reonciliation with that of bank statement. Please tell me if my understanding is correct.

Another thing, if my understnaiding is correct is there a report which shows the date and time stamped when we run it.

Thanks a lot

[Former Member]

Hello Sneha,

I agree with Uma, Even our client dos'nt use the BRS or EBRS. So we have created all banks as normal banks. we can use this accounts for all kind of postings.

Cheers

Murali

[Former Member]

Hi Sheena,

yes, if you are not using EBS or Manual statement, you need not seperate the bank accounts as main bank and sub (clearing) accounts. However the seperation into main and sub accounts helps in reconcilaion and more control over Bank transactions.

Also if you do not use Manual BS or EBS, and simply compare the account report with a bank statement, there would be many manual internal controls required. eg :1. Upto which date the Bank reconciliation is complete 2. Cheque issued date and cheque cleared date details cannot be maintained, which is possible easily when you are using clearing accounts. 3. Manual entries will have to be passed for Bank charges etc, which appear only on Bank statements.

Also, regarding your second question, I think you can get a time run while printing a report, in the print parameters in General Properties.

Hope this helps.

[Former Member]

the cheque clearing date and issue date can be maintained as we are usinfg check encashment. please confirnm of my understanding is correct.

also i need to know is there a G/L report that we can run to see the account balances per time and date

[Former Member]

Can you please tell me when you say checck issue date and check clearing date is easy with clearing accounts, what do you mean???

Because if we are receving check encashment file, it is updating the check cashing date and the check issue date is already recorded during payment run, so how come it will not be easy if we are not using clearing accounts different then the main bank account?? Please explain.

Also tell me what are the otehr reconciliation issues that can be faced if we go this route??