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Interesting Scenario - Bank Reconciliation

Hi Experts !

My client has a scenario where payment is received 100% advance from the customers who deposite the same directly into bank account accross different geographical locations.

Clients a/c dept. checks for receipt of payment through netbanking and makes an incoming payment 'On Account' against that customer and enters transaction id of the payment as seen in online bank statement.

The invoice is generated after payment recipt and the goods are despatched to the customer.

The customers's requirement is ;-

1) To reconcile incoming payments with external bank statement by matching the transaction id as entered at the time of incoming payment and as present in the bank statement.

It sometimes happens that either delibrately or by mistake the user enters wrong transaction id at incoming payment against the customer and the goods are dispatched.However that transcation id does not match when it is reconciled with bank statement.

How do I reconincile external bank statement with incoming payments ? The customer is using 2007B,PL06.

Your inputs are much appreciated.



Former Member
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