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This page explains how to reconcile lines on your bank statement with so-called closed transactions.
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When the user enters the entity name in the column “Name” on the bank statement line, the popup is triggered, initially offering open transactions for that entity. When checking the “Show closed transactions” checkbox, the closed transactions for that entity are displayed, as can be seen on the following screenshot:
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Transaction is posted on the bank account OR the payment-in-transit account if set on the Bank Account Configuration (see the Bank Account Configuration setup to consider below)
Transaction has not been reconciled yet (is not linked to any Bank Statement)
The checkbox “Exclude from Fast Four Bank Reconciliation” is not checked on the transaction
Transaction is not voided or memorised
Transaction’s currency = statement currency, Transaction’s subsidiary = Bank Account’s subsidiary
The transaction’s date is within the limit of Days Prior and Days after set on the General preferences.
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The most important decision regarding the closed transaction reconciliation is the following setting on the each Bank Account Configuration:
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There are 2 3 options here:
Only link the transaction to the statement, which only adds the link to the bank statement, but does not change anything on the transaction.
Link the transaction and change the date to the date on the statement - because the date is change, this option automatically triggers change of exchange rate respective for the new date, amount and the cheque number.
Link the transaction and change only the GL account if an IN TRANSIT ACCOUNT is configured - this selection will only initiate a GL account change, without changing the transaction date.
2. Payment-in-transit or Undeposited funds account in use?
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Cash Sales transaction can be recorded on the Undeposited Funds GL account and later transferred to the actual bank account. In that case, set up the Undeposited Funds GL account as a Payment-In-Transit account (section Payment-in-transit or Undeposited funds account in use? above) on the Bank Account Configuration so when the cash sales are reconciled via statement, our solution can automatically change the Undeposited Funds account to the actual bank account from the statement and deposit this way the amount as desired.
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