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Bank rec allows for early presentation of EFTs

We often have the case where EFT payments are made prior to the date the EFT AP payment was prepared in the GL. For example, payment is prepared 25th month but dated 31st of month, payment is actually made say 26th of month. When doing the bank rec, you can put in a date that is before the GL date, but the bank rec report does not take this into account and simply ignores the transaction, resulting in the balance being out. 

You can cancel and redraw the EFT batch or payment, but this is often laborious. We currently process a general journal crediting the bank and debiting a clearing account, then reverse it on the date that the AP payment occurs in the GL.

I can think of two ways to resolve this: 

1. Change the bank rec program so it deducts payments presented earlier than the GL date from the bank rec balance (the opposite of what it does with unpresented EFTs or cheques)

2. Have a function where you can quickly and easily change the date a payment is dated, without having to cancel and reprocess. We would need this for an entire batch as well as being able to pick and choose payments within a batch as we sometimes pull single payments out and pay them early.

  • Alex Pullar
  • Dec 19 2017
Finance
Company Halikos Group
Job Title / Role Systems Accountant
I need it... 3 months
  • Attach files
  • Alex Pullar commented
    March 03, 2022 06:45

    Confirming this still causes us issues. Any updates?

    Attachments Open full size

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