How to Map Bank Payment Mapping..

[guhanadh]

Dear All,

I am having one requirement. My Question is... Is it Possible to fit with standard Application or not?

When Cheques are Issue to Vendors

Liability A/c Dr
To Cheques in Transit A/c

Company will Release Cheques based on Funds Available, If there is Funds the will release Cheques that time the following is the Journal Entry has to Create

Cheques in Transit A/c Dr.
To Cash Clearing A/c

After Reconciliation

Cash Clearing A/c Dr
To Cash A/c

Thanks in Advance...

[hiszaki]

Hi guhanadh

According to my knowledge, when you enter the check,the check status will be one on these:
1) Issued -> used in the future dated payment
2) Negotiable -> used when the vendor received the check but still not spend the check.
3) Reconcile -> used when the check are spend & it appear on bank statement

So you can use the future dated payment function to cover your business need by make the future dated payment account = Cheques in Transit account & when you release the check according to funds available, the check will be with Negotiable status.

Be inform that this solution will cancel the future dated payment cycle if you have this cycle.

Thanks
Hisham

[guhanadh]

Hi Hiszaki,

Thanks for Reply...

Here Releasing of Cheque is not depended on Maturity Date and it depends on Funds Available.

If i am doing Future Dated Payment i have to enter Maturity Date. After Accounting that Payment Maturity Date will be Grayed out.

[shaikjohnpasha]

Is it Possible to fit with standard Application or not?

No,it is not possible.

Only two scenario's are possible.
1.Cash/Bank Account.... Dr
Liability Account.... Cr

2.a.Cash clearing Account ....Dr
Liability Account..............Cr

2.b.Cash/Bank Account...Dr
Cash Clearing Account

rgrds,

[guhanadh]

Hi Shaik,

Can you be Clear.... in the Process