Bank entry using GL Journal

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FAQ : Can I put the inter-bank transfer through the GL Journal? or Receipt GL module?

 

 

It is not recommended because there are some implications which you may have to take note of.

1.When GL journal are for non-cash related adjustments of accounts, it will be inconsistent to pass through cash-related transactions in the GL journal and will be subjected to potential control issues.

2. Receipt - GL posting while the entries are posted to its respective bank accounts, the tracking of the cheque number will not be complete because at the payment side, you will not see this cheque number
   as it is posted in the Receipt.

3. If this transaction take place only in subsequent month and not in August 2016, Bank reconciliation will not pick up this journal if this amount is not cleared on the date of 7/8/2016.
   You have to change the above date to the date as appear in the bank statement

 


Related Topics

See Bank Transfer from SGD to USD

 

 

 

 

 

 

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