How is using the cheque tab for payment different form using the spend money button?
because i realized the only difference is that the reference box has moved from the right top coner and down into where the other fields are located.
I thought this was going to assist in managing Cheques by having a field for cheque numbers or having a mechanism for tracking cheques in bank reconciliation.
Can you please throw more light on this please.
Bank reconciliation assumes that all transactions entered under Bank accounts are actually preset on bank statement.
When you write a cheque to supplier, the cheque won’t appear on your bank statement until the cheque is presented by supplier which is out of your control. So the Cheque tab allows to record these “uncleared” payments.
When cheque finally appears on bank statement, it will be Spend money transaction under Bank accounts tab. You should categorize this payment to Unpresented cheques account which will switch the status of cheque from “unpresented” to “presented”.