DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Clearing cheque for transferring from bank to cash account after FYE


#1

I have 2 cheques which was issued before FYE. It was only withdrawn after the FYE.

After I entered the cheque details and do the transfer, change the status to cleared with the date I withdraw, the bank balance reduced. However, my cash balance did not increase.

May I know is there anyway to solve this problem?

Thanks in advance!


#2

Sorry but i don’t understand your problem


#3

First, enter the date the cheque was written as the date of transaction. Record it as Uncleared, since the check has not been processed all the way through to the statement.

Second, when it appears on the statement, recategorize the cheque as Cleared, indicating the clearing date.

Then, remember that Manager presents figures on the Summary page for the period set on the Summary page. It also ignores entries before the designated Start Date, which is changed under Settings. I believe your problem is that you have not coordinated your start date and opening account balances. So some of the reports come out as you may expect, I recommend setting your start date one day before you actually begin accounting in Manager.

Let me know if this solves your problem.


#4

Hi Tut, I have entered as per what you say.

My FYE is on Sep 15, and I’m trying to set up my opening balance. I have entered as per date of transaction for my opening balance

This is my entry for 1 of the cheque on date of transaction.

But when it comes to my cash balance, the amount is still 0.

My start date is 1/10/2015 as per my new FYE. It doesn’t make any difference when I change my date. Or do I have to change the dates to 1st Sep?


#5

If your start date is October 1, 2015 and your money transfer date was September 15, 2015, Manager will ignore the transfer.

Your posting also suggests you have two different FYE dates, which cannot be correct.


#6

Does it mean I cannot do any transfer with 2 different FYE? Is there any solution for this problem?

Thanks.


#7

I do not understand what you mean by two different FYE. Please clarify.

Manager is a perpetual system, meaning it keeps continuous records beginning on the start date you specify under Settings. There is no need to close and begin again for a new accounting year. In order to have income and expense accounts show only the current year’s transactions, you just Set Period on the Summary page.

What I was trying to point out is that you entered your transfer of money from OCBC to Petty Cash on a date prior to what you said was your start date. If that is what you actually did, Manager will ignore the transfer. That seemed to be the problem you were complaining about, and my answer explains why (assuming what you said is correct).

On the other hand, if what you are trying to say is that a cheque clearing after FYE doesn’t show in the records for the year, that is exactly what should happen.