What if an option for incoming and outgoing checks were added, along with creating an accounting ledger for them, and integrating them into the bank reconciliation process in order to manage them properly? (That is, creating an accounting cycle for the check from the moment it is issued or received until it is processed by the bank, whether it is a check paid out or a check received from customers.)
Hello @ramifatayer,
Welcome to the forum.
You can create a separate Bank or Cash Account for clearing of cheques, let’s call it “Cheque clearing”.
Now:
-
Whenever a cheque is issued, a Payment from
Cheque clearingis issued -
Whenever a cheque is received, a Receipt in
Cheque clearingis issued -
Whenever a cheque clears the bank, an Inter Account Transfer is issued between your
Cheque clearingand whatever bank account the cheque was cleared in/from.
This way, you don’t need to record any manual entries for actual bank accounts so you can simply Import bank statement → Run your Bank Rules and bank balance is matched.
All manual work will be in your Cheque clearing account.
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