The latest scheme for clearing deposits and payments in bank accounts is a huge improvement. It is much more convenient to change status in a dropdown box than to create an entirely new transaction record.
The next step seems obvious. Users, especially those with many transactions, will be asking for a method to clear banking transactions without needing to open and edit every one individually. Is it possible for the dropdown boxes to show on the screen listing the uncleared transactions? That way, one could quickly compare the list to a bank statement and clear the appropriate entries. In fact, in that mode, it would be even more convenient if one could simply tick a box to initiate the movement from uncleared deposit/payment to bank statement.
Regardless, the change is very much appreciated, @lubos!
Even though new mechanics of clearing are less flexible, they are definitely easier to wrap head around. Also, accounting-wise, itâs standard implementation as there are no additional control accounts like before.
Not to mention, itâs finally possible to mark bank transfer (or Transfer money) as uncleared bank transaction which wasnât possible before.
I still need to work on integrating uncleared transactions during bank reconciliation process. And on ability to easily match imported bank statements with previously entered uncleared transactions.
After using this scheme more, I realize a problem.
When I Receive Money against an outstanding sales invoice (within the Sales Invoices tab), the transaction automatically appears under Uncleared Deposits. I must then go to the Bank Accounts tab, find the transaction, and Edit it to change the status. That workflow is very cumbersome when a customer pays via electronic funds transfer, because the deposit is never uncleared.
It seems the dropdown status box should be available as the money receipt is being created so, regardless of the manner of payment, the transaction can be accurately recorded from the start.
This is not so much a problem when receiving money within the Bank Accounts tab, so long as one begins in the Statement Balance column. But even then, the feature could be useful.
In both cases, it seems the default should be Cleared. That way, it would take a conscious choice to place a deposit into the Uncleared category.
Having just keyed in some receipts and payments, it is great to see that by default these show up as âUncleared Paymentsâ which I can then clear later during bank reconciliation. Love it.
Iâm going to take the counter position to Tut, and request that the default remain âUnclearedâ when entering Spend or Receive money within the application.
This for me then sets things up for subsequent reconciliation (look forward to the drop down to tick them off being at the summary page level).
I do agree that having the cleared field available when entering the spend or receive so that it can flipped to cleared at entry if the receipt method so demands would be beneficial. However for me, even for a direct debit or a wire, I would typically leave it âunclearedâ until reconciled.
Maybe the answer would be to add a field on the set-up of the bank account itself allowing the user to select whether the default clearings status for the account is âClearedâ or âUnclearedâ?
@alasdairâs suggested workflowâwith Uncleared being the default statusâcertainly could make sense, since the majority of transactions for most users are probably not direct deposits or withdrawals. It would not matter nearly so much if one could (a) make the selection when the transaction is first entered and (b) clear transactions by simple box ticking. The major problem from my perspective is definitely the need to open and edit transactions individually after theyâve been created, whether immediately or at reconciliation.
The idea of a choice for the default upon setup of the bank account would make at least that question moot.
Within a few days, the Receive money button on invoices will be improved so you will be able to choose whether bank transaction should be marked as cleared or uncleared.
We have been using direct payments to our bank accounts. This is a rule of our bussiness for distance services that we provide. So everytime they pay as I make a payment through the ârecieve moneyâ and then choose the bank account.
To our case all the money are cleared instantly to our bank account and there is no need of making them uncleared first and then clear them one by one. This has been consuming a lot of time.
Could there be a button in the receive money form which will be stating the cleared/uncleared deposit?
Could this whole clearing mechnisme (which i am cautious to say) do not need, be optional.
In a way you can turn it on or off with a default setting cleared/uncleared in de settings tab.
