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Cheques and deposits

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When you write a cheque to supplier or when you make a bank deposit, these transactions should be recorded right away but since they don't show immediately on your bank statement, you can't put them under Statement balance column.

 

This is why MYBOS has two extra columns under Bank Accounts tab.

 

   Uncleared deposits
   Uncleared payments

 

These columns temporarily hold all transactions which have been made from your point of view (e.g. writing a cheque to supplier) yet not presented on your bank statement.

 

When recording transactions under these columns, you will see their status will be automatically set to Uncleared.

 

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Once transaction appears on your bank statement, you can set status to Cleared and set the date as of which transaction appears on your bank statement.

 

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This means cheques to suppliers will have typically two dates entered. The date when cheque was written and date when the cheque was finally presented on your bank statement.

 

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