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Handling cleared and pending transactions in cash accounts |
  
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Handling cleared and pending transactions in cash accounts |
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Many financial transactions are completed, or cleared, by the time they are entered inMYBOS. No further financial activity will occur. Some examples are:
| • | Cash sales to customers, with received funds held in a petty cash account |
| • | Cash payments to merchants from a petty cash account |
| • | Imported bank transactions |
| • | Transfers between company accounts within the same financial institution |
Others involve delay before all financial activity is complete. Examples of these pending transactions include:
| • | Cheques written to suppliers or employees that have not yet been presented for payment |
| • | Credit card charges not yet showing on the card statement |
| • | Receipts from customers not yet deposited with the bank |
| • | Deposits to bank accounts not yet available for withdrawal |
| • | Transfers between bank accounts in different institutions not yet finalized (whether by cheque, electronic or wire transfer, or other means) |
Manager can easily track status of cash account deposits and withdrawals, including dates of both initial transactions and eventual clearance. Using this feature, you can quickly determine how much of your cash and cash equivalents is unobligated, that is, actually available to spend. Likewise, you can determine whether or not cash received is actually accessible.
Cleared transactions
By default, all new Receive money, Spend money, and Transfer money transactions in the Cash Accounts tab are cleared. For example, a receipt from a customer is automatically cleared:
If desired, the clearance date can be entered:
All such transactions will appear under the Cleared balance column for a cash account in the Cash Accounts tab:
Pending transactions
When money has been received, but perhaps not deposited in the bank, the transaction can be marked as pending:
Similarly, until a cheque has been presented and paid by the bank or a credit card charge is posted to a statement, it can be shown as pending:
When transfers are made between accounts, both the outgoing and incoming transactions can be annotated separately:
If any pending deposits or withdrawals exist, they will automatically be shown in separate columns under Cash Accounts:
A Bank Reconciliation Statement can be produced adjusting an account statement for pending deposits and withdrawals. This can help ensure bank records match accounting records inMYBOS.
Clearing a pending transaction
Once a pending transaction has cleared on the records of the financial institution, drill down by clicking the blue balance under Pending deposits or Pending withdrawals for the cash account involved in the Cash Accounts tab. Click Edit beside the particular transaction:
Change status to Cleared in the dropdown box and enter the clearance date, exactly as if the transaction had been cleared when first entered. (See first example above.)