Re: Bank Statements.

[Jos Geluk <..hidden..>]

David Godfrey wrote:

> Hi All,
>
> What does everyone do to enter information from bank statements?
> And once entered how do you reconcile this info with other transactions?
>
> David

This is what I do:
- some of the bank transactions will be payments on outstanding invoices 
(either incoming or outgoing). I look up these invoices (under AR or AP) and 
enter the amount paid on the bottom line.
- I enter the remaining bank transactions through the General Ledger menu. 
This is a bit of a hassle, the worst part being that I have to calculate the 
VAT part of the transaction myself (if there is one). However, most of these 
transactions are recurring, so I only have to look up an older transaction, 
adjust dates and such, and book it as new. There may be other ways of doing 
this, but this is what works for me.

Does this make sense? I am neither an accountant nor a native speaker.

I would like to have a single, separate procedure for entering bank 
statements; that would make it easier to avoid mistakes and/or apply 
corrections. And I would very much like to be able to split a transaction 
(without an invoice) into a net part and a VAT part. The previous accounting 
software that I used had both of these facilities (but was hopeless in every 
other respect). Maybe version 1.3 will have something like this?

Jos.

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