Bank Adjustments with Ease

Geoff Sharbrough — Tue, 23 Jun 2009 16:41:00 GMT

Do you need to transfer money from one bank account to another in The Financial Edge? Instead of creating the manual journal entries to the cash account and then having to remember them when reconciling, wouldn't it be nice if FE did this for you? Cash Management is here to save the day!

Cash Management is an optional module that can help streamline processes associated with your banks, such as create bank adjustments, clear transactions electronically, and reconciliation. Since there are already a few blogs out there about bank reconciliation, let's discuss bank adjustments.

You can use bank adjustments to record transactions, such as bank fees or interest, and to transfer funds from one bank to another. Adjustments are created by clicking Create a new adjustment under Cash Management tasks on the Banks page.

When creating an adjustment to record a regular bank fee you can save time by creating an Adjustment Category. When you create the adjustment simply select the category and the fields will default in for you.

Transferring money between banks allows you to record the movement of funds out of one bank account and into another. Click to create a new adjustment under Cash Management Tasks. On the adjustment screen, enter the date, amount, and other appropriate information on the adjustment. In the drop down select Transfer Out and then select the bank account to transfer the money to on the Transfer To field. Once you save and close the adjustment, the balancing adjustment is reflected in both banks.

Want to see if you have Cash Management installed? Check out Knowledgebase solution BB61838 . If you don't have it installed contact your account manager for details.

The Ledger : Cash Management

Bank Adjustments with Ease