Software: Intuit QuickBooks Desktop
QuickBooks has an easy way of recording a transfer fund from a bank to another. You may have a bank for trading and another to facilitate the repayment of a loan or for payroll purposes which you may require to ‘top-up’ from time-to-time,
From the Transfer Fund wizard, record the amount, To and From bank account, enter an exchange rate if it is a foreign currency transfer and hit the ‘Save & Close’ button and the system will take care of the transfer fund in the accounting system without you worry about the double entry.
You can delete a transfer from the Edit menu if you discover a mistake made after the transfer fund. Although QuickBooks has a deleting feature for the transfer, you should not remove any bank related transaction if reconciliation has already done. You should consider passing a general journal to reverse the entry instead.
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Software: MoneyWorks accounting software
An unknown receipt occurred could be some time due to invoices are generated by an isolated invoicing system and not yet recorded in the accounting system when payment received, or due to payment made by third parties which you need to clarify.
You may park the fund received temporarily in a clearing account (the transit account) so to proceed with the bank reconciliation and month-end closing while waiting for clarification or locating the missing invoice.
To use the account as a paying or receiving bank in payment or receipt transaction and show it in the current liabilities section of the Balance Sheet report, you have to set the Clearing account as a Bank account type with the bank account as a Credit Card.
Use the Transfer Funds (from the Command menu) feature in MoneyWorks to transfer the fund from Clearing account to the Bank account when unknown fund received. This debit the Bank and credit Clearing account.
Do a receipt into the Clearing account once you have located and recorded the missing invoice. The receipt debit the Clearing account and credit Accounts Receivable. The Clearing account is a transit account and should not have any balances once it has offset with the outstanding invoices. You can counter-check the entry by making an account enquiry of the Clearing account from the Enquiries menu.
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