How do I clear a cheque when the bank shows it?
On Bank Transactions, add a line, pick the payment or collection in Origin Number, and Save. The line moves the amount from the clearing account to the bank and marks the cheque cleared on the Posting Date.
Before you start
- On the Payment Method in Payables or Receivables, the account the cheque is posted to has Bridging Posting ticked and an Offset Account, the real bank account.
- The Payment or Collection is saved with Posting Status Posted.
- A Transaction Journal exists for Bank Transactions.
Steps
- Open Bank Transactions (Cash & Bank › General › Bank Transactions) and press New.
- Fill the header. Posting Date is the date on the bank statement. Pick the Transaction Journal now: it locks after Create. Posting Status follows the journal. If one bank account should take every incoming cheque, put it in the Debit Account of Offset Account; for outgoing cheques, in the Credit Account. Press Create.
- Add a line and pick the Origin Number. The lookup shows posted payments and collections not yet on a Bank Transaction. Pick one or several.
- Debit Account, Credit Account, Transaction Amount, Instrument No and Line Text fill by themselves.
- The amount and the clearing side are locked. You may change the bank side.
- Save. Each line posts a journal entry, and each payment or collection line is marked Cleared with the Posting Date.
Check it worked
- The Voucher No column is filled on each line.
- On the payment or collection, the line shows Cleared and Cleared Date.
- On the Cash & Bank board, the cheque has left Cheques waiting to clear. See Lists, reports and board.
What posts
| Document | When | Debit | Credit |
|---|---|---|---|
| Bank Transactions, line clearing a collection | Save | The Offset Account of the payment method (the bank), or the header Debit Account | The account the collection was posted to (the clearing account) |
| Bank Transactions, line clearing a payment | Save | The account the payment was posted to (the clearing account) | The Offset Account of the payment method (the bank), or the header Credit Account |
Undo it with Reverse on the toolbar: see How do I undo a bank transaction?.
If something looks wrong
- The cheque is not in the lookup. It is not Posted, it is reversed, it is already on another Bank Transaction that is not reversed, or its payment method account has no Bridging Posting. Ticking Allow Non-Bridge Bank Transaction on Account Payable Setting or Account Receivable Setting lets such lines be picked; they are then only marked cleared, nothing posts.
- "... Posting Date ... cannot be less than Posting Date ... of ...". The cheque was recorded after this Posting Date.
- "Line ID: ... is duplicated with Line ID: ...". The same cheque is on two lines.