Term Deposit Reconciliation - method error?

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Trusted Cover User Kina
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Kina
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Term Deposit Reconciliation - method error?

  1. Our bank was requested to create a Term Deposit $500k which it did by debitiing our Operating Account.
  2. In the Banking Reconciliation window the debit to the bank account $500k appears.
  3. A Transfer Funds journal was done to Term Deposits in the banking window to reconcile the debit.

All is fine. The Term Deposit Account has the right amount in it. The operating account balances.  And the end of month Bank rec for the Operating account is fine.

 

However the Reconciliation report shows the Term Deposit account receiving the $500k correctly, but then deducts it as a deposit awaiting. Which kind of doesn't make sense.

 

It doesn't matter that much because all our accounts have the right balance, just this anomally on the report. But the recon report is wrong for some reason.

 

  • I gather I must be processing this using the wrong method. Though a transfer of funds journal seems the most logical and is an option in the bank reconciliation window

  • And it occurs to me this is the same situation as when the Visa card is cleared to the Operating account every month, I use Transfer Funds to deal with that also. This I assume is the wrong method.
TransferMoney.jpg
TermDepositAcc.jpg
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Ultimate Partner ronatbas
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ronatbas
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Re: Term Deposit Reconciliation - method error?

@Kina

 

I'm afraid I don't see the problem - what you have shown is a rec screen before the bank rec was completed, as soon as the $500,000 is ticked and the rec completed you will have no outstanding deposits and an expected statement balance of $2,250,000

Ron B
BAS Group
03 95588477

info@basgroup.com.au
Making MYOB work for you
Trusted Cover User Kina
38 Posts
Trusted Cover User
Kina
Trusted Cover User

39Posts

11Kudos

5Solutions

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Re: Term Deposit Reconciliation - method error?

Yeh. That revocciliation report at the bottom on term depositd is after I completed the end of month rec on the Banking screen as at 31.5.16
No matter, I will see if it remains at the end of june.

As matter of interest for Term Deposit creation and also the clearance of Visa balance to the bank account are best dealt with by using Transfer funds option??

cheers
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