Outstanding checks

djswim

What's the best practice for getting outstanding checks into the system in such a way that it shows up in the Bank Rec, but doesn't hit payables (already applied in legacy system)?

Alex_Chow

Are you talking about beginning balances?

I usually itemize any uncleared bank transactions to go into the bank account when I import beginning balances.

djswim

What do you mean by "itemize"?

Alex_Chow

Itemize meaning list out all the outstanding checks that have not been cleared by the previous bank reconcilation.

djswim

Right, but then how do you get those into the system in such a way that it shows up on the next bank rec but doesn't hit the payables twice?

Alex_Chow

djswim wrote:

Right, but then how do you get those into the system in such a way that it shows up on the next bank rec but doesn't hit the payables twice?

If this is for beginning balance, you would do it the same way you put in beginning A/R and A/P balances. Essentally, Bank and G/L to the same account.