Lennox Computer - LILAC - Bank Reconciliation and Clearing Accounts
There are a number of "Clearing Accounts" provided and maintained by LILAC which are intended to facilitate a clean bank reconciliation strategy so that entries appearing in the LILAC Bank Reconciliation document - as much as possible - align with the entries on the Bank Statement on a one-to-one basis.
This permits them to be "marked-off" as presented - by entering the page number of the Bank Statement on which they appear in the appropriate column of the Bank Reconciliation document.
This permits them to be "marked-off" as presented - by entering the page number of the Bank Statement on which they appear in the appropriate column of the Bank Reconciliation document.
|
Chart of Accounts
|
Purpose
|
Procedure
|
|
BALANCE DEPOSITS
|
To enable numerous items being deposited into the bank account to be combined into a single transaction
|
When a Debtor Receipt is posted without the "Direct to Bank" tick, the double entry created, is to credit the Debtor and debit BANK DEPOSITS.
When the day's deposits are complete the Debtors Deposits report is used to print a summary list of the deposits and then Debtors Finalise Deposits is used to post a clearing entry to BALANCE DEPOSITS and a single total of the deposit to CASH AT BANK. |
|
BALANCE DEPOSITS EFT
|
To allow the accrual of multiple EFT receipts applied to Debtors accounts in the Debtor Receipt Posting document
|
When a Debtor Receipt is posted without the "Direct to Bank" tick but with the EFTPOS check box ticked, the value is debited to BALANCE DEPOSITS EFT as a clearing account so that the total of Debtors EFT receipts for a period may be manually cleared back against this account when posted to the CASH AT BANK account in the General Ledger Payment document.
|
|
BALANCE EFT CLEARING
|
To enable a batch of Creditors Payments to be combined into a single entry on the Bank Reconciliation representing the total of a day's payments.
|
Creditor Accounts must be setup with their BSB and Bank Account details and "Pay By EFT" ticked prior to processing Creditor Payments.
After a session of Creditor Payments, the Report -> Creditors -> Electronic Payments is used to create an "ABA" file on the desktop of the workstation computer. When the bank statement is received the single figure for the ABA file is manually debited to BALANCE EFT CLEARING in a General Ledger Payment posting. |
|
BALANCE PAY CLEARING
|
To enable the total net pays for a given period to be reflected in the Bank Reconciliation as a single entry.
|
When each individual Pay Slip is confirmed the net pay for the individual is debited to the Employees account in the PAYROLL ledger and credited to the BALANCE PAY CLEARING account. An ABA file is created using the Reports -> Payroll -> Electronic Payments module and submitted to the bank.
When the bank statement is received the single figure for the ABA file is manually debited to the BALANCE PAY CLEARING account in a General Ledger Payment posting. |
|
BALANCE <Lilac User>
with sub accounts EFTPOS CASH CHEQUES |
To enable recording of the receipts processed by each LILAC user who deploys the LILAC Point of Sale modules without a fully reconciled Cash Drawer regimen.
|
When a registered LILAC user e.g. GEORGE deploys the LILAC Point of Sales module he characterises the payment as one of three possibilities EFTPOS, CASH or CHEQUES. A clearing account of the form BALANCE GEORGE EFTPOS etc is used to hold the entry for subsequent clearing to the bank account.
|
|
|
|
|
LILAC Lennox Computer