Wednesday 21 March 2012

Renee technical questions

Hi Platinum,

I have some technical questions:

If we found out that some transactions shoing on the bank statement, but does not exist in our system ( like some fees, expenses), what should we do?? 

If the transactions are missing in bank statement, but we do have them in our system, what should we do? ( just untick it, and reconcile?) –

If the dispute transactions can not be solved on te first day, is there anything we can do in the system?? ( like move all of them to one temporary account?)

Hope the above all make sense.

Thanks
Renee

1 comment:

  1. Hi Renee,

    Thanks for your questions. Please find the answers to your questions below.

    Q1) If we found out that some transactions shoing on the bank statement, but does not exist in our system ( like some fees, expenses), what should we do?? –

    Answer = Process catch up transactions in your system if all those transactions are legitimate.

    Q2) If the transactions are missing in bank statement, but we do have them in our system, what should we do? ( just untick it, and reconcile?)

    Answer = Leave it unticked first. Once it passes reasonable timeframe, you should follow up with either customers (in case it’s dishonest cheque) or the bank (it might be bank error).

    Q3) If the dispute transactions can not be solved on te first day, is there anything we can do in the system?? ( like move all of them to one temporary account?)

    Answer = You can use Sundry account to park those transactions first. Some companies use Suspense account. Same principle.

    Florian

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