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Unpresented Cheque/Transfer Clearing Accounts

 

Support Query

How do I account for an unpresented cheque in Simple Fund 360?

Solution

Unpresented cheques and amounts that are yet to be allocated/cleared can be stored in asset/liability accounts in the interim as well as the 90000 range suspense accounts. 

 

Why use asset/liability accounts to store clearing amounts as opposed to 90000 accounts?

Storing to be cleared amounts using sundry debtor/creditor or other user created asset/liability accounts will stop transactions displaying the Unmatched status in the Transaction List. 

Storing to be cleared amounts using sundry debtor/creditor or other user created asset/liability accounts will also display on the Statement of Financial Position. 

 

Below is an example of an unpresented cheque:

From the Main Toolbar, go to Accounting.

Select Transaction list

 

  1. From the Transaction List screen, select New Transaction. From the drop down list, select Journal.
  2. Input the date of the transaction and a reference number (Simple Fund 360 will automatically produce a reference number, but it is editable). You can include a description of the transaction in the Description box. 


  3. Under the Account heading, click on the Select an account check box and begin typing or select the purchase/expense account (for quick reference you can type the account name) to the transaction. Input the amount in the Debit column. Record the unpresented cheque to account 88000 (Sundry Creditors) as a Credit in the next line item.

    Note: If this is a purchase of an investment you will be required to record the Contract Date in the More Details Panel. Refer to How to Enter Investment Purchases. 

  4. Input the amounts of the transaction in the fields below the Debit and Credit columns. 

  5. After you have entered all information for the transaction, select Post to add the transaction and to return to the Transaction List, or select Post & Add Another to add the transaction to the Transaction List, but remain on the Journal screen. 

  6. When the amount is paid in the future, record the payment from the bank via the Transaction Matching screen or manually through Transaction Input as a Bank Statement transaction type with a Debit to account 88000 to clear the liability. 

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