Bank transaction details
This form displays the detail that make up a detailed bank transaction. Deposits and withdrawals can have multiple entries.
For example recording client payments (cheques and cash) and banking them. Doing this ensures the bank deposit totals the value of all those payments and helps to keep your books in order. It is possible to link the bank deposit to the payment and invoice (if any) the payment is for. If you record client payments you must include them in a bank transaction using details.
Example 1: if 5 payments (for invoices) are recorded and total $3500, there must be a bank deposit that includes those payments. If you record the payments, and also create a separate bank deposit (from your statement or bank import), then total income will be $7000. And wrong (your tax and GST income will be calculated based on the double value). Delete the non-detail bank transaction and create a detailed one that includes those 5 payments to a total value of $3500.
Example 2: if an agent is handling some aspects of your business, and you wish to track how that agent is carrying out their role. They may, for example, provide you with a monthly statement consisting of income and expenditure that is usually a deposit. Use the details facility to enter each line from that statement so the total deposit matches the balance of the statement. Note: In that case the deposit (and sometimes a withdrawal) can consist of expense and income entries.
These records are created by depositing entries in the Miscellaneous Transactions and Client Payments form. Once the ledger entries have been entered into the bank transaction they can be maintained.
1. To change a ledger entry (after all, anyone can make a mistake), edit it from this form by clicking the Edit button.
2. If a detail journal entry should not have been put there, remove it by clicking Remove. The total value of the bank transaction changes.
3. If it is the last, or only, transaction and the bank transaction has not been reconciled, removal deletes the bank transaction. Removing a ledger entry does not delete it from the cash journal. Do that from the form where it was created in the first place.
The bank transaction total is changed to mirror the new total and the bank balance adjusted accordingly.
4. If the bank transaction entry has been reconciled, changes are still possible, but what you can do changes. In that case the bank transaction total will not be changed.
Because the G.S.T. imputation process has been run, only the description and ledger code can be edited.