Clear a Deposit with Timing Differences
A timing difference can arise if your bank delays processing one or more receipts in a deposit.
For example, your bank might put a hold on a customer check, or your credit card company might delay the deposit of some credit card receipts. As a result, the deposit amount recorded in your books will be different than the amount recorded by your bank.
You know that the bank or credit card company will deposit the difference in the next period. Meanwhile, you want to reconcile the rest of the deposit.
This topic outlines the steps you take to reconcile a deposit that includes such timing differences, if you want to reconcile the whole deposit. Alternatively, you can partially reconcile a deposit by clearing individual receipts within the deposit.
These steps assume that:
- You have opened the Reconcile Statements form.
- You are in the process of reconciling a particular bank account.
If you need additional help in reconciling an account, see Reconcile a Bank Account.
To clear a deposit that includes a timing difference:
- On the Reconciliation tab, select the deposit line.
- Enter information and make selections for the deposit, as follows:
- Double-click the Cleared Amount column.
- In the Cleared Amount field, type the deposit amount shown on the bank statement, and then press the Tab key.
- If a message appears telling you that the amount is greater than the error spread allowed for the bank, click Close.
The Difference column displays the difference between the deposit amount recorded in Sage 300 ERP and the amount that cleared the bank.
- In the Reconciliation Status column, select Cleared With Bank Error, and then press the Tab key.
- Click Save.
- Once you have finished reconciling the statement, post the reconciliation. The timing difference amount is carried forward as an outstanding deposit for the next reconciliation.