| How does an Accounts Payable check with a void date in the future affect my Cash Management reconciliation to General Ledger? |
Description | Instead of voiding a check to a future date you may want to consider the following options: |
Cause | When you void checks in Accounts Payable, you can use the original date or specify a date for the reversing entries. When you do this, in Cash Management you will see that: - The transaction retains the original check date
- The Subtraction amount changes to zero
- The amount moves to the Voided Amount field
- The Void date populates
When you void a check in a different month than the check date, the check should be considered outstanding until the void date, but because the Subtraction amount is now zero, reports may appear out of balance with General Ledger. For example, a check with a May check date is voided with a June date. General Ledger reports using a May date range correctly show the check. Cash Management reports with the same date range show the check as voided with a zero amount. The Cash Management report is out of balance with General Ledger by the amount of the check. |
Resolution | For an incorrect void date that is after the original date, you have the following options:- Contact your Sage Consultant to correct the date.
- Contact Sage 300 Construction and Real Estate Support to request a file fix with Sage Expert Services (there is a fee associated with these services).
- Enter an adjustment for CM/GL if you are ok with AP and GL being out of balance between the original check date and the void date.
The solution below can be used when the void date is correct but you do not like the effect on the reconciliation reports: Notes: You can record entries in the Cash Management Edit Register task to correct the out of balance voided check amount as follows: - Enter a subtraction adjustment to offset the voided check as follows:
- Go to Cash Management, Tasks, Edit Register.
- Select the correct bank account and click OK.
- In the Date column, type the original check date of your voided check.
Note: You can press TAB or use your mouse to move your cursor to different columns. - In the Type column select Adj.
- In the Description column, type a description for this transaction.
- In the Subtraction column, type the original amount of your voided check.
- Press TAB or click ...> to open the detail window.
- Verify the Date and Acct date are the same as your original check date. Change either date as appropriate.
- Select your cash account as both the GL debit and GL credit accounts. This creates a washing entry to General Ledger that does not change your account balances.
- Click OK.
- Enter an addition adjustment to effectively place the void in the correct period as follows:
- Go to Cash Management, Tasks, Edit Register.
- Select the correct bank account and click OK.
- In the Date column, type the void date you used for your voided check in Accounts Payable.
Note: You can press TAB or use your mouse to move your cursor to different columns. - In the Type column select Adj.
- In the Description column, type a description for this transaction.
- In the Addition column, type the amount of your voided check.
- Press TAB or click ...> to open the detail window.
- Verify the Date and Acct date are the same as your void date. Change either date as appropriate.
- Select your cash account as both the GL debit and GL credit accounts. This creates a washing entry to General Ledger that does not change your account balances.
- Click OK.
- When you finish entering transactions in Edit Register, click Finish.
Note: Select Post Now if needed to confirm your entries post. - Click Start to print the Edit Register journal to a file or printer.
- Review the Edit Register journal for accuracy.
- Reconcile both new transactions and the original check in the appropriate month's bank reconciliation.
If you want to remove the original voided check from the Bank Reconciliation report, follow the steps in How do I move transactions to history in Cash Management? and condition on the Bank Account and Check number. [BCB:156:Chat 300 CRE US:ECB]
|
|