Archive for the ‘Cash Book’ Category
Unclaimed Monies
Unclaimed Monies (Wang Tak Dituntut in Malay) is defined as :
(1) Monies legally payable but have remained unpaid ( > one year )
(2) Monies standing to the credit of an account that has not been operated in whatever manner by the owner ( > 7 years)
(3) Monies to the credit of a trade account that have remained dormant for a period ( > 2 years )
Click here for the complete definition.
There are forms to be filled and this can be easily retrieved and generated in Century Financials. (accessible by clicking Cash Book > Process > Unclaimed Monies)
Click here for the list of forms.
Bank Reconciliation
A company’s general ledger account Cash contains record of transactions (cheques written, cash received from customers, etc.) that involve its banking account. The bank also creates a record of the company’s banking account when it processes the company’s cheques, deposits, service charges, and other items.
Traditionally, at the end of the month, banks usually send bank statement to the company. The bank statement lists the activity in the bank account during the recent month as well as the balance in the bank account.
When the company receives its bank statement, the company should verify that the amounts on the bank statement are consistent or compatible with the amounts in the company’s Cash account in its general ledger and vice versa.
This process of confirming the amounts is referred to as reconciling the bank statement, bank statement reconciliation, bank reconciliation, or doing a “bank rec.” The benefit of reconciling the bank statement is knowing that the amount of Cash reported by the company (company’s books) is consistent with the amount of cash shown in the bank’s records.
Source: http://www.accountingcoach.com/online-accounting-course/13Xpg01.html
In Century Financials, when users upload the statement file to the system, it would auto match all payments and receipts based on three matching criterias, i.e reference number, date and amount.
The statement items can then be viewed via the CB Statement Entry screen (Cash Book > Process > Bank Reconciliation > Statement Entry).
Any unmatched items can be matched individually through this or can be matched in bulk using the CB Journal Entry. (Cash Book > Process > Bank Reconciliation > Statement Entry).