Clearing Bank records
- On a regular basis, the payment, deposit and other records in the bank file should be "cleared". Clearing a bank record involves recording the date on which the transaction was processed by your bank and it also involves verifying the amount at which the transaction was processed by the bank. The method to be used when clearing a bank record depends on the currency in the bank record. The following sections briefly describe how both local and foreign currency bank records are cleared.
More:
Clearing Local Currency Bank records