Clearing Local Currency Bank records

-Local currency bank records can be cleared using the Bank Management by Account program.  In this program, the operator merely tags or selects one or more un-cleared records and presses a key to clear them (the operator may only tag multiple records if they are all in local currency).  Once the operator presses the clear key, the system prompts them for the cleared date to be used for the selected records, and it then updates these records with the date specified by the user.  The amounts for a bank record created in local currency may not be modified by the user in the clearing program.  If the operator determines that a local currency check or deposit was processed by the bank at a different amount than that recorded on the system, additional action may be required.  This may include voiding and reissuing the check (in the case of a payment), voiding an Accounts receivable check (in the case of a deposit), or possibly making a journal entry to book the difference.  Since a local currency bank record should never have any foreign currency gain or loss associated with it, a difference between the amount recorded on the system and the amount recorded on the bank statement must be researched and corrected.  This may require voiding, reissuing or modifying the original transaction on the system based on the situation.


Clearing Foreign Currency Bank records