The Clear Item(s) Button can be used to clear local (house) currency or foreign currency bank transactions. Clearing is the process of identifying the bank transactions that have been processed or cleared by your bank. Local currency bank transactions are cleared by setting the Cleared On Date in the transactions to match the date on which the bank processed the record. Foreign currency bank transactions are also cleared by setting the cleared on date, but the system also allows you to specify the amount at which each foreign currency bank transaction was cleared. This option allows you to recognize and record any differences between the local currency amount of the payment in the system and the local currency amount that was used for the transaction by your bank. This difference is usually caused by the bank using a different exchange rate for the transaction than was used on your system.
Clearing Local Currency Checks
If you are clearing bank records in local currency, you may select or tag multiple records and clear them at once.
Clearing Foreign Currency Checks
If you are clearing a foreign currency bank transaction, you may only clear a single transaction at a time.
Correcting a previously cleared transaction
When you select a bank record or records in the Bank Management program and press the Clear Item(s) button, the system first tests the currency in the selected record(s). If you are clearing a foreign currency bank record, only one record may be processed at a time. If you are clearing house or local currency transactions you may clear multiple records at a time.
Once you have selected a valid record or records, the system then tests each record to see if the cleared date in the record has been loaded already. If so, the system displays an error message “Record already Cleared” and it does not allow you to specify a cleared date or amount.
At this point, you may update the cleared date in the record by first highlighting the record, then using the zoom option to display the Bank Detail Panel.
If the selected record is in foreign currency or multiple currencies are selected, the system forces the foreign currency records to be cleared individually. If multiple local currency checks are selected, the