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Import Outstanding Checks and Deposits in Transit

Updated

Domestic Bank Accounts

Prepare a List: Create a list of outstanding checks and deposits in transit, including the following details:

  • Posting Date
  • Document No.
  • GL Account
  • Amount
  • Comment

Example:

Posting Date Document No. GL Account Amount Comment
12/31/24 11111 1000-Bank Account -100 Outstanding Check
12/31/24 22222 1000-Bank Account -200 Outstanding Check
12/31/24 33333 1000-Bank Account 400 Deposit in Transit
12/31/24 Beg Balance 1000-Bank Account 1000 Beginning Bank Balance

Foreign Bank Accounts

Step 1: Set Up Foreign Bank Accounts

Follow the instructions on the following page to set up foreign bank accounts:

Foreign Currency Bank/Credit Card Accounts

Step 2: Prepare a List: Create a list of outstanding checks and deposits in transit, including the following details:

  • Posting Date
  • Document No.
  • GL Account
  • Amount
    • Converted from Foreign Amount
  • Foreign Currency Code
  • Foreign Amount
  • Comment

Example:

Posting Date Document No. GL Account Amount Foreign Currency Code Foreign Amount Comment
12/31/24 11111 1001-Bank Account Euro -100 Euro -96 Outstanding Check
12/31/24 22222 1001-Bank Account Euro -200 Euro -192 Outstanding Check
12/31/24 33333 1001-Bank Account Euro -400 Euro -384 Deposit in Transit
12/31/24 Beg Balance 1001-Bank Account Euro 1000 Euro 960 Beginning Bank Balance

General Journal Entries

Instructions:

Use the General Journal to enter and post the required entries.

Important Notes:

  1. Offset Account:
    • An Offset GL Account must be used to ensure the journal entry balances.
  2. Posting Date:
    • The posting date must be set to one day before the go-live date.
  3. Total Amount:
    • The total amount must match the bank account’s book balance.

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