I think your beginning balance should be zero.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 2:57 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Bank Reconciliation
It is a clearing account for our lockbox. Funds go in and back out each
day. I set the begining balance to the total cash from the begining of time
for us and the balance to what has been posted for the month of April. Then
I cleared all the deposits for the prior periods and the variance amount is
the amount cleared doubled. So it is some debit and credit thing which is
why I thought maybe I choose the wrong option when clearing the
transactions.
"Edward F. Fox, Jr." <efox@...> wrote:I am not sure of your
exact situation, but let me take a stab at it.
transaction for the deposit and one for the sweep each day. In the bank
reconciliation module you should have a transaction for each of these for
each day since you created the a/c or started using Vantage. I also assume
your end balance should always be zero.
To start using bank rec regularly you would need to "clear" all transactions
prior to your current period ending date. The net result should be zero.
Please describe your "the variance is all messed up" situation a little
more.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 2:23 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Bank Reconciliation
Another silly question... I just started the rec. for cash receipts and the
vairance is all messed up ... what option do you use for cash receipts?
"Edward F. Fox, Jr." <efox@...> wrote:That makes things a
little more clear. I think you need to do what works
best for you, but I would do both.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 1:43 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Bank Reconciliation
Well it isn't that I do it half way we have different accounts at different
banks for each so I rec. one but not the other.
"Edward F. Fox, Jr." <efox@...> wrote:Seems to me it is
more difficult to do it halfway.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 1:34 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Bank Reconciliation
This might be a silly question.... but is there any reason to or any reason
not to do a bank reconciliation on cash received. We started in 2001 and I
have never completed a rec. on cash received. I have done them on the
disbursments of course just not on receipts. It seems that I would be
mighty easy to do I just wondered if there was any reason not to do it?
Stephanie Geary
---------------------------------
Do you Yahoo!?
Yahoo! Tax Center - File online, calculators, forms, and more
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
Yahoo! Groups Sponsor
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
---------------------------------
Do you Yahoo!?
Yahoo! Tax Center - File online, calculators, forms, and more
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
Yahoo! Groups Sponsor
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
---------------------------------
Do you Yahoo!?
Yahoo! Tax Center - File online, calculators, forms, and more
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
Yahoo! Groups Sponsor
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
---------------------------------
Do you Yahoo!?
Yahoo! Tax Center - File online, calculators, forms, and more
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 2:57 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Bank Reconciliation
It is a clearing account for our lockbox. Funds go in and back out each
day. I set the begining balance to the total cash from the begining of time
for us and the balance to what has been posted for the month of April. Then
I cleared all the deposits for the prior periods and the variance amount is
the amount cleared doubled. So it is some debit and credit thing which is
why I thought maybe I choose the wrong option when clearing the
transactions.
"Edward F. Fox, Jr." <efox@...> wrote:I am not sure of your
exact situation, but let me take a stab at it.
>From your earlier comments, I believe you have a separate bank a/c for cashreceipts. Do you sweep this a/c daily? If so, I believe you would have a
transaction for the deposit and one for the sweep each day. In the bank
reconciliation module you should have a transaction for each of these for
each day since you created the a/c or started using Vantage. I also assume
your end balance should always be zero.
To start using bank rec regularly you would need to "clear" all transactions
prior to your current period ending date. The net result should be zero.
Please describe your "the variance is all messed up" situation a little
more.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 2:23 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Bank Reconciliation
Another silly question... I just started the rec. for cash receipts and the
vairance is all messed up ... what option do you use for cash receipts?
"Edward F. Fox, Jr." <efox@...> wrote:That makes things a
little more clear. I think you need to do what works
best for you, but I would do both.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 1:43 PM
To: vantage@yahoogroups.com
Subject: RE: [Vantage] Bank Reconciliation
Well it isn't that I do it half way we have different accounts at different
banks for each so I rec. one but not the other.
"Edward F. Fox, Jr." <efox@...> wrote:Seems to me it is
more difficult to do it halfway.
Edward F. Fox, Jr., CPA
Controller
Maxson Automatic Machinery Company
Phone: 401-596-0162 x110
Fax: 401-596-1050
www.maxsonautomatic.com
-----Original Message-----
From: Stephanie Geary [mailto:sageary25@...]
Sent: Thursday, April 10, 2003 1:34 PM
To: vantage@yahoogroups.com
Subject: [Vantage] Bank Reconciliation
This might be a silly question.... but is there any reason to or any reason
not to do a bank reconciliation on cash received. We started in 2001 and I
have never completed a rec. on cash received. I have done them on the
disbursments of course just not on receipts. It seems that I would be
mighty easy to do I just wondered if there was any reason not to do it?
Stephanie Geary
---------------------------------
Do you Yahoo!?
Yahoo! Tax Center - File online, calculators, forms, and more
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
Yahoo! Groups Sponsor
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
---------------------------------
Do you Yahoo!?
Yahoo! Tax Center - File online, calculators, forms, and more
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
Yahoo! Groups Sponsor
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
---------------------------------
Do you Yahoo!?
Yahoo! Tax Center - File online, calculators, forms, and more
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
Yahoo! Groups Sponsor
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
---------------------------------
Do you Yahoo!?
Yahoo! Tax Center - File online, calculators, forms, and more
[Non-text portions of this message have been removed]
Useful links for the Yahoo!Groups Vantage Board are: ( Note: You must have
already linked your email address to a yahoo id to enable access. )
(1) To access the Files Section of our Yahoo!Group for Report Builder and
Crystal Reports and other 'goodies', please goto:
http://groups.yahoo.com/group/vantage/files/.
(2) To search through old msg's goto:
http://groups.yahoo.com/group/vantage/messages
(3) To view links to Vendors that provide Vantage services goto:
http://groups.yahoo.com/group/vantage/links
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/