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Dear community,
I'd like to find out which of the following options is "more professional":
We usually pay all our invoices immediately after we receive them via VisaCard or Check. When I enter these invoices into Payables Module, I'd like to record the payment on the right side in the same step instead of recording a Manual Payment, whenever I see it on the bank statement.
However, I cannot be sure when this payment will show up on my statement, so I would just put in the date I've issued the payment.
How do you handle these cases?
Option A: Just enter the voucher and record the payment when it shows up on your bank statement and put in the date as shown on your bank statement. Your bank statement exactly coincidences with your checkbook and cash account.
Option B: Enter invoices and payment at the same time and use date of payment issuance under Payables Cash Entry, if check has already been sent out / ACH is initiated. Dates on the checkbook will always be a little early compared to bank statement.
If you prefer Option B: Do you modify the date of payment during Bank Rec to the date it was cleared on the bank statement or do you just leave it as it is?
Thank you for your ideas!
Niklas
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Option B. Your dates should be transaction processing dates. It really does not matter when the transaction was cleared by your bank. This is the reason why GP has a Bank Statement Ending Date and a Cutoff Date when running your reconciliation process.
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