Daily Bank Sweep - How to handle

New GP Client that is reconciling for the first time their operating account. 
 We have entered the last reconciled balance and dates as of 12/31/08.  
Operating account gets swept every night and redeposited the next day.  With 
each sweep interest is calculated.  My question is how to handle the last 
sweep of the month, which is a sweep in transit.

We have tried entering as a decrease adjustment (not posting to GL as it 
should not effect the GL balance).  We have also tried entering as an 
adjustment to see what the effect is.  We don't even come close to the bank 
ending balance.

Please help.
-- 
TC
0
tc1 (130)
3/5/2009 3:16:04 AM
greatplains 29623 articles. 5 followers. Follow

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Why would you (your client) want to do this? Just book a monthly GL reversing 
entry and call it a day. Keeping track of daily bank sweeps seems a total 
waste of anyone's time, plus as you already discovered, it's virtually 
impossible, especially when the bank activity is high.

Best regards,
--
MG.-
Mariano Gomez, MIS, MCP, PMP
Maximum Global Business, LLC
http://www.maximumglobalbusiness.com
The Dynamics GP Blogster at http://dynamicsgpblogster.blogspot.com


"TC" wrote:

> New GP Client that is reconciling for the first time their operating account. 
>  We have entered the last reconciled balance and dates as of 12/31/08.  
> Operating account gets swept every night and redeposited the next day.  With 
> each sweep interest is calculated.  My question is how to handle the last 
> sweep of the month, which is a sweep in transit.
> 
> We have tried entering as a decrease adjustment (not posting to GL as it 
> should not effect the GL balance).  We have also tried entering as an 
> adjustment to see what the effect is.  We don't even come close to the bank 
> ending balance.
> 
> Please help.
> -- 
> TC
0
MarianoGomez (3440)
3/9/2009 2:51:02 PM
Reply:

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