Sage should enhance the regular journal entry so that WHENEVER an entry is posted to a cash account it also rights a record to bank recon (QuickBooks does!). You should not have to decide whether to do do a general journal entry or transaction journal entry for bank recon purposes.
by: Chris C. | over a year ago | Financial Management
Comments
If you don't like doing them through transaction entry then enter them right in bank rec and have them post to GL instead.
I think the problem that many accountants and CPA's have is that MAS90 allows the bank rec to differ from teh GL account for that Bank Code. perhaps an alternate solution would be to "force" the uses to use GL Transactino entry by dissallowing a regular General Journal entry for any GL account that is tied to a bank code.
If you post to the GL from Bank Rec that eliminates the issue you describe, does it not?
The issue where posting to the GL from the Bank Rec has still not been resolved regarding the program being designed to lump all entries together into one total...entries need to be posted to the GL separately.
Also - using Transaction Entry or Bank Rec does not allow for using saved journals (Standard Journals). It's extremely time consuming for users to have to re-enter the entire entry because there is no Standard Journal function in Transaction Entry.
Not only is it time consuming to re-enter each entry it is error prone. Many of our entries are 25 to 20 lines long!
A Payroll entry is a great example of why this is needed. I use a Standard journal for Payroll so that it will save all my accounts, but then I need a separate entry to hit the Bank and Cash. So every week I have 2 entries instead of 1. If cash account was auto-linked to Bank, I would not need to do this.
We do Bank Transfers. We enter a Cash Receipt using one bank code and the line item is the other bank code. Each day i need to manually enter that line item in the other bank reconciliation as the cash receipts only posts to the bank code used, and not to the line item of the other bank code. Any recommendations for how to make a cash receipt from one bank code to another and have it automatically post to both bank reconciliations?