AP ACH Payments are posting to Bank Rec with the check date as the "Effective Date", yet they are posted to the GL via system date for when it was posted. This should not be the case. The effective date is in theory the date the ACH transaction will post to your bank account. Just because we are paying via ACH, we still have to set a "Date Cleared" date just like you do for a paper check once it clears your bank. By posting by "Effective Date" this causes issues with bank rec not balance when you process an ACH at the end of a month, but the clear date isn't until the next month. Please update the system to post "check date" in bank rec to be the same as what is posted to GL.

by: Kevin T. | over a year ago | Financial Management