Clear Payments / Bank Reconciliation

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You can clear a cheque in Qbyte Financial by marking the appropriate cash transaction entry as cleared. If the amount cleared does not match the amount booked in the system, Qbyte Financial displays a warning message and clears the cheque if:

• The amount is within the system default tolerance

• There is a checkmark in the Force Clear checkbox of the Correct Bank Reconciliation screen (PAYS053)

If you try to clear a cheque whose amount is outside the system default tolerance level, and there is no checkmark in the Force Clear checkbox, or if no uncleared cheque corresponding to the cheque number exists, an error message appears in the Status Remark field of the Correct Bank Reconciliation screen (PAYS053).

You can use two processes to clear cheques in Qbyte Financial:

• Use the Correct Bank Reconciliation screen when your company supports an automated bank reconciliation function.

  • To use the Correct Bank Reconciliation, the system default for the cash transaction code must be set to CLR for clear (see your System Administrator for assistance). You must also set up a cheque cleared tolerance amount and cheque cleared date in your system defaults.

  • If the cheque amount cleared does not match the amount booked in the system, the cheque is cleared anyway if the amount is within the cheque cleared tolerance amount. If the amount is not within the cheque cleared tolerance amount, you can manually force a cheque to clear by placing a checkmark in the Force Clear checkbox of the Record Cleared Payments screen.

• Use the Record Cleared Payments screen when your company uses manual bank reconciliations.

  • Use the Record Cleared Payments screen when your company does bank reconciliations manually and does not load a tape from the bank.

  • Qbyte Financial supports the ability to record cleared payments via a Spreadsheet Upload.  This requires importing your bank statement file into the Spreadsheet Upload and mapping the required fields from your bank statement into the layout of the Spreadsheet Upload.