Clearing a Deposit with Timing Differences

A timing difference can arise if your bank delays processing one or more receipts in a deposit.

For example, your bank might put a hold on a customer check, or your credit card company might delay the deposit of some credit card receipts. As a result, the deposit amount recorded in your books will be different than the amount recorded by your bank.

You know that the bank or credit card company will deposit the difference in the next period. Meanwhile, you want to reconcile the rest of the deposit.

This topic outlines the steps for reconciling a deposit that includes such timing differences, if you want to reconcile the whole deposit. Alternatively, you can partially reconcile a deposit by clearing individual receipts within the deposit. For more information, see Clearing an Individual Receipt in a Deposit.

These instructions assume you are in the process of reconciling a bank account, and you have entered all the required information on the Summary tab of the Reconcile Statements screen. For more information, see Reconciling a Bank Account.

To clear a deposit that includes a timing difference:

  1. On the Reconciliation tab, select the deposit line.
  2. In the Cleared Amount field, enter the deposit amount shown on the bank statement, and then press Tab.

    If a message appears telling you that the amount is greater than the error spread allowed for the bank, click Close.

    The Difference field displays the difference between the deposit amount recorded in Sage 300 and the amount that cleared the bank.

  3. In the Reconciliation Status field, select Cleared With Bank Error, and then press Tab.
  4. Click Save.

    Note: When you post the reconciliation, the timing difference amount is carried forward as an outstanding deposit for the next reconciliation.