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EBS config

When configuring Electrnoic bank statement, do we need to have seperate clearing accounts for outgoing checks and incoming checks or can we have one check clearing account for checks in and out.

Anyone with EBS config experience, how have they maintained the clearing accounts for various payment methods.

thanks

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4 Answers

  • Posted on Aug 11, 2008 at 07:53 AM

    Better you define seperate accounts. This is global practice to account seperately.

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  • author's profile photo Former Member
    Former Member
    Posted on Aug 11, 2008 at 07:56 AM

    Hi

    For each bank account, you can create a confirmed cash account (main bank account), cheque deposited a/c and cheque issued a/c. Please make the cheque deposted and cheque issued accounts are clearing accounts (open item managed).

    Regards

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  • author's profile photo Former Member
    Former Member
    Posted on Aug 11, 2008 at 09:27 AM

    Hi, the recommended way to do this is to segregate different payment methods in different clearing accounts one account for "in" and one account for "out".

    In my experience, depending on the clients characteristics, is better to create just one clearing account for "in" movements and another for "out" movements. In this case you have to be sure that annulations of "in" postings are posted in "in clearing account" with a u2018reverse postingu2019 instead for in the "out" clearing account.

    I have already seen one client that wanted just one clearing account for all "in and out" postings for all payment methods... I do not recommend this option because clearing effort would be very big.

    I hope this helps...

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    • Former Member Former Member

      I was triying to explain the following situation:

      You have set 2 interim accounts (clearing accounts) one ofr income (in) antother for outcome (out).

      1 - Income posting (i.e. direct debit)

      40 Bank

      50 Income clearing account

      2- outcome posting (i.e. transfer to a vendor)

      40 Outcome clearing account

      50 Bank

      You have configured that all income posting will go to post type numer "1" with income cleraring account, and all outcome posting will go to post type numer "2".

      Try to imagine that you order a transfer to your bank (it is reflected in the EBS as a posting type numer "2")

      40 Bank

      50 Outcome clearing account

      but, in the following day, you order the bank to reverse the trasnfer. The reverse of the transfer will be reflected in the following day's EBS as an income and will be posted to post type numer "1".

      40 Bank

      50 Income clearing account

      In that case, the transfer's reverse should be posted in the "Outcome clearing account" but as a negative posting in order to clear the transfer and the reverse ot the transfer in the same clearing account. I mean the post should be in that case:

      0 Outcome clearing account

  • author's profile photo Former Member
    Former Member
    Posted on Aug 11, 2008 at 01:52 PM

    hi

    best practice is to maintain separate clearing account for in and out transactions . this will make task of person doing EBS easy and he can really figure out which account has open entries or missing entries.

    s ap

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