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Former Member
Sep 30, 2008 at 09:03 PM

Bank Determination


Do we need to create the clearing account different from main bank account if we are not using EBS or manual bank statement. Suppose we use the main bank account also as clearing acct, then the posting would credit the main acct and debit the vendor (in A/P), so ther is no need for the clearing account to be different because we are not importing bank statement or using manual bank statement. At monthe end when we receive the bank statement from bank , we can run a report on the account and do the reonciliation with that of bank statement. Please tell me if my understanding is correct.

Another thing, if my understnaiding is correct is there a report which shows the date and time stamped when we run it.

Thanks a lot