Cash and Match Open Checks

Explanation

This activity is used to cash the open checks in the application using bank statement information and to reconcile those cashed checks with the bank statement transactions.

In order to perform this activity,

• After fetching all the transactions that have not been matched/finally matched by the given reconciliation date to The Automatic Transaction Matching page, select a cashed check transaction in the bank statement section, and then click Cash and Match Check.
• Select a check from the list and click OK.

Prerequisites

A bank statement must have been loaded into the system, and the loaded statement must include cashed check transactions.

System Effects

Any open check which matches the check number (series ID), currency, and amount of the transaction selected from the bank statement will be cashed. As a result, a transaction will be  created in the cashbook, which will be reconciled with the transaction selected from the bank statement. This will cause the Reconciled field in the Customer Check page or Supplier Check page or Repayment Check page to be selected.  The customer, supplier and repayment checks included in a check cashing proposal will be cashed only if the proposal is not used in an existing mixed payment having Not Approved status.

 

Pages

Automatic Transaction Matching

Activity Diagrams

Automatic Matching of Transactions